Africa will top mining wishlists for Asian investors
Werner Jacobs, senior manager, corporate finance and metals & mining at KPMG
2013 was a tough year for the mining sector in Africa. This was principally due to lower commodity prices, a drop in investor confidence due to lower returns over the last commodity super-cycle, and continued increases in operating costs.
Africa Oil Announces Fifth Consecutive Major Oil Discovery in Kenya
Africa Oil Corp. is pleased to announce that the Agete-1 exploration well in Block 13T, onshore Northern Kenya, has discovered and sampled moveable oil with an estimated 100 metres of net oil pay in good quality sandstone reservoirs.
The Agete-1 wildcat well is part of a major exploration campaign and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Africa Oil's acreage in the region.
The Big Winners in Kenya’s Oil Debut
Kenya will start pumping its first commercial oil next year and begin exporting in 2016, but this is just the opening salvo: new discoveries in recent months and fast-track new well development make Kenya the darling of East Africa from an investor’s perspective.
Kenya is set to soar past Uganda, which discovered oil much earlier, but is now having a hard time getting it out of the ground and into the market. And the next five months should bring not only news of the first commercial output for Kenya, but new commercial prospects coming online.
Kinangop Wind Farm in Kenya to Be Powered by 38 GE Wind Turbines
The Kinangop Wind Farm in Kenya, developed by Aeolus Kenya and constructed by Iberdrola Engineering, will be powered by 38 GE (NYSE: GE) 1.6-megawatt (MW) wind turbines. The Kinangop facility will be one of the largest wind power generation projects to be built to date in sub-Saharan Africa. Following its commissioning, the 61-MW wind farm will generate enough renewable electricity to power the equivalent of 150,000 homes in the country.
