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Tag: TotalEnergies

  • NNPC, TotalEnergies near $550m Ubeta deal

    NNPC, TotalEnergies near $550m Ubeta deal

    … project to yield 10,000bpd

    The Nigerian National Petroleum Company (NNPC) Limited and TotalEnergies are preparing to finalise the final investment decision (FID) for the Ubeta Field Development Project on June 21.

    According to a report from Reuters, a source familiar with the situation indicated that this step is pivotal in enhancing Nigeria’s domestic gas supply and economic growth.

    Utilising the provisions of the Petroleum Industry Act (PIA) 2021, the decade of gas initiatives, and executive orders issued in March 2024, the source stated that TotalEnergies is committed to investing in the Ubeta Field Development Project to unlock 350 million standard cubic feet per day (MMSCF/D).

    The NNPC-TotalEnergies joint venture aims to announce a $550 million FID for the Ubeta project on June 21.

    The source noted that the Ubeta project will yield 10,000 barrels per day (bpd) of associated liquids upon becoming operational.

    The project is anticipated to tap into extensive gas reserves and contribute to securing the gas supply for Nigeria LNG.

    “The Ubeta FID underscores the efforts invested by NNPC Limited, with unwavering executive support, to address the challenges that have hindered the attractiveness of the Nigerian oil and gas industry to foreign investors in recent years,” the source said.

    According to the source, the Ubeta FID also highlights President Bola Tinubu’s commitment

  • Friends of the Earth: Now that the North Doesn’t Need African Energy, Oil and Gas Must Stay in the Ground

    Friends of the Earth: Now that the North Doesn’t Need African Energy, Oil and Gas Must Stay in the Ground

    …Environmental group Friends of the Earth – a foreign organization – believes that they know best when it comes to Africa’s development: a rather insulting and patronizing perspective

    Following a series of attacks during the Invest in African Energy forum in Paris this May, environmental group Friends of the Earth has attempted to justify their actions at the event – a forum which sought to increase investment in African energy and bolster Africa’s economic development. The group stated that it is an “illusion” that developing oil and gas will lead to development in Africa, despite stating that the Global North has used African resources to develop for decades.

    Friends of the Earth Africa explained to Rigzone that, “Fossil fuels have been extracted from different parts of the African continent for more than 60 years, mostly for export to serve the countries of the global North.”

    This is true. They continue to explain that this has resulted in environmental degradation, gas flaring, negative health impacts, human rights abuses and more, all while 600 million people lack access to electricity and 700 million have no access to clean cooking solutions. This is also true, and yet, rather ironically, the group continues to demonize the development of oil and gas in Africa at a time when the continent is planning to utilize these resources to address its own energy access and clean cooking challenges.

    As sovereign nations, African countries have the right and the responsibility to use their natural resources to improve the lives of their people. At the African Energy Chamber (AEC) – the voice of Africa’s energy industry – we are confident that we can, indeed, achieve this goal – despite blatant and spiteful attacks by foreign environmental groups. It is disheartening to see groups like Friends of the Earth pursuing actions that could jeopardize Africa’s oil and gas development all in the name of preventing climate change. Never mind the importance of natural gas to Africans; of its potential to grow and diversify economies; of the role it will play in alleviating energy poverty and bolstering clean cooking access; of the considerable time and resources that African governments have invested in making LNG projects possible.

    “This is not the first time that non-Africans have attempted to interfere with Africa’s oil and gas industry. International organizations such as the World Bank, the International Energy Agency and private investors face pressure by environmental groups to stop financing African fossil fuel production,” states NJ Ayuk, Executive Chairman of the AEC.

    Natural gas, in particular, is set to transform African countries. Mozambique, for example, has placed gas-to-power at the very heart of its development plans. The country has over 100 trillion cubic feet of offshore gas reserves, with the 450 MW Temane power plant on track for production in 2024. Energy major, TotalEnergies has also announced plans to supply 1,000 MW of electricity to South Africa from the Matola LNG-to-power project in Mozambique.

