Connect with us

Business

Equatorial Guinea Remains a Strong Partner of ExxonMobil and American Companies

Published

on

Equatorial Guinea

Equatorial Guinea’s Vice President Teodoro Nguema Obiang Mangue and the country’s Chamber of Mines provide insight and clarification into the future of Block B

MALABO, Equatorial Guinea, March 22, 2024/APO Group/ — 

Following an article published by the Financial Times (FT) regarding ExxonMobil’s exit from Block B, Equatorial Guinea’s Vice President Teodoro Nguema Obiang Mangue and the country’s Chamber of Mines offer further clarification on the future of Block B and the opportunities for foreign investment in the country’s oil and gas sector.

ExxonMobil’s Departure from Block B

ExxonMobil signed a Production Sharing Contract (PSC) with Equatorial Guinea in 1995 – almost 30 years ago – for a 71.25% stake interest in Block B. With the expiration of the PSC, the ownership of the assets of Block B and its operations carried out by the contracting group – formed by ExxonMobil and GEPetrol S.A. – are transferred to the state as stated on the PSC. The expiration of the PSC includes events such as the dissolution of the contracting group, the termination of operations and, naturally, the withdrawal out of the block of the companies that make up said contracting group. All these events are certain and expected events already foreseen on the PSC that was signed by mutual agreement.

Therefore, the termination of the contract has never been a speculative, uncertain, or unknown event. It has always been part of the contractual order. Likewise, the leakage of water into the FPSO at the Zafiro field is not related to the end of ExxonMobil’s operations in Block B. ExxonMobil’s disinvestment policy in some parts of the world has also been due to, among other reasons, its great discovery in Guyana.

The Future of Block B

The transitions of operations and assets of an IOC that operates fields in a certain country, in favor of another company (receiving operator) designated by the state, are common in the oil and gas industry. While it is true that this phenomenon is not common in Africa, it is a historically common phenomenon in places such as the Middle East, Asia and elsewhere.

The search that started several years ago for companies to replace ExxonMobil in Block B was a process that had nothing to do with the government but rather with the company itself, whose intention was to hand over the operations and assets to another firm long before the termination of the PSC. Although Equatorial Guinea is open to foreign investment and works firmly to increase foreign investment in the country, the government of Equatorial Guinea has never had the strategy to propose replacing ExxonMobil with another international company.

Equatorial Guinea has expressed intention to and is moving towards operating – for the first time in the country’s history – producing oil assets, which will also be transferred from an oil major. The country has high expectations because of this and is very grateful for the great collaboration that ExxonMobil continues to offer. In fact, there is a list of more than four collaboration options in Block B related to the block operations, assets equity, and operations financing presented by IOCs which the Government is carefully and responsibly balancing in order not to impact its current ambitions to operate these types of fields through its oil companies.

American Investment Remains Key

The largest investment in the history of Equatorial Guinea has been from America. This is not only a phenomenon of the past but also of the present. The position of the Republic of Equatorial Guinea, with respect to its commercial relations with countries worldwide – including China, one of the great commercial partners of Africa and the world –, has not changed. What is changing is the global geopolitical situation regarding the interrelations between the countries worldwide. The position of the Republic of Equatorial Guinea, based on prioritizing everything that improves the standard of living of citizens, is to prioritize the best possible commercial relations, not only with those countries that accept them, but also with those that show reluctance to accept our open arms. Regardless of the evolution of diplomatic and political relations between Equatorial Guinea and the US, the status of interaction between the country and American companies is satisfactory. We will continue working to improve it.

Equatorial Guinea is open to American investment and invites American companies to increase their presence in our country to work together to improve the standard of living of our citizens and their citizens. With respect to American companies existing in the country, the government has always expressed its willingness to privilege their positive action in the country’s economy. The relations between the government and these companies are solid and have common interests, the preservation of which we are willing to continue working together.

In conclusion, our vision on the relations between Equatorial Guinea and the world has not changed. And this includes maintaining the best possible and mutual relations with the US and American companies – partners in the country’s development for decades. The Bata Port, built by a Chinese EPC contractor, is a major project that belongs to the government. Chinese contracting companies have been and shall continue to be part of the evolution of the country’s infrastructure, as is the case in many African countries. China has joined the list of Africa’s great partners.

Distributed by APO Group on behalf of Ministry of Mines, Industry and Energy Equatorial Guinea.

Business

RIOT Network and MediaTek collaboration expands digital access in South Africa through innovative, community-driven Wi-Fi solutions

Published

on

MediaTek

RIOT Network aims to make fast, unlimited Wi-Fi services accessible for people in townships and underserved communities

JOHANNESBURG, South Africa, November 22, 2024/APO Group/ — 

MediaTek (www.MediaTek.com), a global fabless semiconductor company powering nearly 2 billion connected devices a year, and RIOT Network (https://RIOT.Network), a community mobile broadband provider in South Africa, have announced the successful integration of Mediatek’s Filogic 830 (https://apo-opa.co/3CIbkNl) chipset into RIOT’s second-generation CROWDNet Core Nodes.

