George's Feed
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.

Mar 27, 2012

Tanzania to offer 16 oil blocks for licensing

NAIROBI, March 27 (Reuters) – Tanzania will hold an oil
exploration licensing round for 16 offshore blocks starting in
September this year, a principal geologist at the state-run
Tanzania Petroleum Development Corporation said on Tuesday.

Meshack Kagya told an energy conference in Nairobi that
details of the Tanzanian plan would be unveiled next month, with
the process expected to close in 2013.

Mar 26, 2012

Kenya strikes oil, to check commercial viability

March 26 (Reuters) – Kenya announced on Monday its first oil
discovery, saying it was found in the northern part of the
country where Africa-focused British firm Tullow Oil Plc
has been exploring for oil, and was now checking on the
commercial viability of the find.

Kenya and its neighbours in east Africa as well as the Horn
of the continent have become a hot spot for oil and gas
exploration in recent years, spurred by new finds.

Mar 21, 2012

African nations risk losing tax-free access to Europe -EU official

NAIROBI, March 21 (Reuters) – Some African countries could
lose tax-free access for exports to the European Union if they
fail to sign a deal by next year to replace preferential
agreements that the World Trade Organisation has rejected, an EU
lawmaker said on Wednesday.

The European Union and African, Caribbean and Pacific (ACP)
countries had until the end of 2007 to sign the Economic
Partnership Agreement (EPA) agreements to replace existing
unilateral trade preferences, or risk having European trade
disrupted.