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Tagged with "business"
Africa: hunt for massive oil discoveries
Category: Business
Tags: News Politics Business Oil World Nigeria Ghana Gambia Kenya

Africa is becoming the top choice for North American oil companies looking to diversify, and the East African Rift is the hottest of the hot, with Kenya waiting on commercial viability, Angola and Ghana already on the road to rival Nigeria and two newcomers—Namibia and Zambia—where the doors have been thrown open for exploration.

Getting in on Namibia and Zambia is an extremely expensive endeavour, but here's a way to de-risk this adventure, keep your shareholders calm and strategically position yourself to take advantage of the next big find without footing the massive drilling bill: Buy up a ton of acreage and sit back and let others do the expensive exploration and drilling on territory adjacent to yours. Then strike and watch offers come in.

In an interview with Oilprice.com, Alberta Oil Sands (AOS) CEO, Binh Vu … discusses:

How to get in elephant-sized plays in the East African Rift
How to save cash by piggy-backing on others' expensive exploration
Why Namibia could be a major oil monster
What makes Zambia such an attractive oil venue
Other African plays that are worth looking into
Why it's hard for juniors to compete in Africa
Why someone will always need Canadian oil sands
What heavy oil economics will look like over the coming years
Why Canada's Algar Lake is a major sleeper play
What qualities investors should look for when betting on juniors
James Stafford: With the oil discoveries in Kenya and a lot of optimism over other rifts and lake systems including those present in Uganda, Zambia, Tanzania, etc. the East African Rift System has become an emerging oil hot spot. What we want to know is how to make money here without spending a ton of cash in exploration and drilling? What's the smart way to stake a claim on the East African Rift Basin?

AOS: That is a great question. The truth is that this area has become quite expensive as it has been found to be increasingly prolific. Major signing bonuses, deposits, and commitments are required in spots like Kenya, Tanzania, and Uganda. There is very little opportunity for the junior explorers to compete.

We believe that Zambia is a fabulous jurisdiction because it shares the geology and rock age in certain large areas that have hosted the Lake Albert Discovery and the Block 10BB Kenya discovery. However, it is totally underexplored for hydrocarbons and thus provides much cheaper access to very prospective areas. Our company has successfully tied up ~18 million acres or what we believe covers about 33% of the attractive rift areas in Zambia - which equates to oil and gas rights over about 8% of the country.

James Stafford: How does an exploration company on a budget go about covering and "high-grading" targets over such a large area?

AOS: Without a doubt that is a highly important question for any company engaged in the pursuit of elephant-sized targets in new frontiers. One of the things that we do is first is aim for concession agreements that don't tie us to expensive immediate seismic commitments. Second we eschew large and expensive 2-D seismic programs in favor of a process of high grading using satellites, other remote sensing techniques, and 'ground truthing'.

We estimate that by using satellite data analysis over a number of criteria--gravity gradiometry, thermal emissivity analysis, geobotany analysis including vegetation anomalies and geo-microbial review over specific high-graded areas on our acreage--we can save millions of dollars and years of time. We then get to specific areas that are ready for smaller, focused electroseismic surveys / 3-D surveys, and that can then be attacked as drillable targets either to take on ourselves, or to farm down to majors who are looking for the next major rift discovery.

Africa's richest man plans to build refinery in Nigeria Tags: Business Nigeria News
Africa's richest man, Aliko Dangote, plans to invest up to $8 billion to build a Nigerian oil refinery with a capacity of around 400,000 barrels a day by late 2016, the tycoon told Reuters on Tuesday, almost doubling Nigeria's refining capacity.

"This will really help not only Nigeria but sub-Saharan Africa. There has not been a new refinery for a long time in sub-Saharan Africa," Dangote said in a telephone interview.
 
The country currently has the capacity to produce some 445,000 barrels per day among four refineries, but they operate well below that owing to decades of mismanagement and corruption in Africa's leading energy producer.
 
Nigeria, the continent's second-biggest economy, relies on subsidized imports for 80 percent of its fuel needs. A surge in domestic capacity would be welcomed by investors in Nigeria, but it would cut into profits made by European refiners and oil traders who would lose part of that lucrative market.
 
Dangote said the country's ability to import fuel would soon be challenged. "In five years, when our population is over 200 million, we won't have the infrastructure to receive the amount of fuel we use. It has to be done," he said.
 
Past efforts to build refineries have often been delayed or cancelled, but analysts have said Dangote should be able to build a profitable Nigerian refinery, owing to his past successes in industry and his strong government connections.
 
The Dangote Group's cement manufacturing, basic food processing and other industries have helped lift his personal fortune to $16.1 billion from $2.1 billion in 2010, according to the latest Forbes estimate.
 
Nigeria has two refineries in its main Port Harcourt oil hub, one in the Niger Delta town of Warri, and one in Kaduna in the north that serve 170 million people. Not one of them functions at full capacity.
 
Analysts have said previous attempts to get refineries going have been held back by vested interests such as fuel importers profiting from the status quo. Dangote said this concerned him.
 
"The people who were supposed to invest in refineries, who understand the market, are benefiting from there being no refineries because of the fuel import business," he said. "Some ... are going to try to ... interfere."
 
