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The Organization of Petroleum Exporting Countries Secretary General to Deliver High-Level Address at African Energy Week 2023

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Energy Renaissance

OPEC Secretary General H.E. Haitham Al Ghais will deliver a high-level address at the African Energy Week conference this October

JOHANNESBURG, South Africa, July 28, 2023/APO Group/ — 

With over 125.3 billion barrels of proven crude oil reserves, Africa represents a key player and contributor to the growth of the global economy. To ensure energy security and industrialization across both the African continent and the global market, African countries are maximizing the development, monetization and exportation of oil resources. In this regard, institutions such as the Organization of Petroleum Exporting Countries (OPEC) are vital, and continue to make great strides towards stabilizing global markets while spearheading energy security in Africa.

During this year’s premier event for Africa’s energy sector, African Energy Week (AEW) – taking place from 16 – 20 October in Cape Town – H.E. Haitham Al Ghais, Secretary General of OPEC, will deliver a high-level keynote address on the state of play of Africa’s oil industry and the role OPEC plays in supporting the stability of the market. During the 2022 edition, H.E. Al Ghais presented OPEC’s Global Energy Outlook, emphasizing the organization’s optimism on the role of African resources in shaping global energy security and addressing the continent’s energy shortage dilemma. At AEW 2023, the Secretary General will expand on last year’s message while showcasing OPEC’s commitment to helping Africa prioritize energy poverty eradication, environmental sustainability and industrialization.

As an intergovernmental organization, OPEC plays an instrumental role in facilitating fair and stable prices for producers, ensuring efficient and economic supply of petroleum while enabling a fair return on capital to those investing in the oil industry. The organization boasts the membership of some of Africa’s top hydrocarbon producing markets including the Republic of Congo, Angola, Equatorial Guinea, Gabon, Nigeria, Algeria and Libya, and works towards supporting the continent’s efforts to maximize its oil resources for the sustainable development of African economies.

OPEC is helping drive the continent’s local content development and energy sustainability agenda

OPEC coordinates and unifies petroleum policies of African countries with that of their global counterparts to ensure regimes are attractive to investors and competitive to international standards. OPEC’s production quotas enable African countries to sustainably produce and monetize oil reserves while market monitoring helps stabilize the market. During the 35th OPEC and non–OPEC Ministerial Meeting in June 2023 – which was chaired by OPEC President and Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E Antonio Oburu Ondo – OPEC set the production target for its members and non-OPEC participating countries for 2024 at 40.46 million barrels per day to balance supply and demand dynamics.

The organization has also positioned itself as one of Africa’s most reliable partners in navigating industry challenges and maximizing opportunities presented by the energy transition as well as global economic instabilities and geopolitical tensions. While a lack of investments represents one of Africa’s biggest energy market challenges, OPEC – through its venture arm, the OPEC Fund for International Development – ranks among Africa’s top investment partners for infrastructure rollout and economic diversification. Investments made in Africa by the OPEC Fund include a $20 million package for micro, small and medium businesses in Botswana; a $20 million support for the Niger Solar Plant Development and Electricity Access Improvement Project; and a wide range of financing aimed at boosting agriculture, fishing, technical sciences, food security and digitalization practices across Africa.

“OPEC plays an important role in stabilizing Africa’s oil market activities. By coordinating cooperation among African oil producers and their global peers, OPEC is helping drive the continent’s local content development and energy sustainability agenda. Africa’s energy resources play a crucial role in shaping the global energy transition and organizations such as OPEC are key partners in ensuring that this transition is just and inclusive for Africa,” stated NJ Ayuk, the Executive Chairman of the AEC.

Under the theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets’, AEW 2023 will see OPEC lead dialogue around best practices for Africa to address oil industry challenges and maximize the growth of its industry. AEW 2023 will host several emerging oil producers such as Namibia, the Democratic Republic of Congo and Uganda, all of which stand to significantly gain from joining organization’s such as OPEC. As such, the event will feature high-level engagement between OPEC members and non-members, with exciting deals on the table.

AEW is the AEC’s interactive exhibition and networking event uniting African energy stakeholders, driving industry growth and development, and promoting Africa as the destination for African-focused events. For more information about sponsorship, attendance and partnership opportunities, visit www.AECWeek.com.

Distributed by APO Group on behalf of African Energy Chamber.

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Ministers among hundreds of energy-sector leaders to attend AOW event

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October 4, 2024

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Sinclair

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors”

CAPE TOWN, South Africa, October 4, 2024/APO Group/ — 

AOW: Investing in African Energy (https://AOWEnergy.com) – Africa’s leading oil, gas and energy event – has confirmed attendance for more than 80 ministers and senior officials, representing African governments, energy departments and regulators at next month’s event.

