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In the Energy Transition Era, Africa Should Prioritize its Own Development

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MSGBC

Speaking during the closing Ministerial panel of the MSGBC Oil, Gas & Power 2022 conference, regional ministers made a strong case for the need to develop Africa before transitioning to renewables

DAKAR, Senegal, September 3, 2022/APO Group/ — 

Ushering MSGBC Oil, Gas & Power 2022 (https://bit.ly/3a4fuRb) to a triumphant close, the final Ministerial panel of the conference convened under the theme, “The Future of Africa’s Energy: COP27 and the Road Ahead,” presenting a unified African position on energy autonomy and security ahead of the UNFCCC’s 27th Conference of Parties in Sharm El-Sheikh, Egypt at the end of the year.

Speakers included H.E. Sophie Gladima, Minister of Petroleum and Energies of the Republic of Senegal; H.E. Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers’ Organization; H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of the Republic of Equatorial Guinea; H.E. Bruno Jean-Richard Itoua, President of OPEC and Minister of Hydrocarbons of the Republic of the Congo; Hon. Tom Alweendo, Minister of Mines and Energy of the Republic of Namibia; and Milton Catelin, Secretary General of the International Gas Union. NJ Ayuk, Executive Chairman of the African Energy Chamber, moderated the session. 

During the ministerial panel, speakers emphasized that up until now, climate change policies have largely been dictated by western and environmental organizations, organizations which have failed to consider Africa’s energy crisis.

“There is nothing different from a just transition other than what is already in the Paris Agreement. There is a principle about equity and the ability of countries to transition in the agreement. The developed countries eventually agreed to it. They didn’t like it, but they agreed to it. Let’s talk about what we can do. What we are saying is that we must not be forced to do what will destroy our future and our children. We need energy to sustain our future generation. Those who are responsible for the mess we see today, should be responsible for change,” said H.E. Dr. Ibrahim.

“When somebody is sick, you need to diagnose what is wrong. If you do a bad diagnosis, you will never cure it. I believe that the Paris Agreement was not a good diagnosis,” H.E. Minister Lima expressed, adding that, “I am not pro fossil fuel; I am pro fossil fuel for Africa. Developed nations enjoyed the resource, they contaminated the world, they should be the ones who change their lifestyle. To tell Africa to stop fossil fuels is unfair. I am pro fossil fuels for Africa so that we can develop.”

As such, Africa needs its own Africa-focused approach to mitigating climate change while correspondingly eradicating energy poverty.

Only Africa’s hydropower potential will enable us to cover the needs of people in Africa

“Only Africa’s hydropower potential will enable us to cover the needs of people in Africa. Considering solar, where no one can compute the amount, and if you add gas and wind, Africa is in excess of energy. When you look at policies of Africa in terms of development, energy has never been a priority in Africa. We have never been able to make energy a priority at national level. The difference today is that the discourse we are having is that African should be prioritized. This is the first-time people are talking about this. This is not the Paris Agreement or the energy transition but to make sure the energy potential in Africa is made available to the continent,” H.E. Itoua stated.

According to Hon. Alweendo, “Namibia is developing green hydrogen simply because we have the natural resources to be able to harness it. Green hydrogen is not likely to be the source for electricity. This is mostly for hard to abate industries, the manufacturing and mining. It is more for movement and transportation and not so much for giving electricity to the people. Therefore, gas to power remains part of the solution.”

The crucial importance of aligning African narratives on matters of energy and climate was underlined following yesterday’s Dakar Declaration joint statement endorsed by the ministers, now set to be taken forward to the G7 and G20 summits before finally arriving at COP27.

“People talk about energy transition, but before you talk about it, you need to have energy. The voice of Africa should be heard. We must exploit our resources. Yes, we must think of protecting the planet but we must think of humankind on this continent. Gas has the opportunity to provide fertilizer to feed Africa, should we say no to it? We have to work hand in hand so as to exploit our resources. For COP27, the voice of Africa should be heard. Where decisions are made, Africa must be there,” stated H.E. Gladima.

