Connect with us

Business

Interview: Invictus Energy Managing Director (MD) discusses Success and Capital Raising in African Exploration

Published

on

Invictus Energy

In an exclusive interview with the African Energy Chamber, Invictus Energy Managing Director Scott Macmillan showcased how the company has managed to achieve success in the southern African market

CAPE TOWN, South Africa, March 15, 2024/APO Group/ — 

Across Africa’s proven and promising hydrocarbon basins, independent oil and gas companies are playing a central role in driving exploration and resource monetization while getting large-scale projects off the ground. These companies have been at the forefront of notable developments throughout the continent, with Australia’s Invictus Energy actively exploring the Muzarabani and Cabora Bassa basins in Zimbabwe.

Ahead of this year’s African Energy Week (AEW) (https://AECWeek.com) conference and exhibition – taking place in Cape Town on November 4-8 – an interview with Invictus Energy Managing Director Scott Macmillan showcased how the company has managed to achieve success in the southern African market.

Raising Capital for oil and gas projects in the energy transition era requires innovative financing mechanisms. What strategies is Invictus Energy implementing to raise capital?

Raising capital for oil and gas projects has been challenging, particularly in the exploration space, which comes with high risk and no guarantee of achieving success and making a discovery. We have been very fortunate to have had excellent support from our shareholders who have funded our exploration activity to date. Post the gas-condensate discovery at Mukuyu-2 we have now de-risked the asset and – with a tangible resource base – it opens additional options for the company to fund the future work program. We have a high amount of equity in our licence (80%), and it provides us with flexibility on a number of fronts. These options include farming out an interest to other E&P companies, financing from regional development banks, strategic local investors that are positioning to become a part of a new industry in Zimbabwe and pre-payment for future offtake.

Invictus Energy announced a gas discovery at the Mukuyu-2 well in Zimbabwe last December. What is the status of the drilling campaign? Is a development plan in place?

The Mukuyu-2 well has been safely suspended along with the Rig 202 stacked at the wellsite in preparation for a future flow test. The flow test design work is being undertaken to determine the long leads and mobilisation plan for the test given the relatively remote location. We are also planning a 3D seismic survey over the Mukuyu field, which will assist in determining future appraisal and development well locations for an early phase development.

With regards to a development plan, we envisage Mukuyu to be a phased development consisting of an initial pilot project to provide early revenue and demonstrate proof of concept. That will be followed by a more traditional full field development plan to commercialise a large volume of gas through gas-to-power, gas to fertiliser and feedstock for industrial customers as well as small scale LNG and compressed natural gas for end users that are not proximal to the pipeline network.

Invictus Energy signed a gas supply MoU with Mbuyu Energy in December 2023 for feedstock related to a 500 MW gas-to-power project. How does the project align with Invictus Energy’s strategic plans in Zimbabwe?

We see gas playing a critical role in the industrialisation of the country and gas-to-power is probably the biggest opportunity in Zimbabwe for us to monetise large volumes of gas given the energy deficit in the country. This energy deficit is going to be exacerbated in future due to increasing energy demand from some of the intensive energy users such as the mining houses and large industrial consumers and their need for reliable and affordable power is greater than ever and crucial for their businesses. 500MW is just the start and it is estimated that an additional 2,500MW of new power generation is required to meet demand in the next few years.

Due to our proximity to the electricity network, through a gas-to-power development we can utilise the grid as a virtual pipeline to deliver electrons to end users which significantly reduces development cost and timeline of the initial phases of full field development.

Does Invictus Energy have plans to expand regionally, given the untapped potential in neighboring countries?

We do have ambitions to expand regionally dependent upon the ultimate reserves from our licence area as there is a significant power and gas shortfall in South Africa and untapped potential in countries such as Zambia. We can export electricity through the Southern Africa Power Pool (SAPP) and with our project located within 100km of 3 major SAPP interconnectors it provides us with the ability to export across the region using the existing infrastructure.

There is also an opportunity to export gas to South Africa by joining into the ROMPCO pipeline from Mozambique which has a captive market in South Africa and fetches premium pricing. South Africa is facing a 1 billion cubic foot per day shortfall in gas supply by 2030 which is obviously a huge opportunity for a resource like ours that is strategically placed to fill the void.

Invictus Energy participated in the African Energy Week: Invest in African Energy conference in 2023. What are you looking forward to most regarding this year’s conference and can we expect any deals or announcements to be made by Invictus?

AEW is a fantastic event that is growing and getting better every year and we are looking forward to building on the relationships that we have established in previous years as well and the new ones that will undoubtedly be formed. There are always new ideas sparked by panels and presentations and new business opportunities generated from conversations.

Whilst we can’t reveal any deals or announcements as of yet, given our activity and ambition to drive our project ahead there will definitely be some news for us to deliver at the conference.

Distributed by APO Group on behalf of African Energy Chamber.