The successful deployment of the CROWDNet nodes has enabled RIOT Network to achieve its aim of offering uncapped internet at an affordable price of R99 per month, and to do so profitably. To date, RIOT Network, in partnership with Sonke Telecommunications, has leveraged the nodes to connect more than 800 households and 5000 users in Olievenhoutbosch to uncapped Wi-Fi services.

RIOT Network aims to make fast, unlimited Wi-Fi services accessible for people in townships and underserved communities. Its CROWDNet Nodes, enable an innovative model for deploying user-operated network infrastructure. Community members serve as operators of some of the core network devices to earn a share of the fee from neighbours who use the service.

With each new connection, RIOT Network is highlighting the role of innovative fixed-wireless solutions in extending broadband access and improving digital inclusivity

CROWDNet powered by MediaTek Filogic 830 brings affordable, last-kilometre broadband to communities where it is not commercially viable to deploy towers or fibre. The MediaTek Filogic 830 is a high-performance SoC for routers, repeaters, access points and mesh networking devices. The SoC enables device makers to build-in powerful applications based on an energy-efficient, Wi-Fi 6-ready platform.

“The Mediatek’s Filogic 830 chipset delivers a unique balance of high performance and cost-efficiency, allowing us to keep operational costs low while maximising network reliability and speed,” said Jarryd Bekker, CEO at RIOT Network. “This combination of affordability and sustainable business growth is pivotal to our vision of expanding digital access in underserved communities. Our work in Olievenhoutbosch near Centurion demonstrates the power of reliable, affordable internet, creating new opportunities for economic and social engagement.”

“With each new connection, RIOT Network is highlighting the role of innovative fixed-wireless solutions in extending broadband access and improving digital inclusivity,” said Rami Osman (https://apo-opa.co/4ghZBUn), Director for Business Development, MediaTek Middle East and Africa. “We look forward to supporting RIOT in building a future where high-quality internet is accessible and impactful for all.”

Distributed by APO Group on behalf of MediaTek Inc

Continue Reading

Business

African Energy Chamber (AEC) Endorses Inaugural Congo Energy & Investment Forum, Catalyzing Growth in the Republic of Congo’s Energy Sector

Published

on

African Energy Chamber

The African Energy Chamber proudly supports the inaugural Congo Energy & Investment Forum, scheduled for March 25-26, 2025 in Brazzaville

BRAZZAVILLE, Republic of the Congo, November 21, 2024/APO Group/ — 

The African Energy Chamber (AEC), as the voice of Africa’s energy sector, proudly supports the inaugural Congo Energy & Investment Forum (CEIF), set to take place in Brazzaville on March 25-26, 2025. Unveiled during African Energy Week: Invest in African Energies in Cape Town by the Republic of Congo’s Ministry of Hydrocarbons, this milestone event signals the nation’s commitment to strengthening its role as a key energy player on the continent, while showcasing a range of investment opportunities. 

Under the leadership of Hydrocarbons Minister Bruno Jean-Richard Itoua, the Republic of Congo has emerged as sub-Saharan Africa’s fourth-largest oil producer, with anticipated production of 280,000 barrels per day (BPD) by the end of 2024 and ambitions to reach 500,000 BPD within three to five years. Building on this momentum, the CEIF will highlight innovative projects and foster strategic partnerships that enhance investment, drive economic growth and position the Congo as a leader in Africa’s energy expansion.

Meanwhile, Société Nationale des Pétroles du Congo (SNPC), led by CEO Maixent Raoul Ominga, is spearheading the Congo’s energy growth. SNPC holds a majority stake in the Mengo Kundji Bindi II permit, with 2.5 billion barrels of estimated oil potential. The company is developing the site through 13 wells, 3D seismic data acquisition, and the construction of six production platforms. 

We are honored to secure the Chamber’s endorsement for this pivotal forum

With the Chamber’s official support, the CEIF is set to attract government leaders, C-suite executives from major IOCs and energy experts, who will offer critical insights into Congo’s oil, gas and energy sector developments. The country is overhauling its gas sector to unlock 10 trillion cubic feet of resources through a comprehensive Gas Master Plan and new Gas Code that introduces favorable fiscal terms and enables small-scale project development, as well as large-scale, integrated gas megaprojects like Eni’s Congo LNG and Wing Wah’s Bango Kayo. 

“The Congo Energy & Investment Forum marks a major milestone for the country, amplifying its strategic energy initiatives and showing industry stakeholders that it is serious about advancing its energy sector. We look forward to supporting this forum, which promises to connect investors, drive impactful partnerships and elevate the Congo’s position within Africa’s energy sector,” says NJ Ayuk, Executive Chairman of the AEC.  

