The African Association of Energy Journalists and Publishers, AJERAP, (https://AJERAP.org), has predicted global oil prices to hover between $70 and $90 per barrel in the second half (July – December) of 2024.

The forecast forms part of AJERAP’s report – AFRICA ENERGY OUTLOOK SECOND HALF 2024 – scheduled for unveiling to the African and global community during a webinar at 10 am West Central African Time, on Thursday, August 8, 2024.

The event has Wumi Iledare, Professor Emeritus in Petroleum Economics&Policy, Executive Director, Emmanuel Egbogah Foundation, Abuja, Nigeria; Mr. Haddison Etchuo, Managing Director, IBC    Consultancy, United Kingdom; Mrs Cany Job, Director of Exploration and Production, Gambia National Oil Corporation, The Gambia; Mr. NJ Ayuk, Executive Chairman, African Energy Chamber and Mr. Robert Mugabi, Operator/HSE Contractor, Uganda, as panelists.

It will be moderated by Marcia Zali, a South African journalist while the Outlook will be reviewed by Sanna Camara, another journalist based in The Gambia.

Meanwhile, the Outlook, stated: “The prices of many crudes hovered at more than $80 per barrel in the global oil market during the first half (January – June) of 2024. In the second half of the year (July – December), the oil market will be unstable with prices hovering between $70 and $90 per barrel, due to dynamics, especially the forces of demand and supply as well as unexpected developments around the world.

“The price level will be sufficient to meet the budget 2024 targets of many African nations, including Nigeria, the continent’s leading producer that had budgeted to produce 1.70 million barrels per day and earn $77.96 per barrel in 2024. Other African-producing nations, including Angola, Algeria, Congo, Equatorial Guinea, Gabon and Ghana also stand to earn sufficient foreign exchange from oil exports as the world economic growth forecast for 2024 and 2025 remain at 2.8% and 2.9%, respectively.

“But unforeseen circumstances, especially disruptions in operations that could disrupt production, export and prices remain high, especially in Libya and Nigeria’s Niger Delta. This will continue to be fueled by communal disturbances, pipeline vandalism, oil theft, oil spillage and illegal refining, which are still the sad realities in Africa. The Organisation of Petroleum Exporting Countries, OPEC, working with non-OPEC producing countries and other stakeholders appears technically ready to initiate options that would restore global market stability.”

Also, the Outlook, which expects much exploration and production activities in Africa in the second half of 2024, stated: “Oil and gas exploration and production will continue in many African nations because of their need to actualize energy security as well as generate foreign exchange to fund development projects and programmes.

“Many exploration and production activities should be expected in many nations, especially Angola, Algeria, Congo, Equatorial Guinea, Gabon, Ghana, The Gambia, Senegal, Uganda, Tanzania and Nigeria. The developed Western world will continue to condemn Africa’s commitment to developing its oil and gas potential, mainly through the much-politicized energy transition. African countries that heavily rely on natural gas as their transition fuel will execute their energy transition programmes during the period.

“However, lack of adequate funds remains a major constraint as global financial institutions and their partners are opposed to the continued funding of fossil fuel projects. This and other constraints could reduce the number of rigs deployed for operations in many African oil and gas countries in the second half of 2024.”

For registration and participation, use this link: https://apo-opa.co/4dy0JS7

AJERAP was established to promote accurate reportage and analysis of the energy and related sectors from an African perspective.

This is expected to assist in achieving not only the ‘just energy transition’ for Africa but also energy security in the continent, which is still struggling to overcome its energy poverty.

The association is committed to promoting professional development and cooperation among its members while encouraging investment, local content development and sustainability in Africa and beyond.

Distributed by APO Group on behalf of AJERAP.

For further information, please contact:
Marcia Zali
+2347077546660
+27605274930
admin@ajerap.org
https://AJERAP.org

Today, leading African venture capital firm, Founders Factory Africa (FFA), has announced its rebrand and name change to 54 Collective (https://54Collective.VC/), evolving its business model to better support transformative technology ventures across the continent through catalytic capital and value-add support through its Venture Success Platform.

Download document: https://apo-opa.co/4diDADB

54 Collective, builds on its exceptional track record of investing in and scaling early-stage ventures in Africa. The new name, 54 Collective, reflects the firm’s ambitious pan-African vision, aspiring to help entrepreneurs grow their businesses to serve all 54 African countries.