Nigeria's government subsidizes fuel imports to keep pump prices well below the market rate at a cost of billions of dollars a year. Fuel subsidies are the single biggest item on the country's budget.
 
Dangote said making a new refinery run at a profit would work even if the government failed to scrap the subsidized fuel price that has deterred others from investing.
 
"We've done our numbers and the numbers are okay."
 
Source: Reuters
African Internet Summit 2013 To Be Held In Zambia, June 9 to 21 Tags: News Internet Zambia Developments Business Technology
Africa Internet Summit (AIS) 2013, formerly the joint African Network Operators’ Group (AfNOG) and the African Network Information Centre (AFRNIC) Meeting is pleased to announce that the Africa Internet Summit 2013 would be held in Lusaka, Zambia from 9 to 21 June 2013. Every year, hundreds of people  from across the African and Global ICT industry attend the AIS Event.

" While AIS  fuels the rapid growth of Internet in Africa with trained technical capacity, our content has been determined by the needs of the community. In so doing AIS's output training capacity has multiplied in the past decade and the community flourished "  Dr. Nii Quaynor.
 
The two-week event includes several training sessions, meetings and plenaries. AfNOG is holding its Workshop on Network Technology, several full-day Advanced Tutorials (10 - 14 June), a Unix Boots Camp (9 June), Africa Internet Standards Workshop (15 June). AFRINIC will be conducting an IPv6 (15 - 17 June) and Internet Resource Management Training  (15 June)in addition to its three-day Meeting that includes two-day plenaries and an African Operators Day (19 June). The AIS will also have a day dedicated to Cybersecurity (the CERT cybersecurity Day on 15 June).
 
The AfNOG Meeting will be held on 18 June and the AFRINIC public policy meetings on 20 and 21 June 2013. 
 
In addition, several side meetings and workshops will be hosted in collaboration with other AF* organisations.
 
Source: internetsummitafrica.org/
Arrest warrant for MTN boss
Category: Business
Tags: Business News Ghana MTN.Local Michael Ikpoki
An arrest warrant has been issued against the Chief Executive Officer of the largest mobile telecom network in Ghana MTN, Michael Ikpoki, together with two of his subordinates, Jemima Kotei, Customer Relations Executive, and John Hoffman, Chief Technical Officer, by an Accra Fast Track High Court.

The warrant was issued against the MTN boss based on the fact that he failed to appear in person in court in a case between MTN Ghana and Dr. Raymond Atuguba.
 
Ikpoki was expected to appear in court on Thursday to answer questions as to why MTN has not complied with the directives of the court to fix communication services for Dr Atuguba. 
 
Source: biztechafrica
Africa Top 10 Poorest Countries 2011 2012 based on GDP
Category: Business
Tags: News Business Economic
There are two standard methods of measuring the wealth of countries and how rich or poor its inhabitants are. The measure most often used is Gross Domestic Product (GDP), which represents the size of a country’s economy.  The rankings below were published in Wikipedia from International Monetary Fund’s 2011 gross domestic product per capita (GDP per capita) report and reflecting the countries with the lowest purchasing power parity (PPP). Since 1970, there has been encouraging news emerging from developing countries. 
 
According to the UN’s 2010 Human Development Report, life expectancy in developing countries has increased from 59 years in 1970 to 70 years in 2010. School enrollment climbed from 55% to 70% of all primary and secondary school-age children. Also, in the last forty years, per capita GDP doubled to more than ten thousand U.S. dollars. Poor countries are catching up with the wealthier countries, but not all countries are making fast progress.
 
For example, some countries in Sub-Sahara Africa have little or no progress, largely due to the HIV epidemic and civil wars.
 
The 10 Poorest African Countries:
 
#1. Congo, Democratic Republic of the
GDP Per Capita: $348 (As of 2011)
 
Not to be mixed with the neighboring Republic of Congo, the Democratic Republic of the Congo has become the poorest country in the world as of 2010. Democratic Republic of the Congo was known as Zaire until 1997. Congo is the largest country in the world that has French as an official language – the population of D.R Congo is about six million larger than the population of France (71 million people in D.R Congo vs 65 million in France). The Second Congo War beginning in 1998 has devastated the country. The war that involves at least 7 foreign armies is the deadliest conflict in the world since World War II – by 2008 the Second Congo War and its aftermath had killed 5.4 million people.
 
#2. Liberia
GDP Per Capita: $456 (As of 2011)
 
Liberia is one of the few countries in Africa that have not been colonized by Europe. Instead, Liberia was founded and colonized by freed slaves from America. These slaves made up the elite of the country and they established a government that closely resembled that of the United States of America. In 1980 the president of Liberia was overthrown and a period of instability and civil war followed. After the killings of hundreds of thousands, a 2003 peace deal was led to democratic elections in 2005. Today, Liberia is recovering from the lingering effects of the civil war and related economic dislocation, with about 85% of the population lives below $1 a day.
 
