Market News

  • Africa Oil Sees Progress Looming in Nigeria, Kenya

    Posted on :Tuesday , 27th September 2022

    Africa Oil expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.


    The company’s famously bullish CEO and president Keith Hill said the Island Innovator rig was 10 days out from arriving on location in South Africa.


    Block 2B, . . .

  • Indian government to buy Sh356.5bn Tullow Oil stake in Turkana

    Posted on :Wednesday , 3rd August 2022

    Two Indian state-backed companies are in talks to acquire Tullow Oil's stake in Turkana oil projects in a deal estimated to breach Sh356.5 billion ($3 billion).

    This will mark one of the biggest deals in Kenya's history and offers a foreign government a stake in a venture that is seeking to develop infrastructure for oil production.

    Bloomberg news agency reported from India that ONG. . .

  • Saudi Aramco to Supply Fuel at Lower Prices to Kenyan Oil Firm NOCK

    Posted on :Friday , 15th July 2022

    State-owned National Oil Corp. of Kenya has signed a deal with Saudi oil giant Aramco to import fuel at lower prices than the global costs of crude, local media reported.


    This comes as part of the government’s efforts to lower pump prices in the African state, Business Daily reported.  


    As per the government-to-government deal, NOCK . . .

  • East African Crude Oil Pipeline (EACOP) Project on Track

    Posted on :Tuesday , 12th July 2022

    A request for a license to begin the construction of the East African Crude Oil Pipeline (EACOP) has been submitted to the government of Uganda by the company in charge of the project. According to Martin Tiffen, general manager of EACOP company they are ready to begin construction. The submitted application will be completed in 180 days, or before the end of the year, according to Honey Maling. . .

  • Rich Lamu Oil Prospects Fuel Kenya's Economic Plans Dreams

    Posted on :Thursday , 17th March 2022

    Kenya is just weeks away from announcing the discovery of new oil resources in the Lamu basin, bigger than what was found a decade ago in Turkana, in what could be a turning point for the country’s dreams of reaping petrodollars.


    Italian oil exploration company Eni — in partnership with France-based oil and gas company TotalEnergies and Q. . .


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