Over half of future oil and gas capital expenditure in Africa will be directed toward fast-tracking the development of undeveloped gas resources in the short-to medium-term, according to energy market data and analytics solutions provider Wood Mackenzie. As Africa seeks fresh investments to harness the full scope of its energy resources, Wood Mackenzie returns to the African Energy Week (AEW): Invest in African Energy conference – Africa’s premier event for the energy sector – as a Silver Sponsor and Knowledge Partner.

In line with its commitment to driving African energy sector growth, Wood Mackenzie publishes a series of African outlook reports, providing real-time data and highlighting the latest trends and investment opportunities shaping the African commodities and energy industry. In its Energy Transition Outlook: Africa report released February 2024, the firm showcases a base case scenario whereby Africa’s primary energy demand will increase by 1.2 times from current levels driven by GDP and population growth.

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

Realizing the role of Africa’s natural gas resources in advancing energy security and clean cooking access, African countries are ramping up activities across the gas value chain. Last March, Australian independent Invictus Energy announced a gas and condensate discovery at the Mukuyu-2 well in Zimbabwe, while Italian multinational Eni found the giant light oil, gas and condensates Calao field in Block C1-205 offshore Ivory Coast. One month later, Libya’s National Oil Company made a gas find at the Al-Lahib Field, while Shell made its fifth successive discovery in Namibia’s offshore Orange Basin. With exploration accelerating across frontier and mature basins, in-depth market analysis from Wood Mackenzie will be crucial in providing global investors with real-time insights on the state of play of Africa’s upstream industry.

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Meanwhile, African countries are expanding their respective oil and gas sector policies to attract new investments and create more favorable conditions for global industry players. The Republic of Congo announced plans last May to finalize a new Gas Master Plan aimed at maximizing gas-focused investments, while South Africa’s Ministry of Mineral Resources and Petroleum published a draft Gas Master Plan last April, seeking to bolster investment, infrastructure development and the supply of gas for domestic use. At last year’s edition of AEW, Wood Mackenzie highlighted investment opportunities within Nigeria’s oil and gas industry, emphasizing the role of the Petroleum Industry Act and Decade of Gas initiative in positioning Nigeria as a leading gas investment destination. As a Knowledge Partner to AEW: Invest in African Energy 2024, Wood Mackenzie will build on these insights, providing latest updates and enabling global stakeholders to navigate changes to Africa’s regulatory frameworks.

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Within Africa’s renewable energy sector, Wood Mackenzie acts as the go-to source for market intelligence, helping investors tap into Africa’s clean energy potential and lending insights into current and planned solar, wind, green hydrogen, geothermal and hydropower projects. As Africa fast-tracks renewable energy penetration – with countries like South Africa, Namibia, Mauritania and Egypt pioneering green hydrogen production – Wood Mackenzie’s first-hand data will prove vital for connecting global investors with new project developments.

“Wood Mackenzie’s insights into African commodity markets have given the continent a competitive edge when it comes to attracting global investments. As African countries focus on harnessing both hydrocarbon and renewable resources for energy security and industrial growth, Wood Mackenzie’s consulting, research and supply chain intelligence will be crucial in facilitating beneficial outcomes for African energy developers and global investors,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.

Distributed by APO Group on behalf of African Energy Chamber.

Canadian oil and gas exploration company Africa Oil Corp expanded its stake in Block 3B/4B offshore South Africa earlier this year. The acquisition aligns with the company’s commitment to strengthen its presence across strategic basins in Africa. Building on this momentum, Africa Oil Corp has joined the African Energy Week (AEW): Invest in African Energy 2024 conference –  taking place in Cape Town from November 4-8 – as a silver sponsor. The company’s return to the event reflects its dedication to cultivating collaboration and driving innovation across the African energy sector.

AEW: Invest in African Energy stands as the premier platform for project operators, financiers, technology providers, and governments, recognized as the definitive venue for sealing deals in African energy. For more information about this pivotal event, visit www.AECWeek.com.

The company’s decision to increase its stakes in Block 3B/4B follows indications of substantial hydrocarbon reserves in South Africa’s Orange Basin, with potential discoveries estimated at up to four billion barrels of oil equivalent across 24 prospects. These hydrocarbon reserves are significant for South Africa as the nation seeks to enhance energy security and diversify its energy portfolio.