“We are honored to secure the Chamber’s endorsement for this pivotal forum, which, through its vast network and influence, will help attract key stakeholders and decision-makers to the event. Together, we aim to highlight the immense potential of the Congo’s energy sector, foster strategic partnerships and drive transformative investments that contribute to sustainable growth across the industry,” notes James Chester, CEO of Energy Capital & Power, organizers of the CEIF.   

This premier forum provides a unique platform for connecting local and international investors with high-impact opportunities across a diversified range of energy projects, paving the way for collaborations that drive growth and transformation. The AEC’s endorsement underscores its commitment to fostering strategic partnerships, sustainable investment and regional cooperation, aligning with its broader mission to make energy poverty history across the continent by 2030.  

As the energy industry continues to serve as a critical pillar of the Congolese economy and a catalyst for sustainable development, the AEC remains dedicated to supporting initiatives like CEIF that foster progress, investment and partnerships across the African energy landscape. 

For more information, please visit www.CongoEnergyInvestment.com

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

Continue Reading

Business

Any Successful African Energy Policy at Conference of the Parties (COP) or Anywhere Must Have Oil and Gas at its Core (By NJ Ayuk)

Published

on

Conference of the Parties

Africa will need global financial systems, including multilateral development banks, to play a significant role in financing our energy growth which must include fossil fuels

Egalement disponible en Français

JOHANNESBURG, South Africa, November 21, 2024/APO Group/ — 

By NJ Ayuk, Executive Chairman of the African Energy Chamber (www.EnergyChamber.org).

I believe the ultimate responsibility for getting there is ours and no one else’s. Yes, we need partners to walk alongside us, but the success of our energy movement rests on African shoulders.

To begin with, I would love to see African energy stakeholders speaking in a unified voice about African energy industry goals.

This will be particularly important in COP29 in Baku. It is imperative that African leaders present a unified voice and strategy for African energy transitions. We must make Africa’s unique needs and circumstances clear and explain the critical role that oil and gas will play in helping Africa achieve net-zero emissions in coming decades.

I would encourage African leaders to talk about the need for financing, as well, to make it possible for us to adopt renewable energy sources and set up the necessary infrastructure. Africa will need global financial systems, including multilateral development banks, to play a significant role in financing our energy growth which must include fossil fuels.

Africa’s governments have a role to play in a successful African energy movement as well.

Because Africa’s energy industry still can benefit greatly from the presence of international oil companies, our government leaders need to approve contracts with oil and gas companies promptly instead of allowing red tape to delay projects after discoveries are made.

And, they need to offer the kinds of fiscal policies that allow oil companies to operate profitably in Africa. In turn, that will help those companies generate revenue, create jobs and business opportunities, and foster capacity building.

I also would encourage governments and civil societies to reward companies that exemplify positive behavior. Let’s incentivize the kind of activities we want, from creating good jobs and training opportunities to sharing knowledge.

I would love to see African energy stakeholders speaking in a unified voice about African energy industry goals

And there’s more.

We in Africa must work together to create more opportunities for women to build careers in the oil and gas industry at all levels. Our energy industry can’t reach its potential to do good when half of our population is left out. Our progress on behalf of women has not been great—We need to do better, and we need to act quickly.

How the world can support

Now, I mean it when I say Africans are responsible for building the future they want. But, I would love to see Western governments, businesses, financial institutions, and organizations support our efforts.

How? They can avoid demonizing the oil and gas industry. We see it constantly, in the media, in policy and investment decisions, and in calls for Africa to leave our fossil fuels in the ground. Actions like these, even as Western leaders have pushed OPEC to produce oil, are not fair, and they’re not helpful.

I also would respectfully ask financial institutions to resume financing for African oil and gas projects and stop attempting to block projects like the East African Crude Oil pipeline or Mozambique’s LNG projects.

Please understand that with the war in Ukraine, the energy crisis in Europe, and the energy poverty facing our continent, our countries, like many others, are simply choosing the paths they believe are most likely to help their people.

You know, people for years have accused me of loving oil and gas companies more than Africa. The opposite is true. In my frequent travels around the continent, I’ve observed far too many young people with little in the way of opportunities.

I know our young people have aspirations for a better future. I know they have big dreams. And, I know that future is nearly within their grasp.

A thriving, strategically managed energy industry can make it possible for many of these young people, whether it leads to good jobs or it fosters the kind of economic growth that creates jobs in other fields. Even if we only get the lights on in their communities, we’ll be giving our young people hope and improving their chances of realizing their goals.

This is what drives me, the idea that with our ongoing efforts and determination, our young people can realize meaningful opportunities. I encourage each of you to work with us at the African Energy Chamber, in a spirit of cooperation and mutual respect. Together, we can build the kind of African energy movement that our continent, our communities, and our young people need and deserve.

Distributed by APO Group on behalf of African Energy Chamber.

Continue Reading

Trending