The firm is a commercial-first investor and embeds impact in everything it does. 54 Collective invests in ventures from idea to Pre-Series A stage by offering catalytic capital, and value-add support through its Venture Success Platform.

“Our catalytic capital and value-add support to founders, through our Venture Success Platform, signifies our evolution and ongoing mission to support entrepreneurs across Africa and enable them to build without boundaries to drive commercial and impact returns. Our name change to 54 Collective communicates our continued commitment to African founders. We are more supportive than ever of unlocking opportunities for entrepreneurs and ensuring a level playing field for youth and women founders,” commented 54 Collective CEO Bongani Sithole.

Investment strategy

54 Collective, offers equity and non-dilutive capital up to a total of $500k, enabling founders to scale their ventures across the continent. To break barriers of access, female founders receive an additional $150k, to their male counterparts, in the form of a non-dilutive capital. 

The Venture Success Platform is made up of a team of highly experienced venture specialists who provide tailored support. This is in the form of product, growth, commercial relationships, business strategy, talent, technology and data to build ventures for scale. The team also ensures that founders have access to the right funding by preparing them for investor readiness, investor access, fundraising strategies, unlocking debt and impact capital. The Venture Success Platform empowers founders to succeed globally by facilitating networking and community building opportunities.

This unique combination of significant funding and comprehensive support distinguishes 54 Collective as the only Venture Capital firm in Africa offering early-stage founders with the highest amount of catalytic capital and support from the largest Africa-based venture capital team with over 70 staff members in Kenya, South Africa, Nigeria and the UK.

The firm has evolved from investing only in the Agtech, Fintech, and Healthtech sectors to being sector-agnostic in its investments, supporting more founders across many sectors on the continent. ​​54 Collective helps founders navigate complex challenges to achieve commercial success and make an impact on the continent through economic growth and job creation.

In 2023, Founders Factory Africa was named one of the top venture capital investors in Africa, with an active portfolio of over 50 ventures across 10 countries. To date, the firm has supported more than 70 ventures across Africa and helped its portfolio startups to raise nearly $140 million in follow-on capital.

A future of empowerment

With seven of the world’s fastest-growing economies in Africa, the continent’s venture capital sector is rapidly expanding, with $6 billion invested annually. However, this represents less than 1 percent of global venture funding, indicating a significant unmet need for smart capital.

“We are pursuing opportunistic investments in different sectors across the continent where there are uniquely large opportunities for startups to scale and create sustainable impact in these sectors. Our goal is to invest in 105 startups across Africa in the next five years, enabling entrepreneurs to provide solutions to the continent’s biggest challenges and transforming lives and industries,” concluded Sithole.

The firm is well on its way to achieving many of its five-year goals which range from enhanced financial inclusion, improved healthcare access, and creating dignified and fulfilling work to creating a gender forward portfolio. 54 Collective is targeting a portfolio where 50% or more of its startups are founded by women. Currently, from the 17 investments made between January 2023 and July 2024 in its portfolio, 45% of them are founded by women. The firm’s investments are also creating social economic impact in the wider economy. For example, Asaak, a vehicle asset financing company has improved financial inclusion for over 11,000 bodaboda drivers. An impact study uncovered that 79% of these drivers improved their quality of life significantly and 80% increased their income after receiving credit from Asaak.

Speaking on the significance of the brand evolution and future ambitions, 54 Collective’s Executive Chairman and UTOPIA CEO Roo Rogers said, “54 Collective is a powerful economic and social force in the African economy. It is anchored with strong roots on the continent and exceptional network and reputation across the globe. Together with our sister funds, we continue our mission to  redistribute investment and knowledge pathways towards a more inclusive, relevant, and equitable future for the Global South.”

54 Collective’s vision is to create a future where African entrepreneurship drives generational progress and prosperity across the continent. The firm’s new name, catalytic capital, and value-add Venture Success Platform offering, marks a new era for the venture capital ecosystem. 54 Collective is redefining investing across Africa, enabling its founders to build without boundaries and solve some of Africa’s biggest challenges.

Distributed by APO Group on behalf of 54 Collective.

