Africa
Oil hits 2016 high above $42 on production and demand outlook
By Simon Falush LONDON (Reuters) – Oil rose above $42 a barrel on Friday, hitting its highest this year and extending a rally into a fourth week on expectations of a production freeze by major exporters, stronger seasonal demand and dollar weakness. Brent crude’s front-month contract was up 77 cents
Drewry: Liner Schedule Reliability Drops to 12-Month Low
Liner schedule reliability fell to its worst level in 12 months in February when the average on-time performance slipped by 7 percentage points to 62.7%, according to Drewry’s Carrier Performance Insight. The on-time average is reported to have fallen in each of the previous five months and is now a
Rockets rock Statoil/BP gas plant in Algeria
Norwegian oil and gas giant Statoil has informed that its gas facility in Algeria was attacked on Friday morning. The Norwegian firm, mostly known for its offshore operations, has said that its In Salah onshore gas facility was hit by “explosive munitions fired from a distance” at 6.00 local time. R
CMA CGM Expands West African Services
French container shipping major CMA CGM has upgraded its services linking the West African coast to Europe, Asia, Middle East and India as a part of the company’s new strategy in the West African region. The new MIDAS service calls at 7 West African ports from India and Middle East. An extended cove
Moody’s Changes Outlook on Global Shipping Sector to Negative
Moody’s Investors Service (Moody’s) has switched its outlook on the global shipping sector to negative as it expects supply growth to outpace demand growth in 2016 by more than 2%, suppressing freight rates, particularly in the dry bulk and containership segments. The outlook for the tanker segment
NileDutch Buys Safmarine MVP, Expands Presence in West Africa
Rotterdam-based container line NileDutch has acquired the Europe to West Africa services and operations from Safmarine MPV, a multi-purpose vessel business owned by Maersk Line. NileDutch will continue Safmarine’s Europe to West Africa services when the company’s vessels start sailing on the route i
DSA: EU Needs to Step Up Its Approach to African Economies
EU delegations across Sub-Saharan Africa should play a key role by stepping into the era of true economic diplomacy, Simon Bergulf, Director EU Affairs at Danish Shipowners’ Association pointed out. With the new approach, EU companies would improve business operations in Africa, especially seeing th
Kosmos Energy plans West Africa LNG project after another gas find
Kosmos Energy said on Wednesday it plans to develop a “world-class” LNG project after it struck another gas find offshore Mauritania and Senegal. According to Kosmos, the Ahmeyim-2 appraisal well offshore Mauritania encountered “78 meters of net gas pay in two excellent quality reservoirs“. With the
Kosmos delineates gas discoveries off Mauritania and Senegal
Kosmos Energy announced on Wednesday that its Ahmeyim-2 appraisal well has delineated the Ahmeyim and Guembeul gas discoveries offshore Mauritania and Senegal. Located in Mauritanian waters, approximately 5 kilometers northwest, and 200 meters downdip of the basin-opening Tortue-1 discovery well in
IEA: Renewables Keeping Energy-Related CO2 Emissions In Check
Global energy-related carbon dioxide emissions (CO2), the largest source of man-made greenhouse gas emissions, stayed flat for the second year in a row as renewable energy surged, according to analysis of preliminary data for 2015 released today by the International Energy Agency (IEA). “The new fig
Sterling wraps up withdrawal from Block C-3 off Mauritania
Sterling Energy, an oil and gas company with interests in Africa, has announced that its subsidiary Sterling Energy Mauritania has completed its withdrawal from Block C-3, offshore Mauritania. Sterling announced in January 2016 the company would relinquish its stake in the Block C-3 after seismic da
Tullow declares force majeure on Jubilee after FPSO issue
Independent oil exploration and production company Tullow Oil has reportedly declared a force majeure on the Jubilee field, offshore Ghana. According to Reuters, Tullow late last week declared the force majeure on two cargoes of crude oil from the Jubilee field due to a problem with a turret bearing