Mining company African Rainbow Minerals (https://apo-opa.co/46M4tND) reached an agreement last September with financial services company Absa – along with finance institutions Standard Bank, the Development Bank of South Africa and Nedbank – to provide finance for the construction of a 132 MW solar project. The move is set to provide renewable energy to platinum mining projects in South Africa through power purchase agreements (PPAs). 

To support the growth of South Africa and Africa’s critical mineral industry, Absa is participating in this year’s Critical Minerals Africa (CMA) 2024 summit. Shirley Webber, Coverage Head of Resources&Energy at Absa Corporate and Investment Banking – an Absa subsidiary –, will discuss the firm’s contributions and investment strategy in the African critical mineral sector. 

The Critical Minerals Africa 2024 summit on November 6-7 serves to position Africa as the primary investment destination for critical minerals. The event is held alongside the African Energy Week: Invest in African Energy 2024 conference on November 4-8, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com. 

Absa is a major player in Africa’s critical mineral industry, providing direct financing to project developers, while supporting critical mineral mining projects through long-term PPAs. The institution is arranging a $120 million debt facility to support platinum group metal (PGM) mining firm Pensana’s (https://apo-opa.co/4fTeBZo) strategy to achieve first PGM production in South Africa by 2025. Absa also partnered with French financial services firm Société Générale in March 2023 to raise $130 million in funding to support PGM and chrome-producer Tharisa (https://apo-opa.co/46HEd76) with its mining operations in South Africa. 

Absa has positioned itself as a key driver of environmental social governance (ESG) and skills and capacity building within Africa’s critical mineral sector as the global mining industry prioritizes environmental sustainability and local content development. In May 2023, Absa closed a $562.4 million sustainability-linked green bond for mining firm Harmony Gold, enabling the company to expand production and reduce its carbon footprint at its gold and copper projects across Africa. As such, Webber is expected to use the CMA 2024 platform to highlight how Absa is driving ESG projects across Africa’s critical mineral sector. 

“Companies like Absa have positioned themselves as key enablers of Africa’s critical mineral industry growth by simplifying access to capital for project developers. As demand for Africa’s energy transition metals grows and global markets prioritize environmental sustainability, the capital and ESG expertise provided by Absa will be crucial,” stated Rachelle Kasongo, Project Director at CMA 2024 organizer Energy Capital&Power. 

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

In an exclusive interview with Energy Capital&Power (www.EnergyCapitalPower.com), Anibor Kragha, Executive Secretary of the African Refiners and Distributors Association (ARDA), discusses the Association’s efforts to harmonize fuel standards, implement a three-decade energy transition strategy and invest in infrastructure. Kragha will participate in this year’ edition of MSGBC Oil, Gas&Power – scheduled for December 3-4 in Dakar – where he will highlight the role downstream expansion plays in inclusive energy access for all.

What opportunities do you see in the MSGBC region for the energy sector and how can events like MSGBC Oil&Gas and Power 2024 help foster growth?

Africa’s energy demand is rising and MSGBC’s is growing alongside it. To meet this demand sustainably with minimal carbon footprint, we need a strategic approach. First, regulators in MSGBC must create favorable frameworks for investment. Second, projects need thorough preparation to ensure they are bankable, with clear scopes, costs and schedules. Third, projects must prioritize low carbon footprints and incorporate ESG considerations. Fourth, we need skilled professionals to execute these projects. With these foundations in place, financing becomes more accessible. The MSGBC platform can play a crucial role in establishing these pillars to attract investment and achieve a sustainable energy future for the region.

What are your views on developing refineries in the MSGBC region, specifically regarding Société africaine de raffinage (SAR) in Senegal and its role in the country’s first oil production?

We are working with the African Union and the African Petroleum Producers Organization to promote a robust intra-African oil and gas industry. Our goal is to balance energy security and the energy transition while maximizing oil production and value addition on the continent to reduce imports and enhance long-term energy security. In the MSGBC region, with a population of over 30 million, Senegal plays a key role with just over 18 million (people). The SAR refinery, recently upgraded from 27,000 to 30,000 barrels per day, plans further expansion, with SAR 2.0 to boost energy security and reduce reliance on imported crude. Mauritania, with its significant gas potential, adds another dimension to MSGBC’s downstream potential especially with regards to an integrated, value-added petrochemicals sector for the region.

How does ARDA plan to implement investment projects and promote best practices in the downstream sector, especially in the MSGBC region?

