News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Facebook X (Twitter) Instagram
    • International
    • Business
      • West Africa
      • North Africa
      • Southern Africa
      • East Africa
    • Politics
      1. West Africa
      2. Southern Africa
      3. East Africa
      4. North Africa
      5. View All

      Algeria Initiates Mediation in Three ECOWAS States Over Niger Crisis

      August 23, 2023

      Lagos Police Deny Widespread Violence in March 18 Elections

      March 19, 2023

      Benin Opposition Rejects Parliamentary Election Results

      January 12, 2023

      Violent Extremism on the Rise in Post-Coup Burkina Faso

      January 9, 2023

      Botswana Denies Issuing Arrest Warrant Against Former President Khama

      March 20, 2023

      Opposition Demand Snap Polls Over Ramaphosa Scandal

      December 2, 2022

      Former President Ian Khama Plans Botswana Return in December

      September 24, 2022

      President Lourenco of Angola Set to be Sworn in For a Second Term

      September 15, 2022

      Museveni Announces Uganda is Now Ebola-Free

      December 21, 2022

      Somaliland’s Former Chairman Quits Electoral Commission

      June 1, 2022

      Kenya: President Kenyatta in Disagreement with Deputy over Economic Policies

      March 15, 2022

      Libya’s Interim Prime Minister Escapes Assassination Attempt

      February 10, 2022

      Algeria Frees Opposition Figure Nekkaz After Vow to Quit Politics

      January 19, 2023

      Tunisians Await Election For ‘Powerless’ Parliament on Saturday

      December 15, 2022

      UNSC Holds Closed Door Session Over MINURSO

      October 18, 2022

      Algeria Launches Bid For United Nations Security Council

      September 22, 2022

      President Bio Addresses Sierra Leoneans Following Coup Attempt

      November 26, 2023

      Malawian First Lady Monica Chakwera Launches Orphan Allowances Distribution Programme

      November 20, 2023

      Malian Troops Retake Rebel-Held Kidal Region

      November 14, 2023

      APC’s Ododo Beats Ajaka, Melaye To Win Kogi Election

      November 13, 2023
    • Entertainment
    • Technology
    • Sports
      1. Central Africa
      2. East Africa
      3. Southern Africa
      4. West Africa
      5. View All

      Etoo Pleads Guilty to Tax Fraud To Avoid Prison Sentence 

      June 20, 2022

      89 Buses Used for AFCON 2021 Reportedly Missing

      April 20, 2022

      AFCON: Stadium Stampede Leaves 8 Dead in Cameroon

      January 25, 2022

      Minnows Rise, Giants Wobble as AFCON Comes to Life

      January 16, 2022

      Kenyan-Born Turk Can Wins 10,000m Gold in Islamic Games

      August 11, 2022

      Omanyala Out To Prove Kenyans Can Be Great Sprinters Too

      July 13, 2022

      Kenya’s Omanyala Now Africa’s Fastest Man After Win In Mauritius

      June 9, 2022

      Husband of Late Kenyan Athlete, Agnes Tirop in Court To Face Murder Charges

      October 19, 2021

      Blitzboks Crowned Canada Seven Champions After Victory Over Kenya

      September 20, 2021

      South Africa in the Running to Host FIFA Club World Cup

      September 14, 2021

      Free State Drama: Bloemfontein’s Death and Renaissance in One Week

      August 22, 2021

      #AFCON2021 Groups, Table, and Fixtures

      August 17, 2021

      Tobi Amusan Dominates Women’s 100m Hurdles to Secure Third Consecutive Diamond League Title

      September 18, 2023

      World Cup Hosts Qatar Facing Early Exit After Defeat by Senegal

      November 25, 2022

      Amusan Clinches Commonwealth Gold Again In Record-Making Race 

      August 7, 2022

      Amusan, Brume Take Nigeria To Grand Podium Finishes In Oregon 

      July 25, 2022

      Napoli Forward, Victor Osimhen Receives AIC Footballer of the Year Award

      December 6, 2023

      Germany Defeats France on Penalties to Lift U-17 FIFA World Cup

      December 3, 2023

      Harry Maguire Accepts Apology from Ghana MP Isaac Adongo

      November 24, 2023

      DR Congo Calls Up Aaron Wan-Bissaka for AFCON

      November 23, 2023
    Facebook X (Twitter) Instagram YouTube LinkedIn
    News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Watch Live TV
    OUR TV SHOWS:
    • Breakfast Central
    • Village Square Africa
    • Business Edge
    • Secure the Continent
    • One Slot
    • Politics HQ
    • Report Desk Africa
    • E Central
    News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Comoros oil boom dream hinges on seismic survey
    Business News

    Comoros oil boom dream hinges on seismic survey

    News CentralBy News CentralMay 22, 2019Updated:May 22, 2019No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Comoros oil boom dream hinges on seismic survey
    Share
    Facebook Twitter LinkedIn Pinterest Email

    For years, the Comoros islands off the eastern coast of Africa have dreamt of an oil or gas strike -now the first planned seismic survey could reveal if the country’s hopes are about to come true.