Adjacent to its South African operations, the company also holds indirect interests in neighboring Blocks 2912 and 2913B in Namibia through a 31.1% shareholding in Impact Oil&Gas Limited. These blocks, operated by French multinational corporation TotalEnergies alongside QatarEnergy and state-owned NAMCOR, feature the Venus light oil and associated gas field. The Venus-1X discovery in 2022 confirmed a high-quality light oil-bearing reservoir, with subsequent appraisal wells further de-risking the field and supporting its development. Africa Oil Corp’s strategic farm-down agreement with TotalEnergies in January 2024 ensures continued involvement in the Venus development project as well as exploration and appraisal program on Blocks 2913B and 2912 will continue, underscoring its commitment to advancing opportunities in the region.

In West Africa, the company signed two production sharing contracts with Equatorial Guinea’s Ministry of Mines and Hydrocarbons last year to increase its activities in Blocks EG-18 and EG-31, offshore Equatorial Guinea. The company owns an 80% interest in each block alongside national oil company GEPetrol which owns 20%. Block EG-31 is in close proximity to existing developments such as the Alba gas field and the onshore Punta Europa LNG gas terminal, indicating infrastructure support and strategic positioning for leveraging discoveries of potential hydrocarbon finds. While in Block EG-18, the company has found a large Cretaceous-age basin floor fan potential, similar to those found in Namibia and South Africa and intends to continue investigating it.

Meanwhile, Africa Oil Corp holds a 50% equity interest in Prime Oil&Gas Coöperatief U.A. (Prime) which operates in Nigeria’s deepwater Niger Delta Basin. Prime has assets in three fields – namely, the Akpo, Egina, and Preowei. The Akpo West tie-back project commenced operations in early 2024, contributing an additional 14,000 barrels per day of condensate production. Development of the Akpo field commenced in 2005, with a total of 44 wells planned, including 22 for production, 20 for water injection and two for gas injection, with first production achieved in March 2009. The Egina field, 150 km off the coast of Nigeria in the Gulf of Guinea, has 150 km of water depths.

“Africa Oil Corp’s exploration and development activities ranging from Nigeria’s mature market to Namibia’s frontier basins are indicative of its strategic agility and commitment to pioneering new frontiers in the continent’s energy landscape. By leveraging its expertise across diverse environments, the company is dedicated to unlocking the full potential of Africa’s hydrocarbon resources, enabling sustainable growth and energy security across the continent,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

During AEW: Invest in African Energy, Africa Oil Corp will outline its strategic investments and projects across the African nations in which it operates. The company’s participation at AEW: Invest in African Energy 2024 as a silver sponsor highlights its strategic commitment to strengthening partnerships, driving technological advancements and contributing to the sustainable development of Africa’s energy resources.

Distributed by APO Group on behalf of African Energy Chamber.

The 4th Annual General Meeting of the Economic Community of West African States (Ecowas) Trade Promotion Organization (TPO) Network ended on Thursday, July 18, 2024, in Banjul, Gambia, with a series of resolutions designed to further boost trade in West Africa. To ensure better promotion of trade within the community, the participants decided to organize regular trade fairs to boost intra-regional trade. ECOWAS member states are encouraged to take an active part in these fairs, in order to foster collaboration and economic growth in the region.

They also decided on the inclusive selection of value chains with the potential to stimulate economic development, create jobs and improve competitiveness in West Africa. Another resolution concerns the implementation of measures to improve infrastructure and logistics services in the region, with particular emphasis on reducing trade barriers, streamlining customs procedures and improving transport networks to facilitate trade operations and make them more efficient.

In addition, ECOWAS is asked to support its member states in their efforts to strengthen trade and economic integration, and to offer technical assistance, policy advice and capacity-building initiatives to help them achieve their trade and development objectives. On the financial front, the meeting opted to identify potential partners and donors to secure the necessary funding for initiatives, and to strengthen collaboration and support for various projects.

The identification of cost-effective activities whose implementation should maximize the efficiency of resources; collaboration with the East African trade network to strengthen integration and support on a continental scale; and the payment by TPOs of their $5,300 registration fee following registration and account opening were also among the meeting’s resolutions.

In terms of communication, it was decided to design logos to ensure greater visibility for the Network and its Initiatives; to develop a collaboration platform; and to create a blog space on the Network’s website, to publish relevant information and periodic press releases. Like the website, this platform should be user-friendly and regularly updated.

These various communication media are intended to highlight the Network’s activities, and achievements, with the aim of fostering synergy and improving communication and data sharing between Network members. With regard to trade policy, it was suggested not only to adopt mutual recognition certificates to reduce non-trade barriers and facilitate transactions, but also to work with the relevant authorities to standardize and accept these certificates in all ECOWAS member states. Participants recommended the development of specific strategies for priority products in each ECOWAS member state, to enhance trade opportunities, and the establishment of platforms and initiatives to directly link suppliers and buyers, with a view to facilitating trade and market access.