“Africa is the future for the world. Africa is the hope for the world, it offers solutions and practical considerations around global issues. This continent brings a practical approach to the challenges we face such as climate change. Without having a healthy growing economy, you do not have the inclination of resources or the time to devote to stewardship of the environment. The most robust arguments about the environment are put forward by wealthy countries that have developed economies. Renewables have an important role to play globally, but gas has an important role to play globally and locally. Renewables have an important role but it is only something you can do with a developed economy. In terms of hydrogen, this will be part of the global mix and part of the solution, whether it’s a solution for Africa is a different question. This is a question that needs to be answered by Africa,” stated Catelin.

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

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Golar Liquefied Natural Gas (LNG),Chief Commercial Officer (CCO) Joins Invest in African Energy (IAE) 2025 Speaker Lineup

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Liquefied Natural Gas

Federico Petersen, Chief Commercial Officer of Golar LNG, will share his expertise on the future of LNG in Africa and the role of floating LNG solutions in driving the continent’s energy transformation at the Invest in African Energy Forum in Paris next month

PARIS, France, April 25, 2025/APO Group/ –Federico Petersen, Chief Commercial Officer (CCO) of Golar LNG, will join the upcoming Invest in African Energy (IAE) 2025 Forum in Paris to discuss scaling LNG in Africa, overcoming infrastructure challenges and attracting investment. With Africa rapidly expanding its gas infrastructure, Petersen’s insights are expected to showcase how innovative LNG solutions can support sustainable energy growth across the continent.

As a global leader in floating LNG (FLNG) solutions, Golar LNG is advancing gas monetization across Africa. The company is actively involved in several key projects, including the Hilli Episeyo FLNG facility off the coast of Cameroon, operational since 2018, which plays a crucial role in unlocking regional gas resources with cost-effective, scalable LNG production. Golar LNG is also a key player in the Greater Tortue Ahmeyim project offshore Senegal and Mauritania, where it owns and operates the Gimi FLNG, which received its first feed gas in January 2025, marking a major milestone in LNG export operations.

IAE 2025 (https://apo-opa.co/3ECl25bis an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 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. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Additionally, Golar LNG is exploring further opportunities across the continent, including ventures in the Republic of Congo and Nigeria. In June 2024, the company signed an agreement with the Nigerian National Petroleum Corporation to deploy an FLNG vessel in the Niger Delta, utilizing 500 million cubic feet of gas per day to generate LNG, propane and condensate, with a final investment decision expected later this year.

The growth of LNG in Africa is set to accelerate in the coming years as key markets seek to tap into their vast natural gas reserves. As such, Petersen’s participation at IAE 2025 is poised to showcase the pivotal role of FLNG in enhancing energy security, driving economic growth and fostering regional cooperation.

As the global energy landscape shifts toward cleaner, more sustainable sources, LNG will remain crucial in powering Africa’s future, offering a reliable transition fuel to support the continent’s ambitious energy goals. With IAE 2025 as a platform for high-level dialogue and partnerships, the forum will provide an invaluable opportunity for stakeholders to explore the latest LNG developments, deepen collaboration and drive investments that will shape the future of African energy.

Distributed by APO Group on behalf of Energy Capital & Power

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VFD Group Plc Reports Remarkable Growth in Audited Financial Statement for 2024 Financial Year

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VFD Group Plc

Net investment income surged by 95% to N59.0 billion, despite a spike in investment expenses to N15.5 billion from N7.4 billion in 2023

LAGOS, Nigeria, April 25, 2025/APO Group/ –In a stunning turnaround, VFD Group Plc (https://VFDGroup.com), a proprietary Investment firm, has announced its audited financial results for the year ended December 31, 2024, showcasing exceptional growth. The journey to this milestone was paved with strategic initiatives and a relentless pursuit of innovation.

Just a year ago, businesses globally struggled with macroeconomic headwinds, and VFD Group, not an exception, reported a pre-tax loss of N1 billion in 2023. However, the team’s dedication and forward-thinking approach yielded impressive results. The Group reported a pre-tax profit of N11.2 billion, representing a 1202% year-on-year growth.

Net investment income surged by 95% to N59.0 billion, despite a spike in investment expenses to N15.5 billion from N7.4 billion in 2023. Net revenue increased by 90% to N71.0 billion, while operating profit grew by an impressive 104% to N48.8 billion.