    In North Africa, Algeria has used gas to not only power its economy, but also generate revenue that feeds into other industries across the country. The country is the fifth largest LNG producer globally and has used export revenues to develop its local power generation and transmission infrastructure. Power plants consume 40% of the country’s gas resources and the country enjoys an electrification rate of 99.8%.

    Nigeria is on a similar trajectory. At over 200 tcf, the country has the largest gas reserves in Africa, with the share of gas in the domestic energy mix projected to increase to 57% by 2040. The $2 billion Egbin Phase II project is expected to come online this year, increasing output by an additional 1,900 MW at the 1,320 MW facility. Construction has also started on a 1.35 GW gas-to-power project, developed by technology company GE Vernova, while the Nigeria LNG Train Expansion project – a $5 billion development – will increase the Nigeria LNG terminal production capacity by 35%.

    Angola is already taking concrete steps towards eliminating gas flaring – having endorsed the World Bank’s Zero Routine Flaring by 2030 initiative – and positioning natural gas as a key pillar of economic growth. TotalEnergies recently achieved FID on its Cameia-Golfinho gas field development, which is set to utilize a zero-flaring concept and supply gas to a combined cycle turbine to produce electricity for domestic use. Development of the Quiluma and Maboqueiro fields – the country’s first non-associated gas project – is also underway and will supply the Angola LNG facility.

    Meanwhile, the Republic of Congo is finalizing its Gas Master Plan, which will provide a framework for harnessing natural gas both for domestic consumption and export. The country exported its first LNG cargo from the Congo LNG project earlier this year, and with 10 tcf of natural gas resources, is well on its way to monetizing untapped reserves. Yet, Friends of the Earth – a group which has also benefited from African resources – believes they know what is best for the continent. They believe that their solutions, and not the ones of Africans, should be adopted. They are proving time and time again that they have no qualms in dismissing African voices.

    “Africa cannot be a continent where our budgets are left to donors. Every time we go begging to other countries for aid, the dignity of Africans suffers. What the AEC is advocating for – and will continue fighting for despite attempts by foreign groups to disrupt progress – is for all Africans to have the dignity of work, the ability to build better lives and to harness their natural resources to alleviate energy poverty. We want an Africa that not only develops but thrives, and leveraging natural gas is the only feasible path to achieving that goal,” added Ayuk.

  • Franco-Nigerian Chamber of Commerce & Industry Elects New Board Members at 38th AGM

    Franco-Nigerian Chamber of Commerce & Industry Elects New Board Members at 38th AGM

    The Franco-Nigerian Chamber of Commerce & Industry (FNCCI) is pleased to announce the election of its new Board members following its 38th Annual General Meeting and the inauguration of its new President. The event, held on May 16, 2024, marked a significant milestone in the Chamber’s history, bringing together members and stakeholders to celebrate the appointment of distinguished leaders committed to fostering Franco-Nigerian business relations.

    Ajibola Akindele MFR, Country President for West Africa at Schneider Electric, served as the Returning Officer for the election. The newly elected Board members are poised to drive the Chamber’s mission of enhancing trade and investment between France and Nigeria.

    The FNCCI is pleased to announce its new leadership team:

    • President: Guillaume Niarfeix, Managing Director at SPIE Global Services Energy
    • Vice President: Kunle Ahmed, CEO at AXA Mansard Insurance Plc
    • Treasurer: Mounir Fawzy, CFO at Schneider Electric
    • Secretary General: Oritsematosan Edodo-Emore of Edodo Thorpes & Associates

    The newly formed Board of Directors comprises prominent figures from both French and Nigerian businesses, including:

    • Yann Gilbert, Country Chair at Amadeus
    • Ize Matebese, Ize Ukpoma Matebese & Co.
    • Fatai Bola Azeez, Bolamark Engineering Limited
    • Christine Quantin, Country Chair at Air France KLM
    • Frederic Lieutaud, CEO at Swiss Pharma Nigeria Limited
    • Gaëtan Debouchy, CEO at Advans Nigeria
    • Victoria Adefala, Principal Partner at Whitgift Law
    • Laurent Couderc, CEO at West Atlantic Shipyard
    • Philippe Daniel, Executive Director at TotalEnergies
    • Anthony Olukoju, COO at Deloitte
    • Cyril Darneix, Economic Office – French Embassy in Lagos
    • Etienne Rocher, Country MD at Africa Global Logistics
    • Patrice Porte, Country Chair at CFAO Motors

    The FNCCI remains dedicated to promoting sustainable economic growth, fostering bilateral trade, and strengthening business ties between France and Nigeria. The new Board, comprised of industry leaders with vast experience and expertise, is expected to bring innovative strategies and dynamic leadership to the Chamber.

