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Dos Santos Says Sonangol Turnaround May Not Finish on Her Watch

LUANDA (Capital Markets in Africa) – Isabel Dos Santos, Africa’s richest woman, said work to get Angola’s state-owned oil producer Sonangol back on track won’t necessarily be completed during her term as chairwoman. Dos Santos is the 44-year-old daughter of former President Jose Eduardo dos Santos, who stepped down as head of state in September after ruling the energy-rich country since 1979. Her team was brought in to improve efficiency and profitability at Sonangol, which…

Libya’s Roller-Coaster Oil Output Hit Takes the Heat Off OPEC

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Libya’s oil production has dropped by 361,000 barrels a day, equal to 35 percent of output last month, taking some of the heat off of OPEC’s struggle to reduce a global glut. The North African country’s lost production is worth $160 million since Aug. 19 as “gangsters” took over pipelines and facilities that forced the shutdown of the Sharara field, the nation’s biggest, and the Hamada and El Feel, or…

East Africa Oil Pipelines Boon to Private Funders, AfDB Says

Posted on by The Editorial Team

NAIROBI, Capital Markets in Africa: Oil pipelines planned in Kenya and Uganda to ferry crude from fields to port present opportunities for private financiers keen to gain a foothold in East Africa’s energy industry, the African Development Bank says. “Nobody has ever, ever lost money financing pipelines,” Gabriel Negatu, the Abidjan-based lender’s regional director for East Africa, said in an interview in Kenya’s capital, Nairobi, on Sept. 23. If there is oil flowing, “it’s generally viable,” he said. East…