For more information please contact:
Adam Wakefield – 54 Collective, Managing Editor
Tel: +27820490381
Email: adam.wakefield@foundersfactory.co

OR

David Mbai
Tel:  +254716811083
Email: 54COmms@webershandwick.com

54 Collective social media handles:
Instagram: 54collective_vc
X: 54collective_vc
​LinkedIn and Facebook: 54 Collective VC

About 54 Collective:
54 Collective  is a Venture Capital firm dedicated to redefining investing across Africa. By offering catalytic capital and value-add tailored support through its Venture Success Platform, 54 Collective empowers entrepreneurs to build without boundaries. With a presence across Africa, 54 Collective leverages local expertise to help startups scale and achieve commercial success while creating systemic social and economic impact.

Join us in this exciting journey of transforming Africa’s entrepreneurial landscape. For more information, visit (https://54Collective.VC/) https://54Collective.VC/ and become a part of 54 Collective’s (https://54Collective.VC/) mission to help early-stage African startups grow and thrive and ‘Build without Boundaries’ to empower Africa’s next generation of innovators and leaders.

Reaffirming its unwavering dedication to Africa’s energy sector, independent hydrocarbon producer Perenco recently launched its first-ever gas-to-industry supply project in Cameroon. Last July, the company put into service the Bigapa Gas Processing Center, marking an important milestone while strengthening its historic partnership with Cameroon’s National Hydrocarbons Corporation (SNH).

https://apo-opa.co/4cji4xf

The processing center is set to source gas from the Sanaga South Field and supply the Keda tile factory with between 3.5 million and 6.5 million cubic feet of natural gas per day. Key to regional industrial development in Cameroon, gas will be transported via a 6-km SNH-operated pipeline and used to power the factory’s electrical generators and kilns.

As the voice of the African energy sector, the African Energy Chamber (AEC) commends this milestone achieved by Perenco, which represents a strategic growth opportunity for Cameroon and the wider West African region. Boasting a wealth of experience in oil and gas exploration, production, operation and management, Perenco continues to foster technological advancement in the markets in which it operates and pave the way for a brighter future for all Africans.

Perenco’s milestone in launching its first gas-to-industry project in Cameroon builds upon a successful track record of project delivery in the country, in collaboration with SNH. Last June, the company acquired a 9.9% stake in floating LNG player Golar LNG, with which Perenco and SNH serve as a partner in the Cameroon FLNG Terminal. The project is served by Golar LNG’s Hilli Episeyo FLNG vessel, which offloaded its 100th cargo of LNG last October.

https://apo-opa.co/4dBkgRV

https://apo-opa.co/4dBkh8r

In March 2024, Perenco initiated a five-well drilling program at the Kita Eden field, located in the northern part of the Rio del Rey Basin offshore Cameroon. The company is using its newly developed water barge designed for shallow waters and the LUG drilling platform provided by marine services firm Dixstone to explore the basin. The project – which falls under a 20-year license agreement signed in 2023 by Perenco, the Cameroonian government and international exploration company Addax Petroleum – highlights Perenco’s long-term commitment and ability to unlock stranded reserves in mature assets.

https://apo-opa.co/4cfRwNd

Perenco also recently closed a deal with oil and gas supermajor Eni in the Republic of Congo. Closed in March 2024, the $300-million deal was first announced in June 2023 and involves the purchase by Perenco of some of the supermajor’s upstream assets in the country. Falling in line with Perenco’s strategy to expand operations in Africa, the deal serves to support the Republic of Congo and Europe’s broader energy security and energy transition targets.

https://apo-opa.co/4cfRx3J

Through its operations in Cameroon and the Republic of Congo – as well as activities in the Democratic Republic of the Congo, Chad, Gabon and Tunisia – Perenco represents a key player in the continent’s upstream industry. Demonstrating its technical acumen across diverse energy landscapes, Perenco spud an appraisal well last February near the Hylia South West discovery offshore Gabon, targeting the Ntchengue Ocean reservoir and lower Madiela carbonate reservoir. The appraisal is designed to further inform Perenco’s understanding of the reservoirs and narrow their estimate of oil resources in place, which are presently estimated at 20-100 million barrels.

https://apo-opa.co/4cfRy7N

Perenco also announced a final investment decision in February 2023 for the construction of a 700,000-ton-per-year LNG production facility at the Cap Lopez terminal in Gabon. Representing an investment of over $1 billion, the unit will take up to three years to complete and is expected to make Gabon self-sufficient in butane production and an exporter of LNG, with first production targeted for 2026.

https://apo-opa.co/4ceExLR

“From its groundbreaking gas-to-industry project in Cameroon to substantial investments across the continent’s mature oil and gas markets, Perenco’s recent achievements underscore a remarkable commitment to Africa’s energy sector. The company’s innovative approach and strategic investments set a high standard for sustainable growth and industrial development. The Chamber eagerly awaits how Perenco will continue to drive progress and contribute to Africa’s energy future in the coming years,” stated NJ Ayuk, Executive Chairman of the AEC.