    The FNCCI extends its heartfelt gratitude to all outgoing Board members for their invaluable contributions and welcomes the new Board with great anticipation for a prosperous future.

  • Nigeria Relaunches Licensing Round, Shares 2024 Investment Prospects at Invest in African Energy (IAE) 2024

    Nigeria Relaunches Licensing Round, Shares 2024 Investment Prospects at Invest in African Energy (IAE) 2024

    …The Nigerian Upstream Petroleum Regulatory Commission outlined available licensing opportunities at the IAE forum, organized by Energy Capital & Power, in Paris on Wednesday

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) relaunched Nigeria’s 2024 licensing round – while industry stakeholders unpacked key investment opportunities – at the Invest in African Energy forum in Paris on Wednesday. 

    Launched earlier this month, Nigeria’s latest licensing round features 12 deep offshore and shallow water blocks oil blocks – including 5 blocks from last year’s round – and is available for bidding through January 2025. Nigeria is seeking to attract local and international explorers to its acreage, with a view to increasing its reserve base and maximizing production.

    “Each block has been chosen for its potential to bolster our national reserves… We are committed to conducting the licensing round in a fair, competitive and transparent manner and ensuring a level playing field for indigenous and international investors,” said Dr. Kelechi Ofoegbu, NUPRC Executive Commissioner.

    Nigeria is seeking to accelerate upstream investment, with the Federal Government implementing tax credits for non-associated gas greenfield development and commercial incentives for deepwater oil and gas projects. Leading operators including Shell, TotalEnergies and Chevron have pledged billions in developing Nigeria’s oil and gas supplies, coupled with onshore and marginal field opportunities for local and junior explorers.

    “The activities of investors in oil and gas are no longer done in such a way that the environment is impacted negatively… Owners collaborating with operators to ensure that activities are carried out seamlessly is a testament to the new investment drive in Nigeria,” said John Amin, Managing Director, Platform Petroleum.

    “There are a lot of opportunities onshore for local entrepreneurs. The regulatory framework –having a $2 fee on flaring and a $3.4 price on local gas – will enable local entrepreneurs to turn into gas producers. That’s an area of small, but very profitable investments – wells can be drilled with triple digit returns,” said Per Magnus, Senior Partner & Head of Analysis, Rystad Energy.

    In addition to driving upstream exploration, Nigeria is prioritizing the expansion of its downstream sector, having launched several large-scale projects targeting enhanced energy security and oil refining and gas processing capabilities. These include the Train 7 expansion project at the Nigeria LNG plant – increasing Nigeria’s LNG production capacity to 30 million tons per year by 2027 – as well as the 650,000-bpd Dangote Refinery that came online at the start of this year, creating a sizable new domestic market for Nigeria’s crude oil.

    “On the downstream side, we are looking at where investments can be segmented – it’s not just refining, but also ports, terminals, pipeline infrastructure, CNG fleets, LPG and so on. The goal is to develop a robust intra-African oil and gas industry whereby we can balance energy security with energy transition,” said Anibor Kragha, Executive Secretary, African Refiners and Distributors Association.

  • Nigeria to Promote Gas Exploration, Infrastructure Prospects at Invest in African Energy (IAE) 2024 in Paris

    Nigeria to Promote Gas Exploration, Infrastructure Prospects at Invest in African Energy (IAE) 2024 in Paris

    …Nigeria’s Minister of State for Petroleum Resources (Gas) will speak at the Invest in African Energy Forum this May

    Minister of State for Petroleum Resources (Gas) of the Federal Republic of Nigeria, Ekperikpe Ekpo, will speak at the Invest in African Energy (IAE) forum on May 14-15. Connecting with global investors in Paris, Minister Ekpo will outline investment opportunities in Nigeria’s gas sector, drawing attention to exploration prospects and infrastructure requirements.