ARDA enhances Africa’s downstream sector through key initiatives such as ARDA Week and seven specialized workgroups, focusing on refining upgrades, associated storage&distribution (S&D) infrastructure development, ESG, adoption of LPG for Clean Cooking, effective regulatory frameworks, strategic human resource management and cost-effective sustainable project financing. ARDA collaborates with regulators to create supportive investment frameworks and host investment forums to connect African project developers with financiers. Our partnership with McKinsey&Company aims to create a register of bankable, sustainable African energy infrastructure projects. Our Association is focused on launching two funds: a $1 billion fund dedicated to investing in large-scale LPG projects and another for upgrading refineries to produce clear fuels via reduced carbon footprints and supporting petrochemical projects. Our goal is to match projects like SAR 2.0 with financiers to secure essential funding to deliver the project within the envisioned timeline.

How crucial are large projects like the Dangote Refinery in overcoming Africa’s resource curse?

The Dangote Refinery, with a 650,000-barrel-per-day capacity, is the world’s largest single-train refinery. Once operating at full capacity, it will produce AFRI 6 (10-ppm sulphur) fuels, significantly boosting Africa’s energy security. With energy demand in Africa projected to grow 45-55% by 2040, the refinery will be a game-changer, reducing the need for imported crude and enhancing energy independence. ARDA aims to support investments that refine more African crude locally, balancing energy security with a lower carbon footprint. ARDA is excited about the Dangote Refinery and other key projects, such as upgrades at SIR (Société ivoirienne de raffinage) in Ivory Coast and new refineries in Ghana and Uganda.

How is ARDA balancing the harmonization of cleaner fuels with the advancement of renewable energies?

ARDA’s “tale of three decades” strategy guides our Association’s plans to deliver a unique, sustanaible energy transition roadmap for the African Downstream sector. With Africa’s only contributing less than 3% of global cumulative carbon emissions to date, compared to 33% for the EU’s and 29% for North America, our continent needs a tailored approach that balances energy security and energy transition. Our strategy focuses on three pillars: cleaner transport and cooking fuels( including low-sulfur fuels and LPG) and  S&D infrastructure and petrochemical projects first; support for biofuels, Sustainable Aviation Fuel (SAF) and mature, cost-effective renewable energy solutions second; and finally cleaner primary energy sources for power e.g. replacing coal and oil with natural gas. ARDA’s vision of the “Tale of Three Decades is as follows: Decade One (no to 2030), focus should be on upgrading refineries to produce cleaner fuels and reduce carbon footprint, LPG for Clean Cooking and regional S&D infrastructure while adopting cost-effective renewables like solar technology. Decade Two (2030 to 2040) will integrate biofuels, wind and other emerging renewables technologies. Decade Three(2040 to 2050), will incorporate more advanced solutions like CCUS, hydrogen, etc, as they become more mature.

How is ARDA working to standardize fuel specifications in Africa?

ARDA has led efforts to harmonize fuel specifications across Africa, notably through supporting the 2020 ECOWAS (Economic Community of West African States) directive adopting AFRI-5 specs of 50 parts per million (ppm) sulfur for fuel. Africa currently has 11 diesel grades (10 to 10,000 ppm sulfur) and 12 gasoline grades (10 to 2,500 ppm). ARDA has partnered with UNEP (UN Environment Program) and participated in the 2022 UNEP Africa Meetings with energy ministers in Nairobi to promote cleaner fuel and vehicle emissions standards across the continent. ARDA has also collaborated with the African Union Commission to deliver reports highlighting the health and socio-economic benefits of adopting cleaner, low-sulphur fuels as well as the costs of upgrading African refineries to produce AFRI-6 (10-ppm sulphur) fuels. Finally, as part of the OPEC-Africa Energy Dialogue, ARDA continues to work with OPEC, the African Union Commission and the African Petroleum Producers Organization (APPO) on the development of a robust, intra-African oil and gas industry that is focused on eliminating energy poverty while balancing both energy security and energy transition.

Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region’s oil, gas and power sector. Visit www.msgbcoilgasandpower.com to secure your participation at the MSGBC Oil, Gas&Power conference. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

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

The Africa Property Investment (API) Summit, the continent’s premier real estate gathering, returns for its 15th edition on 19 and 20 September 2024 for its Cape Town debut at the Westin Hotel, Cape Town.  Under the theme, ‘IMPACT’, this year’s summit will explore how effective strategy and execution are key to real estate success in today’s shifting African landscape.