Business

Ghana Gas Chief Executive Officer (CEO) Joins African Energy Week 2024 (AEW) Amid Drive for Accelerated Project Development

Published

on

Benjamin Asante, CEO of Ghana’s national gas company, will share insight into the country’s emerging investment opportunities and project pipeline at this year’s African Energy Week: Invest in African Energy conference

CAPE TOWN, South Africa, September 24, 2024/APO Group/ — 

Benjamin Asante, CEO of Ghana Gas – the country’s national gas company – has joined the African Energy Week (AEW): Invest in African Energy conference as a speaker. Taking place November 4-8 in Cape Town, the event unites global investors and project developers with African projects. Asante’s return to the event underscores a commitment to driving projects forward in the country, as Ghana Gas seeks foreign funding to fuel development and production.

Under the Gas Master Plan – a market growth plan covering the period up to 2040 – Ghana is targeting increased investments in gas-related infrastructure. In addition to increasing oil production, the country seeks to diversify the energy sector by bolstering the natural gas value chain. Aiming to achieve universal access to electricity by 2030 while boosting petrochemical production, the country offers a wealth of opportunities for investors and project developers. Asante will delve into these opportunities at AEW: Invest in African Energy 2024.

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 http://www.AECWeek.com for more information about this exciting event.

Ghana Gas continues to be instrumental in the market as it collaborates with foreign companies, promotes newfound investment and drives long-term economic growth

In line with efforts to boost national gas production, Ghana expects the Tema FLNG plant – situated near the capital city Accra – to start production by the end of the year. The project comprises the requisite infrastructure to import, store, regasify and deliver LNG to off-takers in the Greater Accra Area. Operated by private equity company Helois Investment Partners, the $350 million project will have a capacity of 1.7 million tons of gas per year and is set to play a major part in meeting domestic demand.

In addition to Tema FLNG, Ghana expects production to start at the Atuabo II Gas Processing Plant in 2025. The project – developed by Ghana Gas and joint venture partners – features a second processing plant at the Atuabo project in the Ellembele District of the western region of the country. With an initial capacity of 150 million standard cubic feet per day, the project can be expanded to 300 million standard cubic feet per day and will process LNG, propane, butane and pentane condensates.

Downstream, the country is focusing on expanding gas infrastructure to not only support the development of new concessions but strengthen the domestic uptake of gas. Energy company Genser Energy commissioned a 100km natural gas pipeline in April 2024, transporting gas from western Ghana to power the 250 MW Kumasi I Thermal Power Plant. Known for its small- and medium-scale commercial and industrial enterprises, northern Ghana stands to benefit from a direct supply of gas from the country’s resource-rich provinces. Upon completion, the project will form part of a network that spans 420 km, supplying gas to power generation facilities such as the 500 MW AKSA and 330 MW CENIT facilities.

“Natural gas stands to play a major part in spurring electrification and industrialization in Africa. Ghana, rich in gas resources and with attractive energy policies, is laying the foundation for a new era of gas development in the country. Ghana Gas continues to be instrumental in the market as it collaborates with foreign companies, promotes newfound investment and drives long-term economic growth through inclusive projects,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

During AEW: Invest in African Energy 2024, Asante will provide an update on the country’s natural gas project pipeline, delving into emerging opportunities and industry challenges. His participation opens new pathways for collaboration, representing a strategic opportunity for companies across the entire gas value chain.

Distributed by APO Group on behalf of African Energy Chamber.

Continue Reading

Business

Nigeria set to become the first West African manufacturing hub for insecticide-treated nets in the battle against malaria

Published

on

The African continent accounts for almost 95% of the world’s malaria cases – one quarter of these are in Nigeria

ABUJA, Nigeria, September 24, 2024/APO Group/ — 

Vestergaard Sàrl (https://Vestergaard.com/) announced today that the Government of the Federal Republic of Nigeria, acting through the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), has signed a Memorandum of Understanding (MoU) with the company, as an initial step to establish the country as the first West African manufacturing hub for insecticide-treated nets (ITNs) to combat malaria – and the first on the continent to produce dual active-ingredient nets to help combat insecticide resistance.

Nearly every minute (https://apo-opa.co/4eqUoIY), a child under 5 years old dies from malaria. The African continent accounts for almost 95% (https://apo-opa.co/4ecJ8jD) of the world’s malaria cases – one quarter of these are in Nigeria. New approaches are needed to boost access to tried-and-tested, cost-effective tools to combat the disease, and local manufacturing of nets, medicines and vaccines is a priority for the continent (https://apo-opa.co/47HfNLM).

The MoU announced today lays the foundation for Vestergaard to establish a joint venture with a local manufacturing partner in Nigeria, potentially supported by MedAccess, a social investor founded by British International Investment, the UK’s development finance institution and impact investor. Selection of an appropriate partner is currently underway and will be subject to the satisfactory conclusion of a due diligence process. Vestergaard is also discussing opportunities for financing with the U.S. International Development Finance Corporation (DFC).