    Nigeria aims to increase gas production to 5.5 billion cubic feet (bcf) per day by 2030, and launched a Decade of Gas initiative in 2021 to achieve this goal. The country holds the largest proven natural gas reserves in Africa, measured at over 200 trillion cubic feet (tcf) of which 139 tcf is recoverable. With much of these resources largely undeveloped and the government placing gas as a priority resource for industrialization, Nigeria offers a wealth of opportunities for project developers across the gas value chain.

    IAE 2024 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.

    To stimulate investment in deepwater gas fields, Nigeria is planning to launch a 2024 licensing round. The country has also issued a call for upstream investments, with several commitments already being made. Energy major, Shell has announced plans to invest up to $1 billion over the next ten years to develop Nigerian gas while multinational Chevron plans to invest in seismic data acquisition in several deepwater blocks. The American company also intends to expand its Agbami field project and has partnered with supermajor TotalEnergies on OPL 215.

    On the production side, TotalEnergies kickstarted operations at the Akpo West field in February 2024, increasing output at the field by 14,000 barrels of condensate per day. The project is expected to produce an additional four million cubic meters of gas by 2028. The country also expects FID to be made for its first FLNG facility in Q1, 2024, with a shareholders agreement signed in December 2023 for the development of the 1.8 billion tons per annum project. To meet 2030 production targets, new investment is needed in upstream gas.

    Downstream, Shell made FID for the construction of a gas supply facility earlier this month. The project will deliver feedstock for the Dangote Fertilizer and Petrochemical plant for a period of ten years, supplying up to 100 million standard cubic feet of gas per day. Efforts to advance pipeline infrastructure to support industry growth, power generation and regional distribution are also showing positive results. The Ajaokuta-Kaduna-Kano pipeline – a two billion cubic feet per day (bcm/d) project – is expected to be completed by mid-2024 while a meeting was held in January 2024 to expedite the development of the 3.3 bcm/d Nigeria-Morocco pipeline project.

    Additionally, construction of a seventh train at the country’s inaugural LNG project – Nigeria LNG (NLNG) – is also underway, with the project reaching 52% completion as of November 2023. NLNG has been exporting LNG to international markets for over 20 years, and the addition of a new train will increase production by 7.6 million tons per annum. This is a testament to the potential for large-scale project developments in the country, yet additional investments are required to bring the plant to its full capacity, highlighting lucrative opportunities for foreign firms. Further insight will be provided during the IAE 2024 forum.

  • Feature- From Africa to Europe: Securing investment for gas export infrastructure

    Feature- From Africa to Europe: Securing investment for gas export infrastructure

    …Supplying African gas to Europe calls for increased investments in associated export infrastructure – a focal point of the upcoming Invest in African Energy forum in Paris

    Africa’s abundant natural gas reserves represent an attractive opportunity for monetization and export, aligning with Europe’s growing demand for cleaner and more energy. This synergy has set the stage for heightened Africa-Europe trade and partnership, with a focus on gas-directed investments. The upcoming Invest in African Energy (IAE) forum in Paris on May 14–15 will serve as a focal point of this topic, bringing together African nations with European investors who are eager to tap into Africa’s gas resources and unlock new sources of power.

    Assessing the current infrastructure for gas transportation from Africa and Europe reveals a need for foreign direct investment in several strategic areas. These include the expansion and upgrade of existing pipelines, the establishment of advanced liquefied natural gas (LNG) terminals, and the development of efficient compression and decompression facilities. Additionally, investment in digital infrastructure for real-time monitoring and optimization is imperative to ensure the reliability and safety of an extended gas transportation network.

    Given the expense of gas projects and the need for maintenance and expansion, diverse funding sources are necessary. Large-scale projects typically require investments in the range of millions to billions for successful development.