    The possibility of a lucrative resources boom has gripped Comoros for seven years after then-president, Ikililou Dhoinine awarded a batch of offshore oil and gas exploration permits.

    Optimistic residents imagined a future where public coffers overflowed with petrodollars that funded a rapid economic transformation of a country facing deep economic issues.

    But any economic miracle has yet to materialise, with only uncertain clues pointing to possible oil or gas deposits 2,000 metres (6,600 feet) below sea level -far beyond the financial means of small-scale exploration companies.

    The arrival last year of Tullow Oil changed the game, as the British company boosts a strong record striking deposits in Ghana, Uganda and Kenya.

    It has joined up with partner Discover Exploration to explore three underwater blocks covering 16,000 square kilometres (6,200 square miles).

    “We are gearing up for a modern 3D seismic survey,” Alexander Mollinger, chief operating officer for Discovery Exploration in Comoros, told AFP.

    “This will be Comoros’ first ever 3D seismic survey and represents a significant investment. It is the final exploration activity prior to deciding whether to drill an exploration well.”

    ‘Significant potential’-

    With the survey scheduled for later this year, the prospectors have reason to be confident -the three blocks border on Mozambican waters where US giants Anadarko and Chevron, and Italian firm ENI have hit the largest gas deposits found in the past 20 years.

    “There have been no oil or gas discoveries anywhere in the Comoros,” said Mollinger.

    “There is no certainty of any commercial accumulations of oil or gas, but we believe based on technical work that these blocks have significant potential.”

    Any discovery could transform the politically-unstable country, which is made up of three islands with a population of 800,000 and a per capita annual income of about $800.

    The weak economy relies on exports of vanilla, clove and perfume essence, as well as foreign aid and remittance money sent home by overseas workers.

    President Azali Assoumani, who was re-elected in March in a vote count rejected by the opposition, has put oil revenue at the centre of his development plans, vowing to make Comoros an “emerging economy” by 2030.

    “The first indicators give a lot of hope,” he said during the election campaign. “If we have a united country, this oil can be a springboard for the country’s economy.”

    However, he added “oil is not an easy exercise… If we do not have people who can exploit it for the benefit of the population, it is useless.”

    Personal wealth?

    Such promises to share the wealth have not convinced all everyone in Comoros, and Assoumani is regularly accused of corruption and a dictatorial style.

    Foreign diplomats posted to Moroni express concern over how any discovery would be handled.

    “If the project progresses, it could get the country out of poverty -in theory,” one told AFP. “But the requirements are huge for Comoros. A gas processing unit costs billions of dollars, and you have to have a credible financial system.”

    Though the survey is yet to begin, the political oppositions are blunt in their verdict of how the president would treat any discovery.

    “He sees the oil as his personal wealth, not for the country,” said opposition leader Mohamed Ali Soilihi, warning that countries like Venezuela “are full of oil, but the people do not see the benefits”.

    East Africa
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    News Central

    Related Posts

    Nigeria National Petroleum Corporation Limited Secures Two Gas Deals at COP28 

    December 6, 2023

    Kenya’s Central Bank Chief Confident $1 Billion Loan from China

    December 6, 2023

    Nigeria Records N1.88 Trillion Trade Surplus in Third Quarter

    December 6, 2023

    Leave A Reply Cancel Reply

    Top Stories

    Meet the Candidates of the Egypt Presidential Election

    December 7, 2023

    Assailants Shoot at NDLEA Agents in Edo, Nigeria; Three Officers Injured

    December 7, 2023

    Student Loan: Nigerian Government Insists on January as Takeoff Date

    December 7, 2023

    (VIDEO) Nigerians Protest Sack of Kano Governor, Abba Yusuf

    December 7, 2023

    World Bank to Fund $5 Billion Renewable Energy Project For Africa

    December 7, 2023

    Gift of the Givers Sues Israeli Government With War Crimes Against Humanity

    December 7, 2023
    News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Facebook X (Twitter) Instagram YouTube LinkedIn
    News Central Television © 2023 All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version