Oil and gas explorer Circle Oil Plc has made a second gas discovery in three months at its key Sebou Permit in Morocco, sending its shares up 3.6 percent.

In October, Circle Oil announced finding gas in well CGD-11 in the same field.

The new oil producing country is set to grow by 14% in 2011 while Eritrea is pegged at 10% with Ethiopia at 9%.

The Unit said after avoiding recession in 2008 and 2009, and enjoying the global recovery in 2010, Qatar – which topped the list - is set to grow by 15.8% this year. Strong growth is largely due to its liquefied natural gas (LNG) projects and an expansionary fiscal policy focused on infrastructure.

China and India are also projected another year of strong growth, 8.9% and 8.6%, respectively.

The report said Ireland’s and Greece’s GDP will decline by 0.9% and 3.6% respectively. The PIIGS - Portugal, Ireland, Italy, Greece and Spain - find themselves among the slowest growers this year.

European country Spain topped the slowest GDP growth with Puerto Rico at the bottom of the ladder.

Source :africanews.com