The 15th annual API Summit 2024 will bring together over 550 delegates from more than 30 African and international countries, drawing representatives from Africa’s leading banks, pioneering listed funds, institutional investors, developers, operators, and other key stakeholders under one roof to shape the agenda for the continent’s real estate landscape.

In a market being reshaped by environmental, social and governance (ESG) requirements, focusing on impact and genuine demand positions real estate developers and investors for long-term success. Impactful assets can transform communities and countries by optimising space usage and driving business growth and foreign direct investment (FDI). While AI, monetary policy, climate action, and diversification remain important considerations, those prioritising demand and impact will be the ultimate long-term winners.

As the gathering point for regional and global participants from every facet of the real estate value chain, the two-day power-packed summit will serve as a platform for over 100 distinguished speakers.

The Summit will feature the Africa Proptech Forum and API Hospitality Forums, promising an exciting blend of networking, insights, and rich first-hand experiences. In addition, exclusive networking events, comprising the API Summit Cocktail Party and API Awards, API Networking and IFC EDGE Champions Dinner, together with site tours of iconic Cape Town projects, will provide ample opportunities to foster meaningful, lost-lasting professional connections.

Previously held in Johannesburg, the API Summit’s move to Cape Town highlights the city’s rising status as a hub for real estate innovation and investment for global real estate players.

Murray Anderson-Ogle, API Summit Organiser, says: “We are thrilled to bring the API Summit to Cape Town, a city that epitomises growth, innovation and excellence in Africa. This year’s theme, IMPACT, is a nod to the importance of both strategy and execution in driving meaningful change in the real estate, hotel and Proptech sectors.”

Niyi Adeleye, Head of Real Estate Finance – Africa Regions, Standard Bank Group, adds: “The real estate sector remains an important contributor to the development of the African continent, improving quality of life and providing opportunities to deploy ESG initiatives. As Standard Bank Group, Africa is our home, and we drive her growth. Supporting the API Summit aligns with our commitment to enhancing the relevance of this sector and attracting increased participation from both domestic and international capital sources.”

Thomas Reilly, CEO, Lango Real Estate, comments: “Lango is proud to be associated with the API Summit, which has established itself as a premier forum for market participants. This event is a unique opportunity to support the industry and showcase the asset class in Africa to a global audience.”

Wayne Godwin, CEO, JLL Africa, says: “Africa is home to 70 of the 100 fastest-growing cities in the world. We are excited to participate in the API Summit to address challenges impacting positive growth. At JLL, we are launching our specialist-led approach to consulting at the summit, which recognises the need for experts at an asset class level to provide discernible value to clients.”

The 2024 API Summit once again promises to be a landmark event, offering unparalleled opportunities to connect with industry leaders, gain insights into the latest trends, and explore tangible examples of success in Africa’s real estate sector from Africa’s biggest players and decision-makers and international players invested in Africa.

For more information and to register, visit www.APISummit.co.za

Distributed by APO Group on behalf of API Events.

For any media enquiries or interviews, kindly contact:
Anne Lovell via anne@dmix.com or 083 651 7777

Distributed for API Events by Dmix:
API Events
Murray Anderson-Ogle
Email: Murray@apievents.com
Contact: +27 71 890 77 39
Website: www.APIEvents.com

Social Media:
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Instagram: @ APIsummit
LinkedIn: API Events

The African Energy Chamber (AEC) (www.EnergyChamber.org) – as the voice of Africa’s energy sector – is honored to announce Meg O’Neill, CEO and Managing Director of Woodside Energy, as “Energy Person of the Year.” The award recognizes O’Neill’s nearly three decades of experience in the global oil and gas industry and her unwavering commitment to ensuring a just African energy transition, which has resulted in exceptional project delivery and multi-billion-dollar investments in Africa’s oil and gas resources. 

O’Neill will receive the award at African Energy Week: Invest in African Energy 2024 – the AEC’s annual event and the official meeting place for Africa’s energy industry – taking place in Cape Town on November 4-8. The award is given to individuals who have made substantial contributions to the African energy sector and advocated for a more inclusive industry. O’Neill is the first non-African to receive the award, with previous awardees including the late Namibian President Hage Geingob (2023) and President and Chairman of the Board of Directors of the African Export-Import Bank Benedict Oramah (2022).

