Upturn in Africa’s oil, gas deals market expected this year
As oil and gas companies continue to focus on portfolio optimisation by further investing in assets that are generating strong returns and selling assets that have lower returns, merger and acquisi¬tion (M&A) activity in the African oil and gas sector is expected to remain robust this year.
In 2013, Africa recorded about 17 percent of the global major deals amounting more than $12 billion done in the continent. It followed North America which had about 38 percent of the activities and the Former Soviet Union which cruised with 28 percent of oil and gas deals done in the globe to¬wards the end of third quarter of 2013.
Read more: Upturn in Africa’s oil, gas deals market expected this year
Kenya Discovers Oil, Natural Gas In Lamu
Oil exploration is the real deal in Kenya at the moment, as exploration companies have struck black gold repeatedly in recent times.
The latest find was at the tourist town of Lamu where UK-based independent oil and gas exploration firm, British Gas had been working.
“British Gas Group has found oil and natural gas,” Energy Cabinet Secretary Davies Chirchir announced to a forum of energy sector stakeholders in Nairobi.
He added however that the discovery was “very prospective”, but not commercial.
First east African oil drilling contractor established
East Africa's first land based locally-owned drilling contractor is just starting up, signalling the intention of local investors to get a share of the region's nascent hydrocarbon boom.
The company, Canyon Drilling East Africa Limited (CDEA), has been mostly funded with east African private equity sources and investors include Charles Mbire, chairman of MTN Uganda, a unit of South African mobile phone company MTN Group.
Read more: First east African oil drilling contractor established
Africa's Oil, Gas Have Economic Impact - DHL
DHL, the logistics industry leader, projected the recent oil and gas finds in Africa to continue having a positive impact on local economies, if local African suppliers, service providers and other businesses geared up to service this growth.
Africa's top oil producing nations comprise Nigeria, Angola, Libya, Equatorial Guinea, Ghana among others.
