International Finance Corporation

Swala Energy Set To Acquire First Producing Asset in Tanzania

Swala Oil and Gas entered into an agreement with Orca Exploration to acquire up to 40%  interest in the Songo Songo producing assets currently held by the international finance corporation (IFC) for $130 million based on an agreed value of US$325 million as earlier announced in August. According to Orca Swala has agreed, subject to …

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World Bank Halts Finance For Upstream Oil and Gas

The World Bank Group has announced that it will no longer finance upstream oil and gas, after 2019 as part of its continuation of its own operations and to support countries meet their Paris goals. According to the statement from the group at the one planet summit convened by President Emmanuel Macron of France, United …

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Lobbyists want Kenya’s Early Oil Project Scrutinized

The Kenya Civil Society Platform on Oil and Gas (KCSPOG) has questioned the overwhelming government backing of the early oil pilot scheme (EOPS) project a no profit making venture that could lead to losses of $29 million at current market prices as well as wasted resources in the upgrading of the refinery for storage expected …

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Orca Exploration Closes $60 million financing for Tanzania’s Songo Songo development from IFC

Orca Exploration has announced that it has entered into a loan agreement with International Finance Corporation (IFC), a member of the World Bank Group, for a US$60 million investment in the Company’s operating subsidiary, PanAfrican Energy Tanzania Limited (PAET). According to Orca Exploration the proceeds of the Loan will be used to fund part of …

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PETROMOC lands $45 million condesate gas deal from Sasol, Partners

Sasol and its partners have entered into an agreement with Petróleos de Moçambique (PETROMOC), Mozambique’s state-owned distributor of petroleum products in a deal that will see PETROMOC sell condensate from the Central Processing Facility in Temane, Inhambane province to the South African giant. According to Sasol the deal is in a move to promote local …

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Africa Oil gets $50 million financing to advance the appraisal and development in Kenya

Africa Oil Corp has announced that it has entered into an equity subscription agreement with International Finance Corporation, a member of the World Bank Group, to sell, on a non-brokered private placement basis, 31,169,048 of its common shares at a price of CAD $2.10 for gross proceeds of CAD $65,455,000 (US $50 million(1)). This means …

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