Other resolutions of the meeting include the participation of Network members in international conferences to acquire knowledge; the optimization of the budget to ensure efficient use of resources; definition and achievement of set objectives; and organization of quarterly meetings to review progress, discuss challenges and plan future activities.

On behalf of the President of the ECOWAS Commission, Dr Omar Alieu Touray, and the Commissioner for Economic Affairs and Agriculture, Mrs Massandjé Touré-Litsé, the Director of Trade, Kolawole Sofola, expressed his gratitude to the participants for the adoption of these resolutions, whose efficient implementation should help promote intra-regional trade. He congratulated the new President and Vice-President of the ECOWAS Trade Promotion Organizations Network for the period 2024-2025, and wished them every success in their term of office.

The new Chairman is Modou Mbene Gueye, Director General of the Senegalese Export Promotion Agency, and the new Vice-Chairman is Ousainou Senghore, Director General of the Gambian Investment and Export Promotion Agency.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

The Directorate of Humanitarian and Social Affairs of the ECOWAS Commission embarked on a four-day monitoring and evaluation mission to Togo from July 15th to 18th, 2024. The mission assessed the impact of ECOWAS humanatarian response to communities affected by flooding and food insecurity, as part of efforts to strengthen the ECOWAS Humanitarian Response Mechanism (EHRM).

In April 2023, the ECOWAS Commission convened a consultative workshop in Lomé to evaluate the proposals and budgets submitted by Member States for humanitarian assistance. The workshop resulted in the allocation of funds for communities affected by severe flooding and food insecurity in 2022. Consequently, Togo received $722,561 for flood assistance and $351,217 for food and nutrition support for community resilience building and recovery.

To implement these programs, the Togolese government identified the United Nations World Food Program (WFP) as a credible partner. The EHRM emphasizes the importance of Field Validation Missions (FVM) to affected communities in collaboration with government agencies and implementing partners.

The ECOWAS delegation, led by Director Dr. Sintiki Tarfa-Ugbe, held consultations with strategic partners, state actors, the World Food Program, and the ECOWAS Resident Representative to Togo. Dr. Tarfa-Ugbe stressed the need for effective collaboration to ensure that humanitarian assistance reaches all affected individuals and has a significant impact on beneficiaries and communities.

During a preparatory meeting with Togo’s Civil Protection Agency, Deputy Director Mr. Wouro O. Salim outlined the itinerary and modalities for the field mission. He praised the ECOWAS Commission for its people-oriented programs that support member states in delivering good governance.

The field mission covered communities across central and northern Togo, including Anié, Sotouboua, Sokodé, and Kara. The delegation interacted with individuals and community leaders to gather firsthand accounts of the impact of the assistance on their daily lives and livelihoods.

Dr. Tarfa-Ugbe reiterated the ECOWAS Commission’s commitment to improving the living standards of its citizens and ensuring dignity for all. “This mission will allow us to engage with partners, visit the field, interact with beneficiaries, and measure the impact of the assistance. We will witness firsthand how these projects have improved their lives, resilience and recovery,” she said.

She commended the Togolese government, the Civil Protection Agency, and the ECOWAS national office for their achievements, noting an 80% implementation rate with a few weeks remaining in the six-month project timeframe. So far, approximately 2,717 households and 14,000 individuals have benefited from the ECOWAS humanitarian assistance in Togo. Dr. Tarfa-Ugbe highlighted the need for accountability, stating, “The funds are from the ECOWAS community fund, and we are all accountable to the citizens.” Dr. Sintiki also commended the selection process of the beneficiaries which cut across all groups , men, women, widows, youth, and the people living with disabilities.

The Communities celebrated the life-Changing Humanitarian Support from ECOWAS, with beneficiaries sharing their heartfelt accounts of how the humanitarian support received has profoundly impacted their lives, restoring their faith in humanity and resilience while preserving their dignity throughout their recovery process. The support included essential food and nutrition aid, as well as the provision of tractors for farm ploughing, seeds, fertilizers, and training on new agricultural techniques and technologies.

Community leaders expressed deep gratitude to ECOWAS for its timely and effective humanitarian response. This assistance is expected to significantly improve productivity and enhance food security in the region. The support has enabled farming communities to cultivate more hectares of land, leading to increased harvests and allowing them to allocate resources to other critical areas of their livelihoods

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).