DAKAR, July 21 (Reuters) – Gabon has selected seven
companies for a final round of negotiations as part of an
offshore licensing round the government hopes will reverse a
chronic decline in output, the country’s oil ministry said on
The new blocks are located in deep offshore waters – an
exploration play that is expensive and uncertain but potentially
very rewarding given the similarity of geological structures to
oil-rich Brazil, where billions of barrels of oil have been
LIBREVILLE, June 18 (Reuters) – Above the entrance to the
towering oil ministry on a sleek boulevard in Gabon’s
ocean-front capital Libreville hangs a huge banner that reads
like a warning: “Oil will run out but innovation is forever”.
For nearly four decades, since the discovery of offshore
fields in the early 1970s, oil has been the economic lifeblood
of this small, central African country. It has brought billions
of dollars in investment and accounts for 80 percent of exports.
SAINT-LOUIS, Senegal, June 12 (Reuters) – Once a lively
French colonial trading port, the sleepy city of Saint-Louis in
West Africa’s Senegal bursts into life for just a few days a
year during the annual summer jazz festival.
From dusk, jazz from the open-air concert blends with
African rhythms, and drifts off the shores of the tiny island
where the festival is held down the normally tranquil banks of
the Senegal River.
LONDON/DAKAR (Reuters) – Nigeria has added Chinese and Indian state oil companies to an expanded list of those awarded contracts to buy its crude, re-issued after what trade sources said was intense lobbying by disappointed buyers.
It expanded its list of long-term oil contracts to about $52 billion worth of crude, up from $40 billion in April, also awarding contracts to more local companies, according to list a seen by Reuters and corroborated by industry sources.
DAKAR, June 3 (Reuters) – The Islamic Development Bank has
launched a programme to release $180 million in financing to six
African countries for renewable energy projects as part of a
broad strategy to deepen its involvement in the region.
Islamic finance is growing in Africa as governments seek to
develop large-scale infrastructure projects. Last year Nigeria’s
Osun State began offering the country’s first Islamic bond.
LIBREVILLE, May 27 (Reuters) – State-owned Gabon Oil Company
plans to purchase new oil assets and market a bigger portion of
Gabon’s crude oil, its chief executive told Reuters, aiming to
grow to compete alongside international oil firms.
GOC was created in mid-2011 by presidential decree, more
than two decades after Gabon started producing oil. The country
is now sub-Saharan Africa’s fifth-biggest oil producer, pumping
around 250,000 barrels per day, down from a peak of 370,000 bpd
in the late 1990s.
LIBREVILLE, May 24 (Reuters) – Gabon wants to lure investors
into its mining, manufacturing and tourism sectors as it tries
to reduce its dependence on oil exports and court capital from
countries other than former colonial master France.
The Central African country relies heavily on oil exports
but President Ali Bongo says the economy cannot remain reliant
on petroleum if it wants to achieve its goal of becoming an
emerging economic power by 2025.
DAKAR/LONDON, April 28 (Reuters) – Nigeria has granted
licences to 40 companies to import around 1.85 million tonnes of
gasoline by the end of June, Nigerian National Petroleum
Corporation (NNPC) and oil industry sources said, as the country
takes measures to avoid fuel shortages.
Nigeria is Africa’s top oil producer but relies on fuel
imports because its refineries work at a fraction of their
capacity due to poor maintenance and old age.
DAKAR/LAGOS (Reuters) – Nigeria has awarded most of its long-term oil contracts worth an estimated $40 billion a year to local companies, according to a confidential list seen by Reuters, meaning global traders need to partner with them to access crude from Africa’s top producer.
Global commodity traders, refiners and Nigerian dealers jockey at an annual tender for access to the OPEC member’s prized crude oil, which is easy to refine and produces more high-value fuels.
DAKAR/JOHANNESBURG (Reuters) – For centuries, colonial era merchants tussled for access to Africa’s raw materials, and huge swathes of Africa’s geography became synonymous with the main commodity they exported: Gold Coast, Ivory Coast, the Spice Island of Zanzibar.
But the continent’s booming economic growth and swelling population give it an opportunity to shift away from the traditional raw material export model towards consuming and transforming its own commodities and selling them to its own expanding local markets.