Forex Report: Kenyan Shilling Stabilizing against the Dollar

[Event] Ethiopia Expands Efforts to Survey Hydrocarbon Resources

October 2022
East Africa is quickly emerging as one of the premier destinations for oil and natural gas exploration, with numerous foreign companies engaged in exploratory and extractive ventures in countries like Kenya, Somalia, South Sudan, Tanzania, Mozabique, and Uganda. This new boom in the oil industry, driven by growing global demands and new investments from rising powers like China, has already made several significant oil discoveries, including the 560 million barrel oil find in Turkana, Kenya.
So far, Ethiopia's own share of this East African hydrocarbon rush has been something of a mixed bag. Early speculation regarding Ethiopia's oil reserves--which suggested that the country may have some 2.7 billion barrels of oil hidden away in its southern provinces--has so far failed to materialize into concrete finds, with Tullow Oil (the firm responsible for the Turkana find) failing to find any productive wells in the South Omo Block. Tullow remained in Africa until 2018, when it and partner Africa Oil began the process of withdrawing their operations in the South Omo Block. For a time, it seemed like the promise of hydrocarbon reserves in Ethiopia was dead, with investors looking to proven exploration markets in Uganda and Kenya instead.
And then, payday. In 2018/19, Chinese oil and gas firm Poly-GCL announced the discovery of some 7 to 8 trillion cubic feet of natural gas at the Calub and Hilala gas fields in Blocks 11 and 15, which was quickly followed by British firm NewAGE's discovery of 1.6 trillion cubic feet of natural gas near Elkuran in Block 8. These discoveries, amounting to some 272km3 of gas and a smaller quantity of oil, were significant not just for their size (between these two discoveries alone, Ethiopia gained enough natural gas reserves to surpass current gas exporters like Israel, Bangladesh, and Brunei), but as proof that there were hydrocarbon resources in Ethiopia (which drew attention from firms that previously had not invested in exploration in Ethiopia, including oil giant Chevron in late 2019. Ethiopia and Djibouti immediately teamed up to build a 760km+ pipeline connecting these gas fields in the Ogaden basin to the Red Sea. Revenues from the export of natural gas, which started in 2022 with the completion of the pipeline, are expected to amount to some 1b USD annually (increasing as more projects are drilled), bringing a critical influx of FOREX to the Ethiopian government.
With the first exports of Ethiopian hydrocarbon reaching international markets, and with historic oil finds in neighboring Eritrea, Ethiopia is hoping to leverage the possibility of further finds to attract additional investment into its hydrocarbon sector. At present, Ethiopia has several concession blocks that still lack investment, which the government is hoping to rectify by offering exploration rights to international hydrocarbon firms.
South Omo Block
With Tullow's withdrawal from Ethiopia in 2019 after failing to renew their license, the oil concession for the South Omo Block is once again up for licensing. Located in southern Ethiopia along the South Sudan and Kenya borders, the South Omo Block is a geological continuation of the Turkana basin and other major East African hydrocarbon blocks, leading many to speculate that it may share in some of that oil wealth. While the initial estimates that the block may hold up to 2.7 billion barrels of oil seem to have been overstated, if the block contains even a fraction of that amount, it would still be considerably valuable for whomever takes the block.
The Poly-GCL Blocks
Chinese firm Poly-GCL is easily the largest hydrocarbon operator in Ethiopia, owning the extraction rights for the bulk of the new discoveries (7-8 TCF of the total 9.6 TCF). With their ten total exploration blocks in the Ogaden basin, they also have the greatest presence in the region. However, only two of the ten blocks under the license have been properly explored, with the remaining eight awaiting further exploration. Ethiopia is hoping to reach out to Poly-GCL to persuade them to begin exploration activities in the remaining eight (as well as any other blocks they feel like leasing), with the goal of discovering my natural gas or oil.
The Remaining Ogaden Basin Blocks
Out of the 21 blocks in the Ogaden Basin (the site of the most recent natural gas finds), seven are still unlicensed and more or less unexplored, Blocks 1, 2, 5, 6, 7, 10, and 14. Ethiopia hopes to attract foreign firms to begin exploration in these blocks. They are more likely to contain natural gas than oil, as indicated by the discovery of natural gas in blocks 7, 11, and 15, but natural gas is still valuable and desirable.
Adigala Block
The Adigala Block is viewed as an extension of the oil-bearing geological formations of Somaliland, which oil exploration firm Genel anticipates to contain at least 2 billion barrels of oil. Genel previously expressed interest in moving into the Adigala Block, but as of 2019, it was NewAGE, the same firm that made the Elkuran find in Block 8, that entered into license negotiations with the Ethiopian government.
Ethiopia is hoping to finalize license negotiations for the Adigala Block, which Ethiopia hopes will contain some amount of oil, similar to the neighboring oil seeps in Somalia.
Amhara Blocks
The blocks in Amhara state are some of the least explored in the country. Neighboring blocks AB1, AB4, and AB7, operated by Falcon, reported some crude oil finds around 2018, which Ethiopia is hoping will attract additional exploration and investment in the remaining six blocks of the region.
North West Oil Shale
The Ethiopia-Eritrea border is home to some 3.9 billion tons of oil shale--enough to produce a staggering trillion barrels of oil, if it can ever be economically extracted. So far, there has been very little investigation into the viability of these resources, owing to low oil prices in the world. However, with production costs set to continue dropping over the foreseeable future with technological advances in extraction, and with Ethiopia's demand for oil set to grow astronomically as the country's economic development continues, Ethiopia is hoping that some segment of this oil shale can be economically developed. As such, Ethiopia has invited oil shale leaders from around the world, most notably Canadian, Chinese, Estonian, and American firms, to invest in oil shale extraction in northern Ethiopia.
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Moringa School Job Vacancy : Financial Controller

