Rene Awambeng, Managing Partner at investment banking and advisory firm Premier Invest, outlined Africa’s current oil and gas financing gap and strategies for unlocking global capital at the Invest in African Energy reception -organized by the African Energy Chamber (www.EnergyChamber.org) – in London on Thursday. Last month, Premier Invest signed a milestone agreement with Shell to enable access to financing for oil and gas projects across the continent.

Under the strategic partnership, the two companies will collaborate to identify and co-finance oil and gas transactions in Africa that have the potential to generate significant returns, while creating value for local communities and economies.

“The agreement to co-finance and originate oil and gas agreements in Africa aims to drive growth in the oil and gas sector across the continent. We will work together to identify and evaluate potential opportunities in the oil and gas market and leverage our respective expertise to fund projects that have the potential for significant returns. This is a significant step forward in our commitment to support the growth of the sector,” said Awambeng.

The partnership serves to address the persistent lack of FDI on the continent – in which Africa receives only five percent of global investment – placing African countries at a disadvantage when it comes to establishing requisite infrastructure to produce refined petroleum products and increase power generation and distribution capacities. According to Awambeng, 50% of oil product consumption in Africa is met through imports, despite Africa being a net crude oil producer.

“To address these finance challenges, we have put together an African-owned and managed investment banking firm to offer a range of financial advisory services supporting clients across industry to invest in small, medium and large-sized projects… The continent lacks funds to finance its oil and gas projects, as well as needs technology to manage its oil and gas industry,” said Awambeng.

Distributed by APO Group on behalf of African Energy Chamber.

Angola’s oil and gas industry is growing rapidly, with a $60 billion investment pipeline planned for the next five years, a 2025 limited tender on the cards and industry reforms offering improved fiscal and contractual terms. The county’s premier industry event Angola Oil&Gas (AOG) connects international stakeholders to the market, serving as a bridge between foreign players and Angolan projects.

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Strong International Focus

In recent months, Angola has been strengthening cooperation with various global partners to support oil and gas development. Recent deals include with Italy, the UAE, South Korea, Ivory Coast and many more. These deals and future collaborations are expected to drive project development and innovation in Angola while supporting global demand through Angolan exports.

The 2024 edition of the conference builds on this to bring new players to the market while promoting projects, partnerships and potential investment opportunities. In addition to local and regional delegates, AOG 2024 will feature the participation of delegations from China, the UK, the UAE, Germany, Portugal, Brazil and many more. International companies are invited to participate in the event and seize new opportunities in Angolan oil and gas.

Access Upcoming Projects

Last month, Angola’s national concessionaire for the oil and gas industry the National Oil, Gas&Biofuels Agency (ANPG) announced a series of measures that aim to support crude oil production in Angola. This comes as the country recently awarded oil and gas companies Etu Energias, Effimax Energy and Grupo Simples Oil a new concession for Block CON 8, stipulating an exploration phase lasting five years from the signing of the contract.

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Angola is enhancing cooperation with global players, including IOCs such as Chevron, TotalEnergies, Azule Energy and ExxonMobil, to bring new projects online and maintain hydrocarbon production above 1.1 million barrels per day through 2027. A key component of AOG 2024 is unparalleled access to upcoming projects. Attendees will be given exclusive access to the latest requests for proposals, tenders, market trends, policies and regulations shaping the sector.

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Drive Real Investment

Each year, AOG cements itself as the platform of choice for partnerships, collaborations and multi-billion-dollar deal signings. In 2023, seven industry-advancing deals were signed, laying the foundation for collaboration, market growth and future prosperity. In 2024, this trend is expected to continue as foreign companies travel to Luanda to engage with Angolan companies. The conference’s multi-track program covers the entire oil and gas value chain, providing insight into investment opportunities and strategic projects.

Participate in Exclusive Networking

The AOG 2024 conference serves as an opportunity for local, regional and international delegates to collaborate and discover new avenues for investment. Delegates can connect with top energy investors and executives – from operators, IOCs, NOCs and independents – as well as government officials, industry innovators and financiers to expand their professional network.

The event offers extensive opportunities to network and build meaningful business relationships, including exclusive networking breaks and lunches, the closing Networking Cocktail as well as the Gala Dinner and Awards which recognizes the companies pioneering the oil and gas industry in Angola.

Help Fuel Development

With the recent commencement of construction at Angola’s first integrated economic zone as well as its first aluminum industrial park, the country is on track to accelerate economic diversification and sustainable development. Apart from oil and gas, AOG 2024 is poised to set the benchmark for development in Angola while facilitating a strategic investment hub for various sectors in the country’s public and private sectors.

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Angola continues to provide great opportunities for international investors to develop energy projects that serve local and international energy demand. AOG 2024 targets key initiatives in the country including a heightened exploration drive, gas monetization, local content development and renewable energy and will clearly show Angola’s ambition and future plans for development.

Distributed by APO Group on behalf of Energy Capital&Power.

Kicking off the Invest in African Energy (IAE) reception in London on Thursday, Marilyn Logan, Director General of the Liberia Petroleum Regulatory Authority (LPRA), showcased Liberia’s available oil and gas blocks and upstream investment opportunities. The reception served to connect major technical and financial partners to Africa’s energy sector ahead of the African Energy Week: Invest in African Energy conference in Cape Town this November, organized by the African Energy Chamber (AEC) (www.EnergyChamber.org).  