Distributed by APO Group on behalf of African Energy Chamber.

Merck Foundation (www.Merck-Foundation.com), the philanthropic arm of Merck KGaA Germany has released the Sixth Episode of their First-ever TV program – ‘Our Africa by Merck Foundation’ on their social media handles.

‘Our Africa by Merck Foundation’ is a pan African TV program that is conceptualized, produced, directed, and co-hosted by Senator, Dr. Rasha Kelej, CEO of Merck Foundation to feature African Fashion Designers, Singers, and prominent experts from various domains with the aim to raise awareness and create a culture shift across Africa.

The TV program is currently broadcasting on KTN Home in Kenya, every Saturday at 5 pm and repeated every Thursday at 6:30 am.

It has also been broadcasted on prime TV stations of many countries like BTV (Botswana) Mashariki TV (Burundi), GHOne &TV3 (Ghana), QTV (The Gambia), LNTV (Liberia), Mibawa Limited (Malawi), Defi Media (Mauritius), AYV TV (Sierra Leone), NTV (Uganda), ZNBC TV (Zambia), and ZBC (Zimbabwe) and it immediately captured the attention and hearts of millions of viewers across Africa. “Our Africa” TV Program will soon be broadcast on GTV in Ghana, NBC in Namibia, and ZTN in Zimbabwe. “Our Africa” TV Program is also currently on social media handles of Senator, Dr. Rasha Kelej [Facebook (https://apo-opa.co/3Ab3iLK), Instagram (https://apo-opa.co/46yySPp), Twitter (https://apo-opa.co/46AvkfB) and YouTube (https://apo-opa.co/46AajSu)] and Merck Foundation [Facebook (https://apo-opa.co/3YvvSl0), Instagram (https://apo-opa.co/3YvvSS2), Twitter (https://apo-opa.co/3yshuPR) and YouTube (https://apo-opa.co/4djaTpM)].

Watch the Promo of ‘Our Africa by Merck Foundation’ here:

https://apo-opa.co/4d8swbP

The theme for the Sixth Episode is Ending Female Genital Mutilation (FGM).

Watch the Sixth Episode promo here: https://apo-opa.co/3YsXQxE

Watch the Sixth Episode here: https://apo-opa.co/46uAIAW

Senator, Dr. Rasha Kelej, CEO of Merck Foundation and President of “More Than a Mother” campaign expressed “I am overwhelmed by the amazing response we have been receiving for ‘Our Africa by Merck Foundation’ TV program so far. I am thankful to all those who have reached out to us on our social media platforms appreciating our efforts and asking us questions about different interventions, songs, films, and videos that they can use on their platforms and communities to break the silence and build advocacy. All of this is very encouraging. We have now come out with the sixth episode of ‘Our Africa by Merck Foundation’ that opens a dialogue regarding the ill effects of FGM and supporting girl education.”

According to the UN data, the world over 1 in 4 women have undergone female genital mutilation, this is close to 52 million women world-over. Merck Foundation supports the UN’s cause of putting an end to the practice of FGM by 2030.

“We need to be aware that FGM has no health benefits, it only harms girls and women physically and psychologically. FGM can also lead to severe medical complications in women such as infertility as infection due to FGM is one of the main causes of Infertility. FGM also increases the risk of HIV transmission and can cause severe complications during childbirth. We must understand that FGM is recognized internationally as a violation of the human rights of girls and women. This practice needs to stop immediately. Empowering girls with the right education are the only solution to this age-norms that also promotes gender inequality.” Dr. Rasha Kelej added.

The sixth episode of ‘Our Africa by Merck Foundation’ featured popular singer – Kenneth Mugabi from Uganda. The singer presented a new song created to support Girl Education during the episode. Fashion designers from Senegal – Safietou Seck and Aicha Fatou Gaye also featured in this episode and showcased their designs that displayed strong and relevant messages about stopping FGM.