    In Central Africa, Equatorial Guinea – holding 1.5 trillion cubic feet of natural gas reserves – is positioning itself as a regional Gas Mega Hub (GMH) and global exporter. The country’s Alba Liquefied Petroleum Gas and Punta Europa facilities serve as processing platforms for both domestic and regional gas reserves. Leveraging its strategic location on Africa’s west coast and utilizing the African Continental Free Trade Agreement, Equatorial Guinea’s expanding LNG export networks and potential connection to Europe-bound pipelines align with Europe’s search for alternative gas supplies. The country also presents opportunities to tap into new export routes, such as the Trans-Saharan gas pipeline, through new gas transport infrastructure linking Africa and Europe.

    Much like the Trans-Saharan gas pipeline, the Nigeria-Morocco Gas Pipeline, scheduled to begin construction in 2024 at an estimated cost of $25 billion, represents one of the world’s most extensive energy projects. Spanning 5,600 km, it aims to benefit 13 African countries, providing energy access to around 400 million people along the West African coast. The pipeline, financially supported by organizations such as OPEC, demonstrates the importance of international collaboration when it comes to infrastructure development. Not only is it set to facilitate intra-African gas trade, but also deliver gas from Nigeria to Europe, serving as a key link in the global gas supply chain.

    Meanwhile, the $4.6-billion Greater Tortue Ahmeyim (GTA) LNG project, encompassing the Tortue and Ahmeyim gas fields, holds approximately 15 trillion cubic feet of recoverable gas reserves. Upon completion, GTA LNG will produce up to 10 million tons of LNG annually. Positioned along the maritime border between Senegal and Mauritania, the project requires  substantial investment to support critical infrastructure, including liquefaction, transportation and associated facilities.

    In Southern Africa, South Africa’s Virginia Phase 2 project is set to produce commercial quantities of LNG and liquid helium for global export, while the Port of Ngqura floating LNG project will involve the installation of a floating storage and regasification unit, gas-to-power infrastructure, cryogenic pipelines, and a terminal for the processing, storing, on-site exploitation, and distribution of gas acquired from the country’s on– and offshore fields.

    Similarly, the Kudu Conventional Gas Development in Namibia’s Orange Basin – set to commence commercial production in 2026 – involves collaboration among the Namibian Government, TotalEnergies, Shell and BW Energy. Representing an $880-million investment, the project is currently in the Front-End Engineering and Design phase, with a Final Investment Decision expected in 2024. European stakeholders can support this venture by investing in essential infrastructure for successful gas extraction, meeting regional energy needs while enabling exports to Europe.

    In short, Africa’s leading gas export projects require substantial investments to support the development of critical infrastructure, including extraction facilities, pipelines and associated support systems, highlighting a strategic opportunity for engagement with European financiers, investors and project developers.

    ​​Organized by Energy Capital & Power, the Invest in African Energy (IAE) 2024 summit is an exclusive forum designed to foster collaboration between European investors and African energy markets. 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.

  • Feature: Oil Companies Still Have Vital Role to Play in African Energy

    Feature: Oil Companies Still Have Vital Role to Play in African Energy

    …These companies are validating the African Energy Chamber’s (AEC’s) long-held assertion that the African continent represents the next frontier for energy exploration and production

    By NJ Ayuk

    Behind every discovery, final investment decision (FID), and first oil announcement in our continent are companies of all sizes, advancing our energy industry and bringing Africans closer to realizing the energy security and prosperity that their petroleum resources represent. 

    Collectively, these companies are validating the African Energy Chamber’s (AEC’s) long-held assertion that the African continent represents the next frontier for energy exploration and production. 

    Despite concerns over corporate divestment from the African oil and gas sector in recent years — moves made largely in an effort to conform to expanding global ESG expectations — international oil companies (IOCs) and African national oil companies (NOCs) continue to be the key driving forces behind Africa’ short-term supplies, hydrocarbon potential, medium-term production, and spending. 

    As detailed in the African Energy Chamber’s (AEC) newly released report, “The State of African Energy 2024 Outlook,” NOCs collectively hold the continent’s largest working interest share of African hydrocarbon potential and supplies due to their involvement in upstream operations while IOCs hold the second largest share from their legacy operations in both North and sub-Saharan Africa. 

