NAIROBI (Reuters) – Tougher government terms that will squeeze corporate rewards, not the sharp crude price drop, are the more potent threat to east Africa’s oil boom.
The 25 percent fall in oil prices to below $85 a barrel from July has rattled high-cost producers, but industry insiders say Kenya and Uganda have enough oil to secure investment.
NAIROBI (Reuters) – Africa Oil, which has a 50 percent stake in Kenyan fields where commercial reserves of crude have been found, wants to offer part of its holding by early 2016 to a new partner that can help it fund development, the chief executive said.
Africa Oil and its existing partner Tullow Oil, which holds the other 50 percent, have found more than 600 million barrels of recoverable reserves. A final decision to develop the fields is expected in the first quarter of 2016.
NAIROBI (Reuters) – Kenya’s president said on Monday he would attend a hearing at the International Criminal Court this week, the first sitting world leader to appear in The Hague-based court, although he said he would be going in a personal capacity.
Uhuru Kenyatta told parliament he would appoint his deputy, William Ruto, as acting president in his absence to avoid putting the “sovereignty of more than 40 million Kenyans on trial” and would not attend in his position as head of state.
NAIROBI, Oct 1 (Reuters) – An upward revision of Kenya’s
economic output shows that the country’s economic reforms are
paying off, with the potential for future growth to exceed 6
percent a year, an International Monetary Fund (IMF) official
said on Wednesday.
Kenya announced on Tuesday that last year’s gross domestic
product was $53.4 billion – 25 percent higher than previously
stated – after updating the base year for its calculation.
Growth for 2013 was revised up to 5.7 percent from 4.7 percent.
NAIROBI, Sept 30 (Reuters) – Kenya’s gross domestic product
was estimated to be 25 percent bigger after the authorities
changed the base calculation year to 2009 from 2001, sending the
east African nation into the continent’s top 10 economies.
Economic output was calculated to be 4.76 trillion shillings
($53.4 billion) in 2013 after the rebasing, up from 3.8 trillion
shillings ($42.6 billion), the minister for devolution and
planning, Anne Waiguru, told a news conference on Tuesday.
NAIROBI (Reuters) – A hail of U.S. missiles aimed at the leader of Somalia’s al Shabaab militants may have left a gaping hole in the group’s leadership, potentially the biggest challenge to its unity since it emerged as a fighting force eight years ago.
Washington believes its laser-guided attack on Monday killed Ahmed Godane, who aligned al Shabaab with al Qaeda and authorized the group’s deadly raid on a Nairobi shopping mall last year.
NAIROBI, Aug 1 (Reuters) – South Sudan’s oil fields have
become a battleground in the struggle for power in Africa’s
newest nation, encouraging Western nations and regional
mediators to consider international monitoring of crude revenues
as a way to remove a major bone of contention from such
South Sudan sits on Sub-Saharan Africa’s third-biggest crude
reserves, and its oil fields were early targets in fighting that
erupted in December and has rumbled on despite two ceasefire
deals and U.N. warnings that a man-made famine looms.
NAIROBI (Reuters) – Nigeria could cut the number of polio cases to zero next year and be declared free of the disease in 2018 even though a national eradication campaign has had to contend with an insurgency in the north, Bill Gates told Reuters.
The Bill and Melinda Gates Foundation supports the global initiative to wipe out polio, which includes a campaign in Nigeria, one of three nations where the crippling virus is still endemic. The other two are Pakistan and Afghanistan.
NAIROBI (Reuters) – Religious leaders in Kenya have urged calm ahead of an opposition rally next week that threatens to stoke tension in a nation scarred by political violence in the recent past.
Raila Odinga, the main rival Uhuru Kenyatta defeated in last year’s presidential election, has set a deadline of Monday for the government to meet a demand for dialogue over militant attacks, corruption, a slow economy and other grievances.
NAIROBI (Reuters) – Kenya’s veteran opposition leader demanded on Tuesday a national dialogue by July 7 and sought a timetable to pull Kenyan troops out of Somalia, hours after a fresh attack on the coast killed five people.
Raila Odinga, who was President Uhuru Kenyatta’s main challenger in last year’s election, has called for nationwide rallies next month over what he said were public worries that include security failings, corruption and rising living costs.