A delegation from Africa-focused oil and gas upstream company Afentra has joined the African Energy Week (AEW): Invest in African Energy 2024 conference – Africa’s premier event for the energy sector – scheduled for November 4 – 8 in Cape Town. The delegation will be led by a team of executives including CEO Paul McDade, COO Ian Cloke and CFO Anastasia Deulina.

Afentra is expanding its portfolio in Africa, with recent acquisitions in Angola adding to the company’s production capacity. Currently, Afentra holds an 18% interest in Block 3/05 and a 5.33% stake in Block 3/05A, which achieved a combined gross production rate of 20,180 barrels of oil per day in 2023. Afentra is working with Angolan national oil company Sonangol to complete the purchase of an additional 12% interest in Block 3/05 and a 16% interest in Block 3/05A from international energy company Azule Energy, demonstrating its commitment to sustainable energy and economic growth in the country. During AEW: Invest in African Energy, the Afentra executives are expected to provide insight into the company’s investment and project pipeline.

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.

With a strategy to build a material diverse portfolio of mid-life producing assets that provide scope to optimize production and reduce emissions, Afentra holds exploration and production licenses in Angola and Somaliland. By acquiring assets that no longer fit the portfolio of major companies, Afentra aims to optimize, redevelop and extend the lives of assets in a safe and productive manner.

In Angola, Afentra sold its first cargo for the year of 450,000 barrels of crude oil in February 2024, showcasing its commitment to position the country as a global energy supplier. Afentra is in the final stages of acquiring stakes in multiple blocks, including KON 15, KON 19, Block 3/05, Block 305A and Block 23, highlighting its commitment to driving fresh investments to unlock Angola’s energy potential. The company is also conducting light well interventions to boost the current gross average production of 23,700 barrels of oil per day in blocks 3/05 and 305A.

In Somaliland, Afentra is conducting extensive studies and drilling campaigns to formulate a development plan for the Odewayne Block – where the company holds a 34% interest. The Odewayne block is an undeveloped frontier asset. The block offers convenient resource commercialization owing to its strategic location and proximity to Somaliland’s Berbera Deepwater port.

“Africa’s oil and gas resources are going to play a crucial role in driving the continent’s industrialization and ensuring a just energy transition. Afentra plays a pivotal role in advancing the growth of Africa’s energy market. Investment and expertise of Afentra are pivotal in the energy transition era as Africa maps a roadmap that aligns with its socioeconomic development plans” stated NJ Ayuk, the Executive Chairman of the African Energy Chamber.

Afentra is dedicated to being a reliable partner for the continent by fostering a fair and inclusive energy transition for Africa through optimal exploration, development, and monetization of its abundant oil and gas resources. With over 600 million people in Africa living in energy poverty, the continent’s 125.3 billion barrels of proven crude oil and 620 trillion cubic feet of proven gas reserves are crucial for electrification and industrialization, offering substantial returns on investments for reliable investors and development partners such as Afentra. AEW: Invest in African Energy 2024 represents a strategic platform for Afentra executives to connect with African projects and policymakers, laying the foundation for new deals to be signed.

Distributed by APO Group on behalf of African Energy Chamber.

ENGIE Energy Access (EEA) Head of Funding Marie Testard will discuss unlocking clean energy finance at the Invest in African Energy (IAE) forum, taking place in Paris this May. EEA represents the leading mini-grid and off-grid Pay-As-You-Go solar energy company in Africa, committed to raising electrification rates across the continent.

In Nigeria, the company is developing a $60-million mini-grid project with financing from CrossBoundary Energy Access – the largest mini-grid project finance transaction in Africa — connecting over 150,000 people and set to be completed by 2026. Last October, the two companies signed an additional partnership with Nigeria’s Federal Government and the Rural Electrification Agency to provide clean electricity to 15 rural communities across three North Central States. In Zambia, the company’s subsidiary MySol Grid Zambia secured $7.5 million last July to build 60 mini-grids, supplying electricity to more than 40,000 people. 

IAE 2024 (https://apo-opa.co/3UMOOtQ) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

In sub-Saharan Africa, off-grid solutions, specifically in solar, have emerged as viable alternatives to grid-connected infrastructure, as they do not require the construction of capital-intensive transmission lines and are often the only option for remote communities that lack electricity access. Moreover, off-grid power generation from renewable resources such as wind, hydro, solar and biomass carry the added benefit of meeting carbon reduction goals. 

“While investment in Africa’s off-grid solar sector is growing exponentially, the sector still requires substantial private capital, coupled with enabling policy, to meet Africa’s development goals. ENGIE Energy Access – a recognized leader in this domain – will discuss strategies for de-risking the sector and accessing funds to scale-up projects, as well as the role of technology in reducing barriers to entry,” says Sandra Jeque, Event&Project Director at Energy Capital&Power.

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

The Secretary General of the African Petroleum Producers Organization (APPO), Omar Farouk Ibrahim, will deliver an address at the African Energy Week (AEW): Invest in African Energy conference – taking place November 4–8 in Cape Town. At AEW: Invest in African Energy, Ibrahim will engage with investors, global players, and African nations to promote investment opportunities and discuss strategies for sustainable hydrocarbon development across the continent.

For decades, APPO has been instrumental in promoting the sustainable development of Africa’s petroleum resources, spurring economic growth continent-wide by supporting policy development, facilitating cooperation between producing nations and promoting the sustainable expansion of the oil and gas sector in Africa. With 18 member nations, APPO continues to achieve notable milestones in encouraging investment and enhancing the regulatory and commercial landscape of the continent, all of which will be outlined during AEW: Invest in African Energy this year.

