George's Feed
Oct 31, 2012

Kenya, Uganda inflation falls point to more rate cuts

NAIROBI/KAMPALA, Oct 31 (Reuters) – Inflation rates in Kenya
and Uganda fell in October, helped by easing food prices,
creating room for further interest rate cuts to spur growth in
east Africa’s number one and three economies.

Inflation has tumbled across east Africa’s main economies
this year after central banks slammed on the monetary brakes in
the second half of 2011 to curb runaway prices that were driven
by soaring food and fuel costs and ailing local currencies.

Sep 16, 2012

Tanzania orders review of all oil and gas exploration contracts

NAIROBI, Sept 16 (Reuters) – Tanzania’s energy minister has ordered a review
of all contracts with oil and gas exploration companies by Nov. 30, saying some
were not in the country’s interest and should be revoked, adding to measures
already under way to overhaul the country’s energy policy, newspapers reported
on Sunday.

Earlier in September, state-run Tanzania Petroleum Development Corporation
(TPDC) delayed a licensing round for nine deep-sea oil and gas blocks previously
set for this month until a parliamentary vote on a new gas policy in October.

Sep 14, 2012

East African energy boom at risk

NAIROBI (Reuters) – As giant oil and gas discoveries have some of the world’s biggest energy firms jostling for space in East Africa, the fate of one gas producer offers them a cautionary tale.

After investing $160 million in Tanzania, an offshoot of Canada’s Orca Exploration (ORCb.V: Quote, Profile, Research) is close to paralysis because of unpaid bills and quarrels with authorities over terms.

Sep 14, 2012

Analysis: East African energy boom at risk

NAIROBI (Reuters) – As giant oil and gas discoveries have some of the world’s biggest energy firms jostling for space in East Africa, the fate of one gas producer offers them a cautionary tale.

After investing $160 million in Tanzania, an offshoot of Canada’s Orca Exploration (ORCb.V: Quote, Profile, Research, Stock Buzz) is close to paralysis because of unpaid bills and quarrels with authorities over terms.

Jun 23, 2012

U.S. says attack likely in Kenya port city

NAIROBI (Reuters) – The U.S. embassy in Kenya has warned of an imminent threat of an attack on the Kenyan port city of Mombasa and asked all its government workers to leave the coastal town, which has been hit by a series of attacks.

Underscoring the threat, police said they recovered suspected bomb-making material in the capital Nairobi on Saturday, the second such discovery this week in the country.

May 15, 2012

Kenya cuts 2012 growth forecast on high lending rates, polls

NAIROBI, May 15 (Reuters) – Kenya cut its economic growth
forecast for 2012 on Tuesday saying high interest rates, soaring
fuel costs and lower investment ahead of a general election
would slow expansion in east Africa’s biggest economy.

Kenya’s 2012 Economic Survey gave a 3.5-4.5 percent range
for growth, downgrading the growth forecast from a 5.2 percent
projection in a budget policy statement released in April.

May 11, 2012

Pirates hijack Greek-owned tanker off Oman

NAIROBI, May 11 (Reuters) – Pirates have hijacked a
Greek-owned oil tanker carrying 135,000 metric tonnes of crude
oil while in the Arabian Sea off Oman, the vessel’s manager
said.

Dynacom Tankers Management said it had lost contact with the
crew of the MT Smyrni following the attack at 1115 GMT on
Thursday.

May 9, 2012

Kenya, Japan state firms join to survey for oil

NAIROBI, May 9 (Reuters) – The state oil firms of Japan and
Kenya have signed an agreement to survey the country in East
Africa, which has become a hot spot for exploration after the
discovery of oil, and assess its onshore petroleum reserves,
officials said on Wednesday.

National Oil Corporation of Kenya (NOCK) and Japan Oil, Gas
and Metals National Corporation (JOGMEC) agreed to jointly
conduct geophysical surveys to help evaluate the commercial
viability of hydrocarbons in Kenya.

Apr 5, 2012

Kenya oil find spurs interest in new blocks

LOKICHAR, Kenya, April 5 (Reuters) – Kenya has seen a surge
of interest for new oil blocks after striking oil last week,
Martin Heya, commissioner of petroleum at the ministry of
energy, said on Thursday.

The east African country is abuzz with news of its first oil
discovery in the dry and dusty northwest town where
Africa-focused UK firm Tullow Oil Plc has been
exploring.

Mar 28, 2012

Comoros awards first oil exploration licence

NAIROBI, March 28 (Reuters) – Comoros said it has awarded
its first ever oil exploration and production licence to a
privately-owned Kenya-based exploration company, Bahari
Resources Ltd.

Countries in the east and Horn of Africa and others with
coastlines along the Indian Ocean have become a hot spot for oil
and gas exploration, spurred by new finds. Comoros is made up of
islands in the Indian Ocean, between northern Madagascar and
east Africa.