Merck Foundation has also collaborated with various music talents from Africa and released songs that speak address issues such as supporting girl education and women empowerment.

Watch the new song “Girls Can” by Cwesi Oteng and Irene Logan here: https://apo-opa.co/3Ab2VRm

Moreover, Merck Foundation has also released many other inspiring songs on women empowerment and supporting girls’ education:

 1. Watch, share&subscribe the “Like Them” song here, sung by Kenneth, a famous singer from Uganda: https://apo-opa.co/3Yvo0QG

2. Watch, share&subscribe “Take me to School” song here, sung by Wezi, Afro-soul singer from Zambia, to support girls’ education: https://apo-opa.co/3Yu09k9

3. Watch share&subscribe “Tu Podes Sim” Portuguese song, which means “Yes, You Can” in English by Blaze and Tamyris Moiane, singers from Mozambique in English here: https://apo-opa.co/3LOwQRF  

4. Watch, share&subscribe “ABC, 123” by Sean K from Namibia song here: https://apo-opa.co/3LOwScf

5. Watch, share&subscribe “Brighter day” song by Sean K and Cwesi Oteng from Namibia and Ghana respectively: https://apo-opa.co/3LQrtl9

“I strongly believe that Education is one of the most critical areas of women empowerment and will definitely help in stopping practices such as FGM which do not benefit anyone, educated mothers will know the harm and danger of FGM on their girls, moreover, Education also fosters questioning and discussion and provides opportunities for individuals to take on social roles that are not dependent on the practice of FGM for acceptance”, Dr. Rasha Kelej further emphasized.

“Together with African First Ladies, Merck Foundation has contributed to the future of 1000’s of girls by providing scholarships to continue their education and providing essential school items, through our “Educating Linda” program in many African countries such as Burundi, Malawi, Ghana, The Gambia, Nigeria, Zambia, Zimbabwe, Namibia, Democratic Republic of the Congo, Niger and more. Merck Foundation has released many inspiring children’s storybooks, Animation Movies and songs to support girl education. Moreover, we have announced awards of best Film, Song, Fashion Designs and Media on this issue”, added Senator Kelej.

Merck Foundation has also introduced and launched interesting storybooks for children to teach them the values of respecting women and underline the importance of girls’ education and animation film, enjoy watching and reading the below animation films and storybooks:

Watch “Ride Into the Future” Animation Film, here: https://apo-opa.co/46yp1Jn

1) To read Educating Linda Storybook, pls visit: https://apo-opa.co/3LQN9O4

2) To read Jackline’s Rescue Storybook, pls visit: https://apo-opa.co/3YujSA9

3) To read Ride into the Future Storybook, pls visit: https://apo-opa.co/46yp87L

Distributed by APO Group on behalf of Merck Foundation.

Contact details:
Mehak Handa
Community Awareness Program Manager
+91 9310087613/ +91 9319606669
mehak.handa@external.merckgroup.com

Join the conversation on our social media platforms below and let your voice be heard!
Facebook: https://apo-opa.co/3YvvSl0
Twitter: https://apo-opa.co/3yshuPR
YouTube: https://apo-opa.co/4djaTpM
Instagram: https://apo-opa.co/3YvvSS2
Flickr: https://apo-opa.co/4c9gga2
Threads: https://apo-opa.co/4d43AT9
Download the Merck Foundation App: https://apo-opa.co/4d43CKL

About Merck Foundation:
Merck Foundation, established in 2017, is the philanthropic arm of Merck KGaA Germany, aims to improve the health and wellbeing of people and advance their lives through science and technology. Our efforts are primarily focused on improving access to quality&equitable healthcare solutions in underserved communities, building healthcare and scientific research capacity and empowering people in STEM (Science, Technology, Engineering, and Mathematics) with a special focus on women and youth. All Merck Foundation press releases are distributed by e-mail at the same time they become available on the Merck Foundation Website.  Please visit www.Merck-Foundation.com to read more. Follow the social media of Merck Foundation: Facebook (https://apo-opa.co/3YvvSl0), Twitter (https://apo-opa.co/3yshuPR), Instagram (https://apo-opa.co/3YvvSS2), YouTube (https://apo-opa.co/4djaTpM) and Flickr (https://apo-opa.co/4c9gga2).