#3. Zimbabwe
GDP Per Capita: $487 (As of 2011)
 
The government of Zimbabwe released its largest bank note 100 trillion dollar bill issued on January 2009. In addition to the economic problems the life expectancy of Zimbabwe is the lowest in the world – 37 years for men and just 34 for women. One of the problems for the early deaths are the 20.1% of the population with HIV and AIDS. The health issues aren’t seeing any improvement.
 
#4. Burundi
GDP Per Capita: $615 (As of 2011)
 
Burundi is known for its tribal and civil wars.  Burundi have never really had any peaceful time between the everlasting civil wars as a result its the fourth poorest country. Owing in part to its landlocked geography, poor legal system, lack of economic freedom, lack of access to education, and the proliferation of HIV and AIDS.  Approximately 80% of Burundians live in poverty and according to the World Food Programme 57% of children under 5 years suffer from chronic malnutrition; 93% of Burundi’s exports revenues come from selling coffee.
 
#5. Eritrea
GDP Per Capita: $735 (As of 2011)
 
Affected by the Italian colonizers of the 19th century.  Eritrea’s advantage of controlling the sea route through the Suez Canal made the italians to colonized it just a year after the opening of the canal in 1869 and same reason the British conquered it in 1941.  The present Eritrea’s economic conditions have not improved and real gross domestic product growth averaged 1.2 percent between 2005 and 2008; in 2009 GDP growth was estimated at 2.0 percent.
 
#6. Central African Republic
GDP Per Capita: $768 (As of 2011)
 
Despite its significant mineral resources; uranium reserves in Bakouma, crude oil, gold, diamonds, lumber, hydropower  and its arable land, it remains one of the poorest countries in the world.  Diamonds constitute the most important export of the Central Africans Republic, accounting for 40–55% of export revenues. The 2010 UNDP Human Development Report ranks CAR near the bottom of its Human Development Index (159th out of 162 countries) and unlikely to meet its MDG goals. The proportion of Central Africans living on $1 a day has decreased slightly to 62%  but it needs to be half of that in order to reach the 2015 goal.
 
#7. Niger
GDP Per Capita: $771 (As of 2011)
 
With over 80% of its land is covered by the giant desert of Sahara, Niger has a Gross Domestic Product (GDP) per capita in Parity Purchasing Power (PPP) terms of US$771 as of 2011, one of the lowest in Africa. Niger’s poverty is exacerbated by political instability, extreme vulnerability to exogenous shocks and inequality which affects girls, women and children disproportionately. In January 2000, Niger’s newly elected government inherited serious financial and economic problems including a virtually empty treasury and was qualified for enhanced debt relief under the International Monetary Fund program for Highly Indebted Poor Countries.
 
#8. Sierra Leone
GDP Per Capita: $849 (As of 2011)
 
A West African country with English as its official language, Sierra Leone has relied on mining, especially diamonds, for its economic base and home to the third largest natural harbour in the world where shipping from all over the globe berth at Freetown’s famous Queen Elizabeth II Quay.  It is among the top diamond producing nations in the world, and mineral exports remain the main foreign currency earner and also among the largest producers of titanium and bauxite, and a major producer of gold. Despite this natural wealth, 70% of its people live in poverty. If you have seen the movie Blood Diamond you should know that it is based on Sierra Leone.
 
#9. Malawi
GDP Per Capita: $860 (As of 2011)
 
Malawi has one of the lowest per capita incomes in the world, with 53% (2004) living under the poverty line. In December 2000, the IMF stopped aid disbursements due to corruption concerns, and many individual donors followed suit, resulting in an almost 80% drop in Malawi’s development budget. In 2006, Malawi was approved for relief under the Heavily Indebted Poor Countries (HIPC) program. In December 2007, the US granted Malawi eligibility status to receive financial support within the Millennium Challenge Corporation (MCC) initiative. Agriculture accounts for 35% of GDP, industry for 19% and services for the remaining 46%.  In addition, some setbacks have been experienced, and Malawi has lost some of its ability to pay for imports due to a general shortage of foreign exchange, as investment fell 23% in 2009.
 
#10. Togo
GDP Per Capita: $899 (As of 2011)
 
This small, sub-Saharan economy suffers from anemic economic growth and depends heavily on both commercial and subsistence agriculture, which provides employment for a significant share of the labor force. Cocoa, coffee, and cotton generate about 40% of export earnings with cotton being the most important cash crop. Togo is among the world’s largest producers of phosphate. Approximately one half of the population lives below the international poverty line of US$1.25 a day.
 
DEFINITIONS:
 
GDP (gross domestic product) is the sum of the gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. 
 
GDP PPP (purchasing power parity) is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as a U.S. dollar has in the United States. Purchasing power parities (PPPs) are the rates of currency conversion that eliminate the differences in price levels between countries.
 
GDP (PPP) per capita is GDP on a purchasing power parity basis divided by population. Please note: Whereas PPP estimates for OECD countries are quite reliable, PPP estimates for developing countries are often rough approximations..
 
Source:therichest
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"WHY ALL OF THIS ARE HAPPENING IN AFRICA.IS THIS A CASE OF END..."
In: African woman Naked Her Self For RICHES (PHOTOS, Cameroon)
by: dcopoku
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