The Republic of Congo’s Minister of Hydrocarbons Bruno Jean-Richard Itoua participated in two historic OPEC meetings on June 2, where the decision was made to extend oil production cuts into 2025.

The meetings – an OPEC Conference and the OPEC and non-OPEC Ministerial Meeting – brought together OPEC member states and their non-OPEC counterparts to formulate strategies aimed at improving market stability and strengthening cooperation among producing nations. The Republic of Congo remains steadfast in its commitment to supporting market stability and believes the production cuts will not only encourage new investment in African oil and gas projects, but also stabilize barrel prices and global exports.

OPEC and its allies (OPEC+) initiated production cuts in 2022 to counteract demand fluctuations and price instability. At present, these cuts amount to approximately 5.86 million barrels per day (bpd) or 5.7% of global demand. Approximately 3.66 million bpd were due to expire at the end of 2024 and have been extended through 2025, while approximately 2.2 million bpd were due to expire in June 2024 and have been extended through September 2024. From October 2024 to September 2025, OPEC will gradually phase out the 2.2-million bpd cuts. These production cuts not only serve to benefit producers, but also global consumers. In addition to creating predictable revenue streams for producers that can stimulate the development of new upstream assets, production cuts stand to bolster the fiscal stability of oil-dependent countries while supporting economic growth and development.

For the Republic of Congo, production cuts aim to create stability across the domestic market, while incentivizing new investment in oil developments. The country is leading several exploration and development programs that unlock new geological plays, with independent hydrocarbon producer Perenco yielding a shallow water discovery at its PNGF Sud license and recently completing a 3D seismic acquisition campaign on the Tchibouela II, Tchendo II, Marine XXVIII and Emeraude permits, paving the way for future exploration drilling.

Italian major Eni is focused on exploration efforts on the conventional and deep offshore areas off the coast of Pointe-Noire; Chinese energy company Wing Wah is developing the Banga Kayo block; while French supermajor TotalEnergies is preparing to drill the Niamou-1 exploration well on the Marine XX offshore block. These developments are just the start, with the country inviting investors to seize additional opportunities in untapped offshore blocks. Through the OPEC-led production cuts and subsequent price stability, the Republic of Congo has proven well-positioned to attract upstream investment and offer a more attractive operating environment, backed by stable market conditions and long-term growth prospects.  

As the sixth-largest oil producer in Africa, the Republic of Congo has ambitions to leverage its oil production to fuel further economic growth. The country’s production for the month of April 2024 measured at 259,000 bpd. With over 1.8 billion barrels of proven oil reserves, the Republic of Congo has the capacity to increase production to 500,000 bpd. Existing production cuts will support this goal, as market stability creates the conditions necessary for long-term investments.

“OPEC remains committed to improving market stability and strengthening global oil dynamics. The production cuts reflect this and will ensure that the regular investment that the Congo has witnessed for several years continues. New investment in Congolese oil and gas will create a strong and resilient economy, driving job creation and economic opportunity, in line with President Denis Sassou Nguesso’s vision for our country,” stated Minister Itoua.

Distributed by APO Group on behalf of African Energy Chamber.

Fluenta (www.Fluenta.com), a global leader in developing ultrasonic sensing technology to measure flare gas, has recently partnered with SEGITEC, an integrator of control and instrumentation solutions with strong roots in North Africa, to become its official distributor. 

Fluenta’s ultrasonic flare gas measurement solutions and SEGITEC’s established distribution network in North Africa offer operators improved access and support for accurate and reliable flare gas measurement. This collaboration aligns with the shared goal of both companies to enhance access to sustainable practices within the oil and gas and petrochemical sectors. The partnership will also support diversity and energy security in the region.

Commenting, Julian Dudley-Smith, Fluenta Managing Director said: “Fluenta’s mission to help operators comply with environmental regulations is complemented by SEGITEC’s expertise in providing value-added services, which include project management, engineering, commissioning, operations, and maintenance. The partnership will support operators’ decarbonisation plans, enhance environmental credentials, and ensure compliance with regulations and safety standards.”

The oil and gas and petrochemical industries are subject to stringent environmental regulations, and flaring emissions are closely monitored and regulated by authorities worldwide. Fluenta’s ultrasonic technology ensures accurate measurement and reporting of flare gas emissions, allied with SEGITEC’s expertise as an integrator of control and instrumentation, will help organisations comply with regulatory requirements and avoid costly fines and penalties.