If successful, the joint venture will result in a state-of-the-art manufacturing facility that is expected to function as a flagship on ITN quality and bioefficacy performance, as well as industrial health, safety and sustainability practices. At scale, the planned facility would produce 10 million PermaNet® Dual long-lasting insecticidal nets every year, for both domestic use in Nigeria and international export. It would create around 600 jobs in Nigeria.

We cannot afford to underestimate the power of prevention in our fight against malaria

Dr Muhammad Ali Pate, Hon. Minister of Health for Nigeria, said: “Increasing access to long-lasting insecticide-treated nets is crucial. We cannot afford to underestimate the power of prevention in our fight against malaria. Collaborative efforts, such as this, are essential to mobilizing the resources and expertise needed to combat malaria effectively.”

Dr Abdu Mukhtar, National Coordinator of PVAC, said: “High standards in local production are non-negotiable. By investing in local bed net production, we are not only improving health outcomes but also paving the way for a self-sufficient healthcare system that can withstand global challenges. This partnership with Vestergaard is a significant step towards attaining this for Nigerians and the broader West African population. ”

Michael Anderson, CEO of MedAccess, said: “Next generation mosquito nets are powerful tools to save lives and prevent debilitating disease. Regional manufacturing is in turn a critical tool to ensure that the nets are available quickly, reliably, and sustainably. This agreement between the Government of Nigeria and Vestergaard underlines an important commitment to protecting people from malaria while strengthening supply chain resilience in the region. MedAccess is looking forward to working in partnership to explore how innovative finance can support this initiative.”

Jim Polan, Vice President, Office of Health & Agribusiness at the U.S. International Development Finance Corporation (DFC), said: “DFC’s investments in regional manufacturing, particularly in Africa, aim to strengthen health system resilience and diversify supply chains. We are exploring a variety of opportunities to expand access to critical health products, including bed nets, to ensure the region is better prepared to respond to malaria and other vector-borne transmission due to changing climate patterns.”

Amar Ali, CEO of Vestergaard, said: “This partnership exemplifies the leadership and commitment of the Nigerian government in the fight against malaria. We are very grateful for their engagement and support as we work together with partners to create a cutting-edge facility that will set a global benchmark in the manufacturing of dual-insecticide nets.”

Distributed by APO Group on behalf of Vestergaard Sàrl.

Continue Reading

Business

Azentio unveils the REACH partner program to accelerate growth and expand Enterprise Resource Planning (ERP) ecosystem

Published

on

By joining this program, partners will gain access to Azentio’s comprehensive suite of ERP solutions, equipping them with the tools and resources needed to deliver exceptional value to their clients

SINGAPORE, Singapore, September 24, 2024/APO Group/ — 

Azentio Software (“Azentio”) (www.Azentio.com), a leading provider of enterprise software solutions, today announced the launch of the REACH partner program, an initiative designed to transform the organisations ERP ecosystem by offering firms unprecedented opportunities to become go-to-market partners within Azentio’s robust network.

The REACH partner program embodies Azentio’s commitment to fostering strong, collaborative relationships with industry leaders and driving innovation in the ERP landscape. By joining this program, partners will gain access to Azentio’s comprehensive suite of ERP solutions, equipping them with the tools and resources needed to deliver exceptional value to their clients.

We believe that by empowering our partners with our technology and support, we can collectively drive greater success and innovation in the ERP space

Key features of the REACH program include:

  • Demand generation collaboration: REACH partners will benefit from co-branded marketing materials, lead generation campaigns, and joint sales initiatives, enabling them to create and capture demand effectively.
  • Access to advanced technology: The program provides partners with the opportunity to offer their clients the full suite of Azentio’s SaaS powered ONEERP solutions, including financials, supply chain management, manufacturing, and distribution cloud verticals. This robust platform is engineered for scalability and flexibility, making it ideal for small and medium-sized enterprises (SMEs).
  • Dedicated support and training: The REACH program includes ongoing partner enablement from a dedicated team of partner success managers (PSMs), ensuring partners are equipped to sell, onboard, and support Azentio ONEERP solutions effectively.
  • Collaborative Innovation: Partners will have the opportunity to collaborate closely with Azentio’s team, contributing to the ongoing evolution of ERP software and shaping the future of the industry.

Amit Pant, ONEERP Channel Leader at Azentio, commented, “We are excited to launch the REACH partner program, a transformative initiative that represents a significant milestone for Azentio and our partners. Our vision with REACH is to create a dynamic ecosystem where consulting and implementation firms can seamlessly integrate our world-class ERP solutions into their offerings, enhancing their capabilities and expanding their market reach. This program will see Azentio building and empowering a vibrant network of partners who are as passionate about delivering exceptional ERP solutions as we are. We believe that by empowering our partners with our technology and support, we can collectively drive greater success and innovation in the ERP space.”

Distributed by APO Group on behalf of Azentio Software Private Limited.

Continue Reading

Trending

Exit mobile version