    But we are also seeing increased activity by international NOCs (INOCs) and independent companies in Africa. These entities are also contributing to the overall success of Africa’s fossil fuel industry. 

    National Oil Companies in Leading Roles
    As our new outlook report explains, we expect African NOC flow rates to reach approximately 2.63 million barrels per day (bpd) of liquids and 13.55 billion cubic feet per day (Bcf/d) of gas in 2023. In 2024, while we expect NOCs’ total liquid product to drop to 2.57 bpd of liquids, we are forecasting a significant increase in their natural gas production: to 14.17 Bcf/d. 

    Of all the NOCs operating across Africa, the efforts of just four amount to the lion’s share of the total supply. Estimates predict that, together, Sonatrach of Algeria, Angola’s Sonangol, Libya’s National Oil Corporation, and the Nigerian National Petroleum Corporation (NNPC) will be responsible for 85% of liquids and 88% of natural gas produced by African NOCs between 2023 and 2024. 

    The prominence of oil and gas production in the nations that these NOCs represent is due in part to an open and cooperative approach to development and a commitment to progress shared between them. 

    In September 2023, having failed to meet its OPEC quota and contending with a decline in production, the NNPC announced a substantial reduction of its standard contract negotiation period from three years to just six months. Formalizing the new terms in an agreement signed with oil majors Shell, Chevron, Eni, ExxonMobil, and TotalEnergies, the NNPC hopes they will help expedite foreign investment in Nigeria’s hydrocarbon sector. With $13.5 billion secured at present, Nigeria aims to reach a production level of 2.1 million bpd by December of next year.

    Amidst the Angolan oil and gas industry’s return to a more prosperous position, which this year saw the nation outpace Nigeria, taking the top spot among Africa’s largest oil producers, Sonangol brokered a deal with the China National Chemical Engineering Company (CNCEC) outlining the development of a refinery in Lobito. With a projected production rate of 200,000 bpd and a slated completion date in 2026, the refinery should eventually reduce Angola’s reliance on imports for gasoline and diesel.

    In Algeria, Sonatrach has been working with Italian multinational energy company Eni on natural gas production and the export of liquefied natural gas (LNG) to Europe. Since signing a Memoranda of Intent in January of this year outlining future joint projects, including upstream decarbonization and energy transition initiatives, the two companies have made progress on these efforts, meeting in Algiers as recently as October 2023 to discuss fugitive gas emission detection and flaring-down options at Sonatrach’s natural gas fields. 

    Other recent developments include the Memorandum of Understanding established between Norway’s largest oil and gas producer, Equinor, and Libya’s NOC. The agreement includes plans to evaluate Libya’s maritime region in the Mediterranean for its oil and gas potential and extend oil and gas sector training to local personnel. 

    Oil Majors Advancing Exploration
    In March of this year, in partnership with Shell and QatarEnergy, Namibia’s national petroleum corporation, Namcor, publicized a third oil discovery in the Jonker 1-X well in the Orange Basin off Namibia’s southern shore, adding to the sizeable discoveries made by Shell and France’s TotalEnergies in the Graff-1X and Venus-1X wells in 2022. Namibia expects to see first oil from these finds by 2030. 

    At the Angola Oil and Gas 2023 conference and exhibition in September, Melissa Bond, Managing Director for ExxonMobil Angola reported 18 new discoveries in Block 15 and plans for further drilling in the Namib Basin next year.

    Numerous oil and natural gas discoveries in West Africa continue to show great promise as well. Considering just the BP-Kosmos Yakaar-Teranga discovery in Senegal, BP and Kosmos’ Orca discovery in Mauritania, and Eni’s Bailene discovery off the Ivory Coast amount to 3.6 billion barrels of oil equivalent, with additional sites in Ghana, Gabon, and Angola, this region is an exploration hot spot.

    As exploration is crucial to sustainability for Africa’s oil and gas industry, the AEC is pleased to report active exploratory drilling schedules over the next two years, with oil majors operating in Algeria, Egypt, Nigeria, and Namibia as the main drivers behind these efforts.