These influential stakeholders will be among the more than 1 600 senior delegates and industry leaders who will be attending the event to develop policy, share discoveries, secure investment, and shape Africa’s energy future.

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors.”

Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention

Among the officials and government ministers attending will be energy leaders from South Africa, Nigeria, Namibia, Cote d’Ivoire, Mozambique, DRC, Ghana, Kenya, Madagascar, Eswatini, Uganda, CAR, Guinea Conakry, Guinea Bissau, Ethiopia, The Gambia, Gabon, Malawi, Morocco, Zanzibar, Liberia, Senegal, Congo Brazzaville and Sierra Leone.

In addition, the event will feature high-level delegations from numerous national oil companies, as well as multilateral bodies including the African Union, (AU), African Energy Commission (AFREC), African Petroleum Producers’ Organization (APPO) and the Southern African Power Pool (SAPP).

AOW will see these energy leaders networking with C-suite executives and decision-makers from more than 760 top energy companies at daily networking events, to discuss insights, forge new relationships, and negotiate major energy deals.

“We are so excited to see the calibre of delegates at this year’s AOW event,” says Chief Executive Officer of Sankofa Events, Paul Sinclair. “Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention. The high-powered attendance proves AOW is a key platform to enable this intervention.”

Key themes to be discussed at this year’s AOW will be sustainable upstream development; expanding gas value chains; renewables and new energies; adoption of best-in-class technologies; and access to finance.

AOW: Investing in African Energy will culminate in a special anniversary party at Groot Constantia Vineyard to celebrate 30 years of the AOW event.

Distributed by APO Group on behalf of AOW: Investing in African Energy.

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Afreximbank approves US$20.8 million for Starlink Global’s cashew factory project in Lagos

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October 4, 2024

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PAPSS

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs

CAIRO, Egypt, October 4, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited to enable the company construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria

According to the facility agreement signed in on July 22, 2024, Afreximbank will provide the funds in two tranches with the first tranche of US$7.48M going toward capital expenditure for the construction of the factory and the second, totalling US$13.25M to be deployed as working capital for the operations of the factory.

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs once the factory becomes operational. It is also expected to support about 40 small and medium-sized enterprises.

Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that by supporting Starlink Global to establish a modern processing facility, Afreximbank is making it possible for Africa to add value to its agro-commodities, thereby facilitating exports and subsequent inflow of much-needed foreign exchange into the continent.

“We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Mrs. Awani added.

Distributed by APO Group on behalf of Afreximbank.

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Sonangol to Lead Decarbonized Oil & Gas (O&G) Development, Says Angolan National Oil Company (NOC) Head

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October 4, 2024

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Sonangol

Participating in an on-stage interview at Angola Oil & Gas 2024, Sonangol CEO Sebastião Gaspar Martins emphasized that oil and gas remains a core focus for the national oil company

LUANDA, Angola, October 3, 2024/APO Group/ — 

Angola’s national oil company Sonangol reiterated its commitment to driving sustainable hydrocarbon development during the Angola Oil & Gas (AOG) conference this week. Speaking during an “In-Conversation with” session, Sonangol CEO Sebastião Gaspar Martins stated that the company will not abandon oil and gas, but rather advance decarbonized oil and gas development.

We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas

By investing in upstream oil and gas production while prioritizing low-carbon projects, Sonangol aims to boost national crude output, while diversifying and decarbonizing the industry. The NOC is focusing efforts on non-associated gas development, as well as alternative energy sources such as solar.

“We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas. Gas produced from Angola LNG will be used for the production of fertilizer and we are evaluating the utilization of gas in the south of the country, linking gas with steel industries. We also have a blue carbon project, linked to the reduction of carbon through the plantation of mangroves. We have one area in Luanda and have identified four additional areas for this,” stated Gaspar Martins.

Sonangol has undergone transformation in recent years: following the creation of the National Oil, Gas & Biofuels Agency (ANPG) in 2019, Sonangol transferred its role as national concessionaire and regulator. This transformation has aimed to make Sonangol more competitive and strengthen its capacity as an upstream operator. Concurrently, the government is partially privatizing the NOC, with privatization set to be complete in 2026. This process will enhance financial capacity, allowing Sonangol to drive new upstream projects forward.

“The transformation of Sonangol started several years ago, when we passed the regulatory, concessionaire role to the ANPG. At the time, we transferred almost 600 employees to the ANPG. After that, Sonangol underwent a restructuring program where we created five core business units from 36 different entities – starting with exploration and production. We want to go public, but we want to do it properly. So, we are currently going through all the processes to do this,” stated Gaspar Martins.

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

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