Moringa School Job Vacancy : Financial Controller

Moringa School is a Nairobi, Kenya-based multi-disciplinary learning accelerator committed to providing young Africans with digital and professional skills training.
Their mission is to transform higher education throughout Africa and enable its graduates to be globally competitive with their peers. The school has placed more than 95% of its graduates into leading companies throughout Africa and the world. Moringa School was named one of the ‘Top 10 Most Innovative Companies’ in 2018 by Fast Company.
Job description
Why Moringa?
Employees enjoy a fun, collegial startup environment genuinely committed to employee health and wellness, and filled with talented, hard-working and fun people. You will be surrounded by friendly, brilliant, and mission-driven professionals who work hard to provide the best student experience of its kind in the world.
Moringa’s fast-paced learning environment provides an opportunity to grow on a highly accelerated schedule. They are looking to hire a Financial Controller who is a talented, organised, systems-oriented thinker to maximize return on financial assets by establishing financial policies, procedures, controls, and reporting systems.
Please note:
This will be an initial contract of two years which would be reviewed thereafter.
Shortlist Professionals is handling the recruitment process for this role and sending your application to Moringa School will not increase your chances of being considered.
Detailed Responsibilities
  • Financial Administration
  • Plan and manage Moringa’s fiscal function and performance
  • Ensure that Moringa has the right financial policies, systems, processes and procedures to support good corporate governance
  • Manage cash flows as well as predict and highlight issues that may arise to senior management
  • Develop reporting frameworks for senior management, the Board, investors and other key stakeholders
  • Audits and Controls
  • Define and manage the different legal structures and accounting standards required to operate in different countries. Optimise the Organisation’s structure accordingly; manage forex exchange risk
  • Define Moringa’s audit and internal control structures, ensuring strict financial controls are in place and adhered to
  • Coordinate all external audits. Ensure that recommendations as well corrections identified are implemented
  • Ensure that the Organisation complies with all legal and regulatory requirements
  • Team Management
  • Scale up the Finance team with support from the HR Manager
  • Manage the performance of the Finance team in line with agreed KPIs
  • Identify and develop the training required to contribute to the professional growth of the team
Does this sound like you?
  • At least 5 years of professional accounting or controllership experience
  • Proven ability and demonstrable experience in similar role in a reputable organisation
  • An entrepreneurial leader with the ability to manage and scale proper accounting controls, administrative and reporting procedures as well as people systems
  • Formal accounting or finance qualifications, e.g. CFA, CIMA, CA, ACA

How to Apply

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Forex Trading at home kenya

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