    Filling Voids and Capitalizing on Opportunities
    Where international corporate divestment from Africa’s oil industry is occurring, smaller players are taking up the slack. 

    Whether under public pressure to decrease emissions and focus on sustainable development goals or stakeholder pressure to sell off mature fields in pursuit of higher returns, as oil and gas majors pull away from portions of their operations, INOCs and wholly independent entities remain eager to take over where they left off. 

    By taking on ventures like the re-development of declining wells to boost production, these smaller companies are helping to satisfy the increasing global demand for fossil fuels while offering continued support to host communities facing the perils of abandonment otherwise, and their cumulative efforts add up to a significant percentage of Africa’s energy economy. 

    As documented in our 2024 outlook report, the 24-month period of 2023-2024 will see INOCs like Equinor, PetroChina, the China National Petroleum Corporation (CNPC), and several more responsible for three-quarters of all INOC liquids output in Africa. In the same time frame, we project that independents like the APA Corporation, Marathon Oil, Wintershall DEA, Perenco, Seplat Energy, Tullow, and ConocoPhillips will collectively produce the third-highest natural gas output. 

    As the AEC continues to advocate for a thriving African energy industry and encourage investment in our continent — just as we encourage every hydrocarbon-bearing African nation to engage in uncomplicated, mutually beneficial trade negotiations — our own optimism grows. 

    For the AEC, each outlook report we publish indicates that the African oil and gas industry is secure, strengthening with time, and well on its way to becoming an invaluable asset to the global energy market. 

    NJ Ayuk is the Executive Chairman of African Energy Chamber 

  • Africa Energy Week 2022: Nigerian Energy Accelerator partners Moneda Invest Africa and National Oil Company of Namibia [Namcor] on Local Content Development and Energy Financing

    Africa Energy Week 2022: Nigerian Energy Accelerator partners Moneda Invest Africa and National Oil Company of Namibia [Namcor] on Local Content Development and Energy Financing

    “Moneda (https://MonedaInvest.com/) is proud to be part of an elite list of companies bringing African solutions to African problems. Working with partners like the African Energy Chamber, the markets can be assured that there will be more to come” said Ejike Egbuagu.

    This Year’s Africa Energy Week where Moneda Invest featured as the Platinum Sponsor for African Content, was held at the V&A Waterfront South Africa, and just concluded with a signed agreement between Moneda Invest Africa and National Oil Company of Namibia [Namcor]. The two major energy investment organisations have agreed to this partnership to exchange

    expertise and accelerate knowledge-sharing and skills development, while exposing the Namibia oil and gas industry to massive investment, and it was signed in the presence of NJ Ayuk, the Executive Chairman of the African Energy Chamber [AEC].

    Moneda Invest Africa is a Nigerian Financial Institution with profound experience in local content and competitive markets development and financing in Africa, with arguably an unmatched portfolio working with major energy juggernauts like TotalEnergies, Shell, Chevron and Nigerian Petroleum Development Company Limited, and will, in this partnership, be providing at least 10 local companies (selected by Namcor) access to capital with the sole objective of augmenting various oil and gas segments in Namibia. These include Petroleum products supply, drilling and well services, health safety, marine logistics, reservoir engineering, land and offshore seismic surveys, training and several others.

    As Namibia seeks to accelerate the development of its vast hydrocarbon reserves, it is believed that her partnering with Moneda Invest Africa will be pivotal to securing needed funding to augment upstream, midstream and downstream activities. Namcor will in turn deliver regulatory and administrative support in order to ensure a seamless operation for Moneda Invest Africa across Namibia’s oil and gas industry. The three-year partnership is projected to be an impetus for activating the full potential of the country’s oil and gas industry. 

    Undisputedly, the African Energy Chamber is in support of collaborations such as this geared towards the growth of the African Energy Industry and we at Moneda Invest Africa strongly believe that this partnership is just the beginning of a complete evolution of the continent’s energy industry and we look forward to signing more deals in the future that will position Africa to be the leading continent for energy industry innovations.