West Africa map

Lekela is studying the expansion of West Africa’s biggest wind farm

Lekela has signed a grant agreement with the U.S. DFC to fund a feasibility study for a 100 MW extension of its Parc Eolien Taiba N’Diaye (PETN).

The 158.8 MW wind farm started commercial operations in December 2019 and is West Africa’s biggest wind energy facility.

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Cooking Gas

Nigeria LNG to allocate all its LPG supply to the Nigerian market amidst soaring prices

The board of Nigeria LNG approved yesterday the supply of its entire production of propane and butane to the Nigerian market. But can this help lower prices for Nigerian consumers?

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Exploration

Chariot announces significant gas discovery offshore Morocco

The new discovery at Anchois-2 will help to expand the Anchois gas field and possibly expand the scale of its gas development in the future. It also significantly de-risks additional exploration prospects within the license area.

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Exploration

The Gambia: “no moveable oil” at Bambo-1 despite oil shows

Australian independent FAR has announced that its Bambo-1X exploratory well offshore The Gambia did not interpret any moveable oil despite encountering good oil shows.

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Railways

Dakar gets brand new “TER”, France’s renowned train and coach service

The new service can transport over 100,000 people across the 36km between Dakar and Diamniadio, and currently counts 14 stations.

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Natural Gas

NFE Signs MoU With Mauritania for Fast LNG and Gas-to-Power Project

The Banda gas field could be commissioned as early as 2024 and would entail the production of natural gas, power, LNG and blue ammonia for the domestic and export markets.

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FLNG Hawilti+

UTM Offshore signs $2bn MoU with Afreximbank for Nigeria’s first FLNG project

The MoU was signed in Abuja by Julius Rone, Group Managing Director/CEO of UTM Offshore and Dr. Benedict Okey Oramah, President and Chairman of Afreximbank.

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Data Centers

American digital infrastructure company Equinix to acquire MainOne for $320m

The acquisition is valued at $320m and is expected to close in Q1 2022.

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Nigeria

Afreximbank provides $50m boost to Nigeria's first integrated power project

During the second Intra-African Trade Fair in Durban, the Afreximbank signed a $50m term loan facility with Geometric Power for its Aba Integrated Power Project in Nigeria.

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M&A

Ardova Plc completes acquisition of Enyo Retail & Supply Ltd in Nigeria

The acquisition is part of ongoing consolidation in the Nigerian downstream market as oil marketers seek to achieve economies of scale to boost profitability.

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Exploration Hawilti+

FAR has spudded the Bambo-1 exploratory well offshore The Gambia – What's next?

FAR's success case planning relies on a development of 150m barrels of oil via a 48,000 barrels of oil per day (bopd) floating, production, storage and offloading (FPSO) vessel.

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Earnings

Africa Oil Corp. becomes cash positive less than two years after investment into Nigerian deep offshore

Africa Oil Corp.’s acquisition of a 50% interest in Petrobras Oil and Gas B.V (POGBV) in 2020 for $520m is paying off.


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Nigeria

MESL selects contractor for an additional 300 MW at Kainji hydropower plant

The contract signed with the Power China Huadong Engineering Corporation covers the rehabilitation of the Unit 1G9 (80 MW) and the installation of units 1G3 and 1G4 (110 MW each) at Kainji.

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Budget

Ghana bets on higher oil revenues despite production decline over 2022-2025

2022 Budget Statement reveals the country's new estimates and projections for its oil production and revenues until 2025.

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Nigeria

World Bank revises Nigeria’s growth projections upward

The services and manufacturing sectors are performing better than expected. However, Nigeria's economy is still growing at a slower pace than its African neighbours and bold reforms are required to sustain growth in the medium-term.

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Lending

Afreximbank shows up for Nigeria's oil sector in Durban

The Afreximbank has signed three separate deals totaling $2bn with the state-owned Nigerian National Petroleum Corporation (NNPC), and indigenous operators Eroton Exploration & Production and Mars Exploration & Production.

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Sustainability

Nordic investors seek to invest into smart city projects across West Africa’s largest commercial city

The Nordic Nigeria Connect just closed in Lagos this week after welcoming delegations of investors from Norway, Denmark, Finland and Sweden.

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M&A

Nigeria: RainOil completes acquisition of majority stake in Eterna Plc

The Nigerian downstream sector is going through significant consolidation as players seek to expand their reach and network to benefit from economies of scale in a market where PMS remains heavily subsidised and regulated.

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PPP

Meridiam signs $250m Concession Agreement for Burkina Faso’s Donsin-Ouagadougou Airport

Once completed, the new Donsin international airport will replace the current Ouagadougou-Taamsê International Airport.

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Hydrogen

Chariot to work on setting up a 10 GW green hydrogen development in Mauritania

Pre-feasibility and feasibility studies will be conducted to generate solar and wind power used in electrolysis to split water and produce green hydrogen and oxygen.

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Infrastructure

Nigerian institutional investors back bonds issuance from country’s leading free zone

Lagos Free Zone's bond was oversubscribed by institutional investors including eleven domestic pensions funds, two insurance firms, banks and HNIs.

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Budget Spending

Nigeria to increase spending with new “Budget of Economic Growth and Sustainability”

President Buhari's 2022 Budget Speech presented what will be his administration’s last full year budget before the 2023 presidential election.

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Eurobonds

Nigeria closes Africa’s biggest Eurobond’s issuance this year - and might raise more

Nigeria successfully issued Eurobonds in September, its first such operation since 2018. While the country had planned to raise between $3bn, the order book peaked at a whopping $12.2bn.

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Exploration

After Angola and Ghana, Eni strikes oil offshore Côte d'Ivoire

Good things come in threes for Eni in Africa this year. The opening of a new play concept in Côte d'Ivoire’s sedimentary basin is very good news for a country where oil production has failed to meet expectations and has been dropping significantly in recent years.