East Africa

Uganda invites new oil exploration bids for 2019

December 09, 2018 | East Africa, Licensing & Concessions, Uganda

London, UK – Ahead of the second competitive round for exploration licences in 2019, Uganda is lobbying for investors in its Albertine fields to prospect for oil. State Minister for Energy and Mineral Development, Peter Lokeris, told international oil firms, financing groups, oil lawyers and consultants gathered in Juba on November 21 that Uganda is an attractive destination for oil investments. “Out of 121 wells drilled, 106 had hydrocarbons,” he said, adding that out of the 6.5 billion barrels of oil so far discovered since …

UAE to build oil pipeline between Eritrea and Ethiopia

August 10, 2018 | East Africa, Government & Regulations, Pipelines

Nairobi, Kenya | – The United Arab Emirates will build an oil pipeline connecting Eritrea’s port city of Assab with Ethiopia’s capital Addis Ababa, an Ethiopian state-affiliated broadcaster said on Friday. Fana Broadcasting said the information was revealed during a meeting in Addis Ababa between Ethiopia Prime Minister Abiy Ahmed and Reem Al Hashimy, the UAE’s state minister for international cooperation. It did not provide further details, but Abiy’s chief of staff, Fitsum Arega, told Reuters that the discussion with Hashimy was largely on investment …

Standard Bank seeks to raise $3 billion for Ugandan oil pipeline

August 15, 2017 | East Africa, Pipelines, Uganda

Stanbic appointed joint financial adviser with Sumitomo Mitsui Pipeline financing not seen causing weakness in local currency Standard Bank Group Ltd.’s Ugandan unit plans to raise $3 billion for a crude pipeline by the second half of next year as the East African country prepares to start oil production by 2020. Stanbic Bank Uganda was appointed alongside Japan’s Sumitomo Mitsui Banking Corp. as joint financial adviser for the 1,445-kilometer (898-mile) pipeline, Patrick Mweheire, the chief executive officer of the Kampala, Uganda-based business, said in an …

Kenya, Sudan sign oil and mineral cooperation agreements

November 01, 2016 | East Africa, Kenya, Sudan & South Sudan

Khartoum, Sudan | – Kenya and Sudan have signed agreements to deepen the two country’s collaboration in oil and mining sector. Kenya is poised to gain from the agreements as the Sudan has made strides in petroleum and gas and mining sectors. The Sudan is an established oil exporting country and has made progress in mineral business with the government owned Sudan Gold Refinery in Khartoum producing 80 tonnes of pure gold in the last one year. President Uhuru Kenyatta and President Omar Hassan al-Bashir …

Swala Oil Tanzania seeks $120m to fund oil exploration in East Africa

October 19, 2016 | Budget & Investment, East Africa, Tanzania

London, UK | – Swala Oil & Gas (Tanzania) has engaged Exotix Partners to raise $120 million in corporate bonds for funding expansion in East Africa. The Dar es Salaam Stock Exchange-listed firm recently acquired oil exploration interests in Burundi from Surestream Petroleum Ltd of Britain and intends to venture into other parts of Africa. Surestream through a subsidiary, Surestream Petroleum (Burundi), owns block D around Lake Tanganyika; along Burundi’s western border with the Democratic Republic of Congo. Surestream will acquire a 6.25 per cent …

Tullow Oil wins oil exploration licence in Zambia

June 12, 2016 | East Africa, Licensing & Concessions

Lusaka, Zambia | – The Zambian government has awarded a petroleum exploration  licence  to Tullow Oil Zambia over block 31  for explorations in Luapula and Northern Provinces following  an open bidding process. Tullow Zambia is one of Africa’s leading Independent oil and gas companies which was founded 30 years ago. Speaking during the signing ceremony in Lusaka yesterday, Mines Minister Christopher Yaluma said the process signified Government’s commitment to transparency and fairness in  awarding exploration blocks for oil  and gas. “Block 31 is among other …

Rwanda passes its maiden National Petroleum Law

June 11, 2016 | East Africa, Government & Regulations

In Summary The new law has similarities with petroleum laws in Kenya and Uganda, which confirmed discoveries of oil. Rwanda seeks to avoid amending the law once oil is also discovered on its territory. Under the Rwandan law governing petroleum exploration and production activities, an exploration licence is valid for three years while a production investor is given a licence valid for up to 25 years. However, all rights of ownership and control of petroleum production remain vested only in the state. Kigali, Rwanda | …

India’s Reliance to sell entire stake in Gulf Africa Petroleum to Total

May 31, 2016 | Asset Acquisitions & Divestitures, East Africa

Mumbai, India | – Indian conglomerate holding company Reliance Industries on Tuesday said it has executed a pact with Total to sell its entire 76-percent stake in the Mauritius-incorporated Gulf Africa Petroleum Corporation, held by the company’s wholly-owned subsidiary. The size of the deal was not disclosed in the regulatory filing. “Reliance Exploration and Production’s (Repdmcc) agreement to sell its interest in Gulf Africa Petroleum Corp (Gapco) is part of a joint transaction, wherein both Repdmcc and the minority shareholder have agreed to sell their …