Repsol SA’s discovery of oil underneath a sub-sea layer of salt as much as 2 kilometers thick advances Angola’s effort to leapfrog Nigeria as Africa’s biggest producer of the commodity. The company is analyzing the find, which lies 4.5 kilometers under the seabed in 1,000 meters of water in the Kwanza Basin, off shore the nation in West Africa. Angola, which pumped 1.87 million barrels of oil a day, will produce exceed 2 million barrels next year, close to Nigeria’s level of 2.1 million barrels.

Saturday, 13 December 2014 14:55
Published in African Business News
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Congo is set to produce less than 950,000 metric tons of copper this year, missing its target of more than 1 million tons, because of electricity shortages and unresolved disputes over revisions to its mining code. Congo’s government is importing electricity from Zambia and rationing power as it struggles to generate the 900 megawatts needed by miners in Katanga province, the location of most of the country’s copper. The country, on the other hand, wants to increase revenues from the industry by raising taxes and royalties for miners, who in turn complain of government harassment and poor power and transport infrastructure.

Thursday, 11 December 2014 00:00
Published in African Business News
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