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INTO AFRICA May 2019 Edition – Private Equity: Nurturing Africa

Welcome to the May 2019 edition of INTO AFRICA, a publication written by the professionals, for professionals, investors, policymakers … Advancing and providing fresh insight into Africa’s emerging markets through renowned thought leadership and peer-to-peer knowledge-sharing. The edition is titled: Private Equity: Nurturing Africa. African private equity (PE) has remained robust with the total value of fundraising increasing to US$2.7bn in 2018 from US$2.4bn in 2017, indicating investors’ ongoing confidence in African PE, based on…

Angola Unveils New Oil Regulator in Restructuring of Sonangol

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LUANDA (Capital Markets in Africa) – Angola will set up a new regulator for the country’s oil industry as the government restructures state-owned Sonangol and seeks to revive falling oil and gas output. Sonangol’s role as national concessionaire will be transferred to the National Agency of Petroleum and Gas in the first half of next year in a reorganization scheduled for completion in 2020, Oil Minister Diamantino Azevedo said in a statement handed to reporters Wednesday. Sonangol,…

OPEC Lifted Crude Production in July Despite Saudi Supply Cut

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LAGOS (Capital Markets in Africa) – OPEC crude production rose in July, despite sliding output in Libya, Iran and Saudi Arabia. The bloc’s output averaged 32.32 million barrels a day in July, up 41,000 barrels a day from June, the group said in its monthly oil market report, citing secondary source figures. Increased production in Kuwait, Nigeria and the United Arab Emirates more than offset the drop elsewhere. The Organization of Petroleum Exporting Countries agreed in June to…

Libya Kidnap Shows Oil-Supply Growth at Risk From Insecurity

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TRIPOLI (Capital Markets in Africa) – Just as Libya resumes oil exports from recently shuttered ports, an attack on its largest field is setting back progress yet again. An incursion by gunmen into the Sharara field Saturday and the kidnapping of workers there forced the National Oil Corp. to cut output and ban exports. It’s the latest in a string of security incidents that have hobbled Libyan shipments despite repeated attempts to restore flows in the politically…

Burning Villages, Ethnic Tensions Menace Mozambique Gas Boom

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MAPUTO (Capital Markets in Africa) – Women’s cries just after 1 a.m. confirmed Barnabe Samuel Mussa’s worst fears — an attack was underway. He and other men from his village of Mitumbate in Mozambique were camped in a dense forest armed with bows, arrows, and machetes, awaiting the arrival of a little-known group of Islamist fighters that’s terrorized residents in the gas-rich area 1,800 kilometers (1,118 miles) northeast of the capital, Maputo. An explosive cocktail…

OPEC Resistance to Saudi Supply Plan Grows as Iraq Objects

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LAGOS (Capital Markets in Africa) – Iraq said OPEC should resist pressure to increase oil supplies, strengthening opposition to plans by Saudi Arabia as the group prepares to meet next week. OPEC’s second-biggest producer said supply curbs by the cartel haven’t yet achieved their purpose, with oil prices still below the desired level. Its defiance follows similar resistance from Iran and Venezuela, meaning three of the five countries that founded OPEC now oppose the Saudi plan. The…

Africa Oil Giant Needs $12 Billion to Avoid Missing LNG Boat

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LAGOS (Capital Markets in Africa) – On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan. Operator Nigeria LNG Ltd. says it will decide later this year whether to invest more than $10 billion to boost capacity by 40 percent. That would allow the Bonny Island terminal — an hour’s ferry ride from the oil…

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