Initially drawn to the oil and gas industry by her interest in travel, O’Neill launched a 23-year career with ExxonMobil, where she held senior leadership roles in ExxonMobil’s Production Company in Indonesia, Norway and Canada, as well as served as Vice President, Africa for ExxonMobil Development Company, responsible for the company’s major projects in Angola, Nigeria, Tanzania and Mozambique. In May 2018, O’Neill moved to Perth to join Woodside as COO in May 2018 and was appointed CEO and Managing Director in August 2021, owing to her bold vision and proven leadership capabilities. O’Neill holds two degrees in Chemical Engineering and Ocean Engineering and a Master’s in Ocean Systems Management from the Massachusetts Institute of Technology. 

Under O’Neill’s leadership, Woodside Energy achieved a historic milestone with the production of first oil from its Sangomar Field Development earlier this year, ushering in a new era of hydrocarbon sector growth in Senegal as the country’s first offshore oil project. O’Neill expertly led the timely execution of the project’s first phase through a period of unprecedented global challenges and above-ground risk, including the COVID-19 pandemic and resultant market instability. As operator, Woodside worked closely with all contractors to maximize local content benefits, as well as with the government of Senegal in promoting in-country value addition and championing an inclusive oil and gas industry. According to Woodside, the subsea installation of the project’s FPSO vessel was supported from Dakar and logistical supply services were provided by local businesses. 

O’Neill is also responsible for driving Woodside’s expansion across the continent and to Namibia, where the Australian exploration and production company is currently finalizing a farm-in agreement to Petroleum Exploration License 87 in the deepwater Orange Basin. Initial interpretation of 3D seismic data, as well as additional discoveries by Galp in the nearby Mopane Complex, have supported the prospectivity of the acreage and placed Woodside on the precipice of future drilling activity.

Woodside’s commitments come at a time when global investors are shying away from new fossil fuel projects, resulting in stalled projects and a lack of new investment in Africa’s most prospective upstream markets. In sharp contrast, Woodside has advanced multi-billion-dollar deepwater projects and answered Africa’s call for investment in its untapped oil and gas resources, while still outlining a balanced energy transition strategy. In a recent interview, O’Neill stated that industry leaders must “stand for things that matter… There are moments when you will be tested, but acting with integrity and doing what’s right will always serve you and your team well.” The Chamber strongly believes that African energy markets not only need, but deserve this level of courageous, no-holds-barred leadership from IOC heads. 

“Meg O’Neill has been able to lead and define a company that tells African countries, ‘If you have the resources and the enabling environment, then we will commit.’ Senegal sought investment in its offshore hydrocarbon resources, and Woodside answered with a $5-billion deepwater oil project. Namibia established a strong foundation of stable governance and attractive fiscal terms, and Woodside farmed into a highly prospective petroleum play. As the head of a major IOC, O’Neill has made Africa a strategic priority and is a true champion of the sector, making good on her promise to double down on investment and elevate the industry to new heights,” says NJ Ayuk, Executive Chairman of the AEC. 

In addition to leveraging world-class technical capabilities, O’Neill is a strong supporter of social impact projects, with a focus on empowering women in the oil and gas industry. In 2023, the company made nearly $22 million in social contributions globally. Affirming its commitment to gender-based diversity and inclusion, Woodside Energy leads a “STEM in Schools” program to promote STEM subjects to youth and open up the eyes of girls and young women to careers in the energy sector.

On the local content side, O’Neill has mandated that all the company’s projects comprise a robust local content practice of hiring, training and developing African and national capacities. This is clear through the Sangomar project where increased local content expenditure has been the strongest of any oil project on the continent. Local content was a key part of the project as well as directing a lot of money towards the training and development of young people in Senegal.

Additionally, O’Neill ensured the financing of a lot of initiatives in the field of technology, and as such, a lot of people working on Sangomar’s FPSO were Senegalese. This all came from training initiated from the get-go. O’Neill has also spent a lot of money on empowering local vendors and service providers while training and developing Senegalese nationals to lead the Sangomar project. A lot of people were taken to Australia for training and they are now leading the project in Senegal. This is historic for an oil project in the country. O’Neill has essentially created the blueprint for developing an oil project while at the same time increasing local capacity.

In 2023, Former Namibian President Hage Geingob was honored for his bold and instrumental contributions to Namibia’s regulatory environment, which resulted in five major hydrocarbon discoveries in two years and large-scale projects across green hydrogen, mining and infrastructure sectors. In 2022, President and Chairman of the Board of Directors of the African Export-Import Bank Benedict Oramah was recognized for advocating for a just and inclusive African energy transition, building the investment case for African oil and gas, de-risking transactions and raising access to private capital.

Distributed by APO Group on behalf of African Energy Chamber.

About African Energy Week (AEW):
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.