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Bust Or Boom? Oil Prices And Africa

AFRICANGLOBE - As oil prices dipped below US$50 a barrel in January, Nigeria’s finance minister put a brave face on her country’s revenue crisis. Nigerians, she said, should start thinking of Africa’s largest oil producer as a “non-oil country”.

Three Reasons African Countries Will Survive The Oil Crisis

AFRICANGLOBE - Recent statistics show that the Africa Rising narrative is not dependent on oil nor does it depend on mining. In a recent article, ‘The Economist,’ argued that the effects of the resource curse is waning. Here is how Africa is ending the curse:

Africa’s Top Oil Producers To See Robust Economic Growth

AFRICANGLOBE - Oil-rich African countries will benefit from robust economic growth but weaker crude prices could send budget deficits higher next year, a Reuters poll showed on Tuesday.

Total’s New Oil Project, CLOV May Make Angola Africa’s Top Oil...

AFRICANGLOBE - The $10 billion CLOV project in Block 17 will produce 160,000-barrels-a-day, helping Angola achieve a target of 2 million barrels a day by 2015 and rival Nigeria as the continent’s leading producer

Petroleum Industry Bill Offers Hope for Nigeria’s Gas and Oil Industry

AFRICANGLOBE - The Petroleum Industry Bill aims to resolve some of the many issues that have affected Africa's largest oil producer and pave the way for future growth and investment

Kenya: Oil Expectations Rise in 2013

AFRICANGLOBE - Kenya has no officially confirmed commercial oil deposits yet but the year 2012 will remain the best for Kenya's quest to join the league of oil producers. For a country which a year ago had no reason to think of ever becoming an oil producer, two wells at appraisal stage in Northern Kenya and gas finds at the coast is exciting.

Angola Launches $5 bln Sovereign Wealth Fund

Angola on Wednesday launched a $5 billion sovereign wealth fund to invest in domestic and overseas assets by funnelling its vast oil wealth into...

Nigeria’s Oil Prosperity Not Guaranteed

The World Bank said Thursday that it expected about $31 billion in Foreign Direct Investment (FDI) inflows to Africa this year, adding that there...

Ugandan Government Eyes 40% Stake In Planned Refinery

Reports from Kampala indicates that the Ugandan government aims to take up a 40 percent stake in its planned oil refinery and offer a...

South Africa to Turn to Nigeria for Oil Supply

With the uncertainty over supply of oil from Iran, South Africa is looking to Nigeria to purchase its oil, the Deputy President Kgalema Motlanthe...

Angola Earned $33.7 Billion From Oil Sales

Sonangol EP, Angola’s state-run oil producer, said average daily production fell in 2011 even as it increased revenue because of rising international oil prices. Angola, Africa’s second-largest oil...

Another Nigerian State To Start Producing Crude

AFRICANGLOBE - After many years of waiting, all is ready for Anambra State to join the league of oil producing states in Nigeria as the Orient Petroleum Resources Plc is to commence the production of crude oil in the state.

Nigerian Consortium Buys Stake in Two Oil Blocks

A Nigerian firm backed by Britain's Afren and a mainly local consortium have bought major stakes in onshore oil blocks from Shell, Total and Agip for more than $700 million, officials announced Thursday.