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2 billion dollar invested in Equatorial Guinea’s Energy Sector.

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2.4 billion dollars will be invested in the energy industry in Equatorial Guinea by US companies operating in the country.

According to Gabriel Obiang Lima, Equatorial Guinea’s Minister of Mines and Hydrocarbons, said 11 oil wells will be drilled by 2019.



In September, he warned that the government could refuse to extend existing licences to oil companies unless they collectively invest a minimum of $2 billion in the country.

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This investment will be used for drilling, backfilling and increased production, which has been on a decline,” the minister added.

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ExxonMobil, Kosmos Energy, Marathon Oil Corp and Noble Energy are potential investors.

Equatorial Guinea, an OPEC member, is the third largest oil producer in sub-Saharan Africa and depends mainly on oil and gas exports for its economy.

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Samsung to resurface Gear VR device with Galaxy S10

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Samsung spokesperson has expressed that they are ready to resurface a new lineup of Galaxy S10 phones with an improved Gear VR headset. adding that the Gear VR device will contain adapter that will  allow Samsung phones to access the device.



The designed Gear VR can accept several different phone sizes thanks to its spring-loaded catches, it still requires some conscious design effort by Samsung to limit the size and shapes of its phones to fit, and preload a certain amount of software so a Galaxy phone detects that it’s been plugged in.

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However, he admits that the features were improved due to the challenges the users observed on Samsung Note 9, where the user had to contact Samsung to get the adapter and the music of Elton John.

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Meanwhile Samsung  states it hasn’t given up on the brand. Which, to be fair, is also what its partner Oculus disclosed last September, pointing out that $19.9 Oculus Go doesn’t totally compete with the Gear VR, since apps that developers make for either one are 100-percent compatible with the other.

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President Ramaphosa to Sign South African Competition Amendment Bill Into Law

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South African President Cyril Ramaphosa will sign into law today the Competition Amendment Bill, which will strengthen regulations against anti-competitive behaviour in industrial markets.



The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.

It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday.

Additionally, the amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict.

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The Presidency said this will enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law.

The signing ceremony will take place this afternoon at the Tuynhuys Chambers in Parliament. Economic Development Minister Ebrahim Patel, who campaigned fiercely for the bill’s codification, will join the ceremony along with a group of stakeholders.

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