Reducing greenhouse gas emissions and minimising environmental impact are top priorities for petrochemical and oil and gas companies. Three countries in the region are forging ahead with their commitments to reduce carbon emissions in line with the Paris Agreement. Algeria has committed to reducing its greenhouse gas (GHG) emissions by 22% by 2030, Tunisia increased its ambition in the revised National Determined Contribution (NDC) by setting a conditional emissions reduction target of 45% below 2010 levels by 2030, and Gabon included a 50% reduction in greenhouse gas emissions by 2025.

“We are excited to partner with Fluenta, a company that shares our vision for a sustainable future,” said Omar Ben Ayed, SEGITEC’s CEO. “This partnership is a significant milestone, as it allows us to offer energy companies in North Africa and Gabon the best-in-class solutions to meet tightening environmental standards. Together, we are committed to empowering the region’s oil, gas, and petrochemical industries to achieve their environmental goals while maintaining operational excellence.” 

Accurate flare gas measurement is essential for emissions control, demonstrating environmental commitment, and ensuring safety. Fluenta’s technology offers real-time data for immediate response to irregularities, supporting regulatory compliance, environmental sustainability, safety, and operational optimisation. With precise monitoring, petrochemical companies can balance economic efficiency and responsible environmental management, benefiting their bottom line and the planet.

Segitec and Fluenta will be showcasing at this year’s NAPEC event on 14-16 October in Algeria.

Distributed by APO Group on behalf of Fluenta.

Notes to Editors
For media enquiries, please contact:
Fluenta
David Patching
david.patching@smartechmanagement.co.uk

SEGITEC
Walid Farhat
walid.farhat@segitec.net

BCM Public Relations:
Katy Moore
k.moore@bcmpublicrelations.com

About Fluenta:
Fluenta has been a global leader in ultrasound technology and its application in flare gas measurement since its inception in 1985 and has more than 30 years’ expertise in the technology, including thousands of deployments, often in some of the most challenging environments in the world, where safety and accuracy are paramount.

For more on Fluenta, please visit: www.Fluenta.com.  

Follow our news on LinkedIn https://apo-opa.co/3Xan6Il.

About SEGITEC:
SEGITEC is a premier integrator of control and instrumentation solutions, with a strong foothold across the African continent. Specialising in project management, engineering, and maintenance, SEGITEC empowers energy operators with best-in-class solutions tailored to the unique challenges of the region’s industries.

For more information: http://www.Segitec.net/en/. 

Kenya’s real GDP growth accelerated to 5.6% in 2023, surpassing the previous year’s growth of 4.9%. However, GDP growth in 2024 is expected to slow down to 5.0%. This is according to the latest Kenya Economic Update (KEU) launched today, which adds that the 2023 growth was driven by the recovery of the agriculture sector, following improved weather conditions, and the services sector, with tourism and financial services contributing the most. 

According to the 29th edition of the Kenya Economic Update: Fostering Trade for Robust Growth and Dynamic Job Creation, tight fiscal and monetary policies, elevated inflation, rising debt service obligations, high borrowing costs that constrained access to global capital markets, and the sharp depreciation of the shilling, framed Kenya’s macroeconomic performance in 2023. Despite this challenging environment, Kenya’s economic growth demonstrated resilience and accelerated, driven by the government’s strategic policy measures that have bolstered overall macroeconomic stability.

“In a decisive move to stabilize the macroeconomic environment, the Government of Kenya successfully conducted a partial buyback of the Eurobond in February 2024, a move that significantly eased the immediate liquidity constraints for the year, instilling a sense of calm in the markets,” said Keith Hansen, World Bank Country Director for Kenya. “The improved macroeconomic conditions, and re-access to international financial markets, are anticipated to boost investor confidence and private investment.”

The KEU projects a GDP growth of 5.2% on average during 2024-26, underpinned by favorable weather conditions for the agricultural sector, a recovery of industry, and the resilience of services. The outlook assumes adequate rainfall, government staying on the fiscal consolidation path, and the continuous implementation of the government’s structural reform agenda. The report projects that the private sector will play a stronger role in Kenya’s medium-term recovery.

