Connect with us
Anglostratits

Business

African Energy Week (AEW) 2024 to Navigate the Future of Oil & Gas Financing Amid Energy Transition

Published

on

African Energy Chamber

The African Energy Week: Invest in African Energy conference will gather industry leaders to explore oil and gas financing tools and strategies in the age of the energy transition

CAPE TOWN, South Africa, September 9, 2024/APO Group/ — 

As the global energy landscape shifts towards cleaner and more sustainable sources, Africa’s oil and gas sector faces challenges in securing financing for upstream projects. Nearly $3 billion was mobilized toward African energy projects in 2023 – with a significant portion directed towards natural gas – according to the African Development Bank (AfDB). As global markets evolve, African financing strategies must adapt to support both economic growth and long-term sustainability.

The Financing Upstream Oil & Gas in the Age of Transition session at African Energy Week (AEW): Invest in African Energy will explore how African oil and gas projects are securing financing in a rapidly changing landscape. The session will unpack evolving regulatory frameworks, innovative financing models and the balance between traditional fossil fuel and renewable energy investments. Moderated by Laura Sima, Director of S&P Global Commodity Insights, the panel will feature Trafigura Group Head of Upstream Finance Matthieu Milandri; Africa Finance Corporation Vice President Taiwo Okwor; and Project & Export Finance Africa Managing Director & Regional Head Fathima Hussain.

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.

To address shifting investment priorities, a dedicated Africa Energy Bank (AEB) has been launched by the African Petroleum Producers Organization and African Export-Import Bank. To be based in Abuja, the AEB aims to bridge Africa’s infrastructure funding gap and accelerate the development of energy projects across the continent. As a supranational institution, the AEB will provide critical funds for emerging oil and gas projects across Africa, supporting the sector amid the global energy transition, and is currently open for signature by prospective member states.

African natural gas projects have been a leading destination for foreign investment, as gas is considered a cleaner alternative and even labeled as “green energy” in the EU. Projects like Senegal and Mauritania’s Greater Tortue Ahmeyim LNG – led by bp and Kosmos Energy – have secured $4.8 billion in investment from a mix of equity from the IOCs and debt financing supported by multilateral banks. Blended finance – combining both public and private sector capital – has emerged as a critical solution to mobilizing large-scale financing in Africa’s energy sector. The TotalEnergies-led Mozambique LNG project represents a total post-FID investment of $20 billion, of which $14.9 billion comes from senior debt financing including a blend of loans from export credit agencies, multilateral finance agencies like the International Finance Corporation and the AfDB, and commercial banks.

Significant capital is also flowing to high-potential hydrocarbon basins with strong exploration prospects. In Namibia, multinationals TotalEnergies and Shell are continuing to explore the deepwater Orange Basin, with TotalEnergies allocating 30% of its one-billion-dollar exploration budget to the country in 2024 alone. Namibia’s government has been active in courting global financiers, emphasizing the need for sustainable energy development alongside oil and gas exploration and production. In Angola, TotalEnergies, Petronas and state-owned Sonangol secured a $6-billion FID for the Kaminho deepwater project in Block 20 that will develop the Cameia and Golfinho ultra-deepwater fields. The project will employ an all-electric FPSO unit, designed to minimize greenhouse gas emissions and eliminate routine flaring. Independent upstream company Invictus Energy also recently secured $10 million from local institutional investors for its Cabora Bassa project in Zimbabwe to develop the country’s first major oil and gas field.

The upcoming finance session will also position public-private partnerships as a mechanism for financing large-scale energy infrastructure projects, as well as de-risking investments. The Republic of Congo has advanced the development of its Banga Kayo block through an amended PSC with China’s Wing Wah Oil Company, enabling the commercialization of the block’s gas resources. In Nigeria, the $2.6-billion Ajaokuta–Kaduna–Kano gas pipeline is being financed through both public and private funds, with the Nigerian National Petroleum Company as the main financier and international lenders including the Industrial and Commercial Bank of China and Bank of China involved. Nigeria’s Federal Government has provided a sovereign guarantee covering 85% of the project’s costs, securing crucial financing and building investor confidence.

Distributed by APO Group on behalf of African Energy Chamber.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

Published

on

Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

Continue Reading

Business

South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

Published

on

Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

Continue Reading

Business

Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

Published

on

Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

Continue Reading

Trending