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.

With a mission to promote cooperation in the field of hydrocarbons between member states and with global institutions, APPO promotes oil and gas as a catalyst for energy security in Africa. Recently, the organization launched a study on the Future of the Oil and Gas Industry in Africa in the Light of the Energy Transition, which identified three major areas of concern: finance, technology, and markets. Following the study, APPO proposed concrete solutions, including the establishment of the Africa Energy Bank (AEB) in partnership with Afreximbank.

Scheduled to commence operations by July this year, the bank’s primary objective is to provide financing for oil and gas projects in Africa, aiming to reduce the reliance on external funding sources. The institution will have a start-up capital of US$5 billion, and by attracting investment from oil-producing nations such as Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait, the AEB seeks to address funding challenges faced by oil and gas projects amidst the global transition to renewable energy. Currently, seven countries – including Ghana, Egypt, Nigeria, Benin Republic, Côte d’Ivoire, South Africa, and Algeria – are being considered to host the bank’s headquarters.

Meanwhile, APPO and the AEC signed an MoU in Brazzaville in January 2024. This agreement aims to improve Africa’s energy security and promote local content development. Recognizing the pressing need to address the continent’s energy deficit, the partnership seeks to empower African companies to undertake larger oil, gas, and energy projects. By leveraging private sector potential and fostering intra-African energy trade, the collaboration aims to drive technology-focused investments and partnerships across the sector, address challenges, and create an enabling environment for investors.

APPO’s support extends both mature and emerging oil and gas producers in Africa. In addition to facilitating cooperation among current producing markets, the organization supports new developments across the continent – of which many are slated to start production in the coming years. In the MSGBC region, projects include the Greater Tortue Ahmeyim (GTA) LNG hub in Mauritania/Senegal – poised to establish both countries as LNG exporters – and the Sangomar Offshore Oil Project in Senegal – set to inaugurate the nation as an offshore oil producer. Progress is well underway for both endeavors, with GTA targeting first gas in Q3/Q4 and Sangomar slated to commence oil production in 2024.

Additionally, Eni could take a final investment decision (FID) in 2024 on the Coral Norte FLNG in Mozambique, consolidating the country’s position as an LNG exporter, while Namibia plans to produce first oil from offshore discoveries in the Orange Basin by 2030. These developments are poised to drive hydrocarbon production in Africa, accelerating energy security and continent-wide economic growth.

“The Chamber welcomes the return of APPO to AEW: Invest in African Energy,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC). “APPO is a necessary player in Africa’s energy sector. The organization’s commitment to harnessing Africa’s oil and gas resources in a just and sustainable manner underscores its pivotal role in driving economic growth and promoting energy security across the continent, particularly in accelerating oil and gas projects efficiently to meet the continent’s growing energy needs.”

At AEW: Invest in African Energy, Ibrahim will represent APPO, setting the precedent for continued exploration and production of African oil and gas resources. During the conference, he is expected to engage with stakeholders and African nations, urging them to prioritize the sustainable use of Africa’s resources and advocating for a measured approach rather than swift transitions away from hydrocarbons.

Distributed by APO Group on behalf of African Energy Chamber.

On Tuesday 2 April, the Minister for Finance and Budgets, Fortunato Ofa Mbo Nchama, oversaw a meeting of the executive which was also attended by the Deputy Minister for the Treasury and State Assets, Milagrosa Obono Angüe, in which they chiefly addressed the Draft Liquidation of the General State Budgets for the 2023 economic period, and the forecasts for the 2024 period, presented by the Director General for Finance and Budgets, Justo Ngomo Nnegue.

According to the information provided by the presenter, it appears that, in general, the execution of this budget was in line with forecasts, with the exception of the investment expenditure item, which led to several interventions focused on determining the reason for the situation that has a negative impact on the primary balance, which went from 13.3% in 2022 to 15.6% in 2023.

In that regard, Milagrosa Obono Angüe explained that the information could have an impact on the Government’s actions on the construction projects for 4 hospitals in the country, the reactivation of the work to the National University Campus in Basupu, the packages of the Corisco and Annobón projects, urban districts and the hospitals of Nsork, Kogo and Mbini, among others.

Following several interventions, the Table finally adopted the budget liquidation. However, on the revenue side, Ofa Mbo pointed to the weak performance in non-oil revenues. In response, he demanded that the directors of Tax and Collection should inject greater energy into these services, pointing out the need to boost the integrity of the tax administration’s technicians, for the benefit of the public purse, reaffirming that inspections are not carried out on their own account, but for the administration.

Ofa Mbo also instructed his staff on the need to hold regular meetings with the Treasury team to discuss liquidation throughout the year, insisting that taxpayers must pay the Treasury everything that is due in a timely manner.

The meeting was also attended by the Vice-Minister for Finance and Budgets, Pedro Abeso Obiang Eyang, the Secretary of State for Finance and Budgets, María Ebiaca Mohete, the Advisor to the Presidency on the Business Climate, Estanislao Don Malavo, the Secretary of State for the Treasury, Crisantos Eyene Bitegue, the General Secretary for Finance, Silvestre Mansiele Bikene, and some Director Generals, among others.

Distributed by APO Group on behalf of Equatorial Guinea: Official Web Page of the Government.