Kenya’s efforts in trade integration could significantly contribute to substantial economic growth and job creation, notes the KEU whose special focus is on the role of trade integration in promoting economic growth and job creation. Trade patterns shows that agriculture is the largest contributor to Kenya’s exports, followed by minerals and chemicals. Kenya’s exports, however, have significantly underperformed. Also, the country has not diversified its products in the past few years and has lost competitiveness in the markets to which is has been exporting. 

The report notes that Kenya is proactively utilizing all channels on the global, continental, and regional level to enhance its role in the global economy and increase regional and international trade integration. Its aspirations extend beyond export growth, aiming to convert this growth into job opportunities.  

“Even though the export-to-GDP ratio has been declining, the potential for export expansion remains significant,” said Naomi Mathenge, World Bank Senior Economist for Kenya. “Targeted policy considerations are crucial to fully capitalize on economic growth and robust job creation from trade integration.” 

Some of these policy considerations include revising trade and investment policies to foster export orientation, cementing policy coherence and predictability, strengthening institutions, enhancing strategic skills development, multifaceted support to export orientation and, drawing in more Foreign Direct Investment as a lever for optimizing the role of trade integration. The country will need to also mitigate trade and climate related vulnerabilities, especially for agricultural exports.

Distributed by APO Group on behalf of The World Bank Group.

Africa’s financial sector gears up for IT News Africa’s (www.ITNewsAfrica.com) highly anticipated Digital Finance Africa 2024 (http://apo-opa.co/3yKX84a) conference, scheduled for July 4th at the prestigious Maslow Sandton. Under the theme “Empowering Africa’s Financial Future: FinTech Innovations for Inclusive Growth,” this year’s event promises a day of strategic insights and networking opportunities.

Abe Wakama, CEO of IT News Africa, highlighted the significance of this gathering, stating, “Digital Finance Africa 2024 is more than just a conference; it’s a pivotal gathering for Africa’s financial sector. As we convene on July 4th in Johannesburg, we’re not only addressing critical challenges but also exploring the vast opportunities within banking and FinTech across the continent. This event isn’t merely beneficial – it’s essential for anyone invested in Africa’s economic growth. Join us to navigate challenges, seize opportunities, and shape the future of finance in Africa.”

Expert Speakers and Thought Leaders:

Digital Finance Africa 2024 boasts an impressive lineup of speakers, including industry stalwarts such as Coen Jonker (CEO and Founder, Tyme Bank), Frank Rizzo (Chief Design Officer, Discovery Bank), and Keneilwe Gwabeni (Group CIO, Assupol). The roster also includes executives from leading financial institutions and innovative startups, ensuring a comprehensive exploration of key topics shaping Africa’s financial landscape.

Key Topics and Agenda Highlights:

The conference agenda features thought-provoking sessions covering a wide range of topics, including navigating cybersecurity risks, the role of AI in banking, and the future of cryptocurrencies in Africa. Panel discussions and presentations will delve into pressing issues such as scaling and profitability challenges in African FinTech, capital constraints, and the evolving role of central banks in shaping a digital economy.

Discount Offer for Limited Period:

For a limited period, attendees can avail themselves of a 25% discount on registration (http://apo-opa.co/45d67XX) fees by using the coupon code DFA@25OFF. This offer presents a valuable opportunity for industry professionals to engage with experts, network with peers, and gain insights into the latest trends and innovations in African FinTech.

Who Should Attend and Sponsor:

Digital Finance Africa 2024 is tailored for IT decision-makers in banking, FinTech entrepreneurs, financial regulators, technology service providers, and industry analysts. The event also offers sponsorship and exhibition opportunities for companies seeking to showcase innovative products and solutions, positioning themselves as leaders in the African FinTech landscape.

Join the Conversation:

Attendees can expect a dynamic day filled with informative sessions, engaging discussions, and valuable networking opportunities. By participating in Digital Finance Africa 2024, stakeholders will play a crucial role in shaping the future of finance in Africa.

For more information about the conference, registration, and sponsorship opportunities, visit http://apo-opa.co/3yKX84a.

Distributed by APO Group on behalf of IT News Africa.

Media Contact:
Nonhlanhla Kunene
Marketing Coordinator
events@itnewsafrica.com
+27 11 026 0982
Twitter: https://apo-opa.co/4aQC2Pg
#DigitalFinanceAfrica