Global investors have been clamoring to Africa’s frontier markets in recent months, with countries like Namibia, Mauritania and Mozambique attracting sizable oil and gas CapEx spending, coupled with a renewed exploration focus in West Africa. Liberia represents a proven petroleum system supported by extensive reprocessed 2D and 3D multi-client seismic data in its Liberia and Harper basins.

“Liberia stands out as a new and exciting destination for oil and gas exploration. Positioned strategically on the West Africa Transform Margin, Liberia shares geological similarities with the Jubilee field in Ghana and [discoveries] in Guyana. We are on the verge of a new decade realizing untapped potential in West Africa, and Liberia is ready to play a pivotal role.” 

“Many years ago, many thought Namibia was an oil man’s graveyard…Today, there are even more prospects in countries like Liberia. The belief coming out of [London] drove exploration in places like Namibia – Liberia could be a replica of that,” added NJ Ayuk, Executive Chairman of the AEC.

Logan highlighted the role of majors ExxonMobil and Chevron in confirming the presence of a working hydrocarbon system, which has been supported by recent seismic surveys and data reprocessing that show promise of significant reserves. In 2021, the country opened a direct negotiation process for 33 offshore blocks in the Harper and Liberia basins, with plans to launch a new round later this year. 

“Liberia’s upcoming 2024 licensing round provides the opportunity to secure prime exploration blocks. Our round is expected to attract serious investors, with Liberia offering incentives for early investment and ensuring the yield of substantial returns,” said Logan.

In addition to its prospective hydrocarbon resources, Liberia offers a competitive fiscal regime, stable governance and a conducive operating environment. According to Logan, the country has established a fee structure that incentivizes and rewards oil and gas investors with appropriate returns, while still ensuring Liberia retains social and economic benefits from oil and gas extraction activities.  

“On the policy side, the Liberian government has implemented a robust oil and gas program to ensure a conducive environment for oil and gas investments, including a streamlined regulatory process and stable and democratic political environment,” she said. 

“We have to keep an enabling environment – when we enable you to put in money and finance projects, then we both win. The idea of resource nationalism has to go, and also the demonization of the energy industry,” stated Ayuk.

Distributed by APO Group on behalf of African Energy Chamber.

Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo will deliver a keynote address at the African Energy Week (AEW): Invest in African Energy 2024 conference, taking place in Cape Town from November 4-8. Minister Ekpo’s participation follows the launch of three new gas projects in Nigeria aimed at increasing gas supply by 25%.

Launched by Nigerian President Bola Tinubu last month, the expanded AHL Gas Processing Plant, ANOH Gas Processing Plant and 23.3-km ANOG to Obiafu-Obrikom-Oben Custody Transfer Metering Station Gas Pipeline will collectively produce roughly 500 million standard cubic feet of gas per day, to be supplied to the domestic market. The realization of these projects is poised to ensure gas-fueled growth in the country, while showcasing Nigeria as a favorable investment destination for global investors and establishing critical gas infrastructure.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

To unlock Nigeria’s immense gas potential, the country aims to gain a stronger foothold in the global marketplace and become a top-10 destination for energy investment. Last month, French multinational TotalEnergies and the Nigerian National Petroleum Corporation (NNPC) announced a $550-million FID for the development of the Ubeta gas field. Set to produce 350 million cubic feet of gas and 10,000 barrels of associated liquids per day once operational in 2027, the project will tap into six wells and transport gas through an 11-km pipeline to processing facilities in Obite. The African Export-Import Bank and First Bank of Nigeria signed a $200-million loan facility agreement to support client’s needs across the oil and gas, energy, manufacturing and telecommunications sectors.

Additionally, the NNPC recently signed a project development agreement with marine infrastructure company Golar LNG to deploy a floating LNG vessel in the Niger Delta region offshore Nigeria. The agreement outlines plans to monetize approximately 400-500 million standard cubic feet of gas per day and produce LNG, liquefied petroleum gas and condensate. FID for the project is expected by Q4 2024, with first gas production anticipated for 2027.

Following these major project developments, Minister Ekpo’s participation at AEW: Invest in African Energy is set to showcase Nigeria’s enabling environment, favorable investment policies and strong returns in the oil and gas sector. During the event, Minister Ekpo will affirm the Ministry’s vision for the natural gas sector, focused on expanding domestic gas usage, enhancing gas-fired generation capabilities and establishing diversified downstream industries. Recently appointed as the Co-Chairman of the Governing Council of the Nigerian Content Development and Monitoring Board, Minister Ekpo is also poised to outline the role of gas exploration and development in creating jobs, upskilling the local workforce and enabling knowledge and technology transfer.

“The Chamber applauds Minister Ekpo’s unmitigated support to bringing energy to millions of Africans, while paving the way for strong socioeconomic development in Nigeria and West Africa. We are encouraged by the successes we have seen so far – including multi-million-dollar FIDs on major gas projects –  and look forward to Nigeria’s role in championing gas development at this year’s AEW conference,” states African Energy Chamber Executive Chairman, NJ Ayuk.

Distributed by APO Group on behalf of African Energy Chamber.