The company’s financial performance was nothing short of remarkable, with notable achievements including:

– Investment and similar income: N74.6 billion, up 98% YoY

– Net investment income: N59.0 billion, up 95% YoY

– Net revenue: N71.0 billion, up 90% YoY

– Operating profit: N48.8 billion, up 104% YoY

– Pre-tax profit: N11.2 billion, a significant turnaround from a N1 billion loss in 2023

As of April 22, 2025, VFD Group’s market capitalisation surged by 116% to hit N121.6 billion from N56.2 billion year to date.

These outstanding results reflect the success of our team’s efforts. As VFD Group looks to the future, it remains committed to delivering exceptional value to its customers and stakeholders.

Distributed by APO Group on behalf of VFD Group Plc.

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African Energy Chamber (AEC) Champions Smart Policy, Strategic Partnerships to Advance Namibia’s Oil & Gas Discoveries

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African Energy Chamber

The African Energy Chamber is a strategic partner of the Namibia International Energy Conference, which kicked off today in Windhoek

WINDHOEK, Namibia, April 24, 2025/APO Group/ –As a strategic partner of the Namibia International Energy Conference (NIEC), the African Energy Chamber (AEC) (www.EnergyChamber.org) is calling for a deliberate and accelerated approach to moving Namibia’s recent oil and gas discoveries into production – emphasizing the importance of speed, investor confidence and strategic collaboration.

Speaking during a high-level panel at NIEC 2025, AEC Executive Chairman NJ Ayuk urged Namibia to seize the momentum of its frontier discoveries, while avoiding the pitfalls that have stalled progress in other hydrocarbon-rich African nations. He emphasized that Namibia’s path to becoming a regional energy hub hinges on its ability to learn from international case studies and execute deals that ensure long-term national benefit.

“Namibia needs to move fast, produce quickly and negotiate the best deals with its partners to ensure the rapid development of its oil discoveries,” Ayuk stated. He pointed to Guyana as a prime example, noting how the South American country developed a robust strategy focused on national benefit and successfully attracted billions in investments to fast-track its energy projects.

Namibia needs to move fast, produce quickly and negotiate the best deals with its partners to ensure the rapid development of its oil discoveries

In contrast, Ayuk cautioned against the delays experienced by countries like Mozambique, Tanzania, Uganda and South Africa, where production was significantly postponed, leading to rising project costs and lost opportunities. “There is a growing movement trying to discourage Africa – and Namibia – from producing its oil and gas. We must resist that,” he added.

Reinforcing the need for investor-friendly terms, Justin Cochrane, Africa Upstream Regional Research Director at S&P Global Commodity Insights, highlighted the necessity of contract stability, transparent data-sharing and a balanced approach to fiscal negotiations. “It’s natural that Namibia wants to maximize its benefits, but pushing too hard on IOCs can result in getting 100% of nothing… The first milestone must be achieving first oil,” said Cochrane.

Representing Namibia’s national oil company, Victoria Sibeya, Interim Managing Director of NAMCOR, stressed that the company is actively engaged in every phase of the industry, from data acquisition and exploration to shaping the downstream and midstream vision. “We are not just bystanders,” said Sibeya. “NAMCOR is deeply involved in data acquisition, exploration and the exchange of knowledge and technology with our partners. We are also preparing to invest in downstream and midstream sectors to ensure that we can add value once production begins.”

Echoing the call for local development, Adriano Bastos, Head of Upstream at Galp, underscored the need for early and continuous skills development – proposing that Namibians be trained abroad in specialized areas like FPSO operations to ensure they are prepared to lead once production begins at home. “Namibia has capabilities that are rare in the region, but more collaboration with international partners is essential to build the local skills base,” he said.

Bastos noted that Namibians make up 25% of Galp’s workforce in the country, including its first female offshore base manager. “We are proud of the strides we have made. Our nationalization plans are aggressive, and we work closely with [the Namibian Ports Authority] and other local entities to implement meaningful capacity-building projects.”

As Namibia stands on the cusp of transforming exploration success into production, the message from industry leaders is clear: time, trust and talent will determine the country’s trajectory. Through cross-border collaboration, pragmatic deal-making and a strong national vision, Namibia can emerge not just as an oil producer – but as a continental model for inclusive, forward-thinking energy development.

Distributed by APO Group on behalf of African Energy Chamber

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