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The African Energy Chamber Commends Equatorial Guinea for Expanding Contracts for Block G

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3 years ago

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Trident Energy

The expansion of the production sharing contract for Block G represents a step in the right direction for Equatorial Guinea as the country moves to scale up investment and production

JOHANNESBURG, South Africa, May 10, 2022/APO Group/

International oil company Trident Energy and its joint venture (JV) partners have announced the extension of the production sharing contract (PSC) for Block G offshore Equatorial Guinea to December 31, 2040.

The decision made by the Ministry of Mines and Hydrocarbons of Equatorial Guinea to extend the PSC for Block G, under the leadership of H.E. Gabriel Mbaga Obiang Lima, represents a step in the right direction towards increasing investments and maximizing the exploration, exploitation and monetization of the country’s hydrocarbon resources. In this regard, the African Energy Chamber (AEC) congratulates oil and gas companies, Trident Energy, Kosmos Energy, Panoro Energy and GEPetrol, for extending their PSC for Block G with the Ministry of Mines and Hydrocarbons of Equatorial Guinea.

With the hydrocarbons sector contributing 90% of Equatorial Guinea’s GDP, and only 66% of the population with access to energy, expanding the industry will be crucial in addressing energy poverty and driving industrialization and economic growth.

Trident Energy’s top-notch health, safety and environmental team and high standard business practices have led to optimal maintenance and low-cost oil production in the bloc

Operated by Trident Energy which has a 40.375% working interest, Block G is located in the shallow and deep waters in the Rio Muni basin and comprises oil producing fields, Ceiba and Okume, which Trident Energy and its partners had initially planned to explore, maintain and produce from through 2029 and 2034, respectively, before the extension of the PSC. Trident Energy has been instrumental in the success of the block since its acquisition from Hess. Since the company’s first drilling campaign in Equatorial Guinea, Trident Energy’s top-notch health, safety and environmental team and high standard business practices have led to optimal maintenance and low-cost oil production in the bloc.

By extending the PSC, Equatorial Guinea continues with efforts to revitalize the energy sector through increasing investments, exploration, production, infrastructure rollout and the participation international independents in line with the country’s Gas Mega Hub initiative which is designed to position the country as a regional and international hydrocarbons hub.

With the drilling of new wells in Block G anticipated in the second half of 2023, the expansion of the PSC brings additional investments from Trident Energy and its partners in the bloc, leading to a series of exploration activities which will increase both the companies’ and Equatorial Guinea’s oil and gas production capacity.

While the development provides Trident Energy and its partners with more time to explore the bloc, Equatorial Guinea needs to accelerate the exploration of its rich basins and increase the number of companies operating across the oil and gas value chain. Keeping market-driven oil and gas firms operating is essential for the country, and thus, the AEC calls for Equatorial Guinea to attract more companies, accelerating exploration and project development to ensure the success of its energy market.

“Despite some of the majors exiting the African oil and gas market, independents will continue to play a huge role in bringing in new investments and increasing exploration and production. The AEC commends the decision made and message sent to the market by Equatorial Guinea,” states NJ Ayuk, Executive Chairman of the AEC, adding that, “As Equatorial Guinea continues to position itself at the forefront of the continent’s natural gas revolution, maximizing the production and exploitation of its 1.1 billion barrels of oil reserves to address energy poverty, there is a need for the country to fast-track exploration activities to avoid being left with stranded assets. This is what Trident, and its JV partners are doing.”

In light of these developments, the AEC urges Equatorial Guinea to introduce additional fiscal reforms and incentive packages to attract investments and accelerate the development of the country’s sizeable oil and gas reserves. Equatorial Guinea has the chance to ensure the market is even more attractive for foreign companies and investors, and by implementing regulatory and business reforms, the ministry can fast-track the development of the country’s oil and gas market in 2022 and beyond.

Distributed by APO Group on behalf of African Energy Chamber.

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Africa Finance Corporation (AFC) Leads up to €2 Billion Syndicated Facility in Largest-Ever Global Loan Syndication for Bank of Industry

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7 hours ago

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December 3, 2024

By

Africa Finance Corporation

The transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa

LAGOS, Nigeria, December 3, 2024/APO Group/ — 

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, today announced its role as Global Coordinator, Lead Co-Arranger, Underwriter, Bookrunner, and Guarantor in the successful syndication of an up to €2 billion facility for Bank of Industry (BOI), Nigeria’s largest and most impactful development finance institution. The transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa.

Proceeds of the facility will be used for general corporate purposes including to finance trade and trade related projects of eligible corporates in Nigeria. The facility was syndicated at two levels with AFC, Standard Chartered Bank, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited, acting through its Rand Merchant Bank division (London Branch), Mashreqbank PSC, SMBC Bank International PLC, Absa Bank (Mauritius) Limited, Absa Bank Limited (acting through its Corporate and Investment Banking division) and Export-Import Bank of India London Branch acting as part of a senior syndicate, together raising an initial €1.43 billion. Following this, AFC led a general syndication, through which an additional €447 million was raised, bringing the total transaction to €1.9 billion, representing an oversubscription of 87%. The facility is expected to further grow to €2 billion.

This landmark global loan syndication is significant for Nigeria and BOI, as the institution was able to successfully tap the international capital market at a time when credit is scarce and prohibitively expensive. It also highlights market confidence in BOI and AFC as leading financial institutions, demonstrating the power of collaboration and innovation between African financial institutions. 

This successful syndication is a significant milestone achievement, not only for BOI but for Africa’s financial landscape as a whole

“This successful syndication is a significant milestone achievement, not only for BOI but for Africa’s financial landscape as a whole. We are proud to have played a central role in this historic global loan syndication, solidifying AFC’s position as a trusted bridge between global investors and infrastructure projects in Africa,” said Banji Fehintola, Executive Board member & Head of Financial Services at AFC. “Our sincere appreciation also goes to our Joint Coordinator and partner Standard Chartered Bank and all other banks that participated in making this transaction a huge success,” he added.

“This financing, the sixth international capital raising for BOI, is the largest fundraising in our history and the largest syndication in the history of African development finance institutions. A key constant in achieving this success is the continued support of our international funding partners, including AFC. We are grateful for the unique role that AFC played to make this transaction a success,“ said Dr. Olasupo Olusi, the Managing Director of BOI.

As part of the syndication, AFC leveraged its A3 (stable outlook) investment-grade rating, recently affirmed by Moody’s, to bring together an international consortium of financial institutions. The transaction aligns with the Corporation’s mission to provide pragmatic solutions that close the continent’s infrastructure gap, accelerate industrialisation, and enhance Africa’s economic resilience against global economic challenges.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

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Board Accepts Carlos Tavares’ Resignation as Chief Executive Officer

Published

8 hours ago

on

December 3, 2024

By

Stellantis

The process to appoint the new permanent Chief Executive Officer is well under way, managed by a Special Committee of the Board, and will be concluded within the first half of 2025

AMSTERDAM, The Netherlands, December 3, 2024/APO Group/ —

  • Creation of Interim Executive Committee to be chaired by John Elkann
  • New CEO will be appointed in the first half of 2025
  • Full year 2024 financial guidance confirmed

Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO

Stellantis N.V. (“Stellantis” or “the Company”) (www.Stellantis.com) announces that the Company’s Board of Directors, under the Chairmanship of John Elkann, accepted Carlos Tavares’ resignation from his role as Chief Executive Officer with immediate effect.

The process to appoint the new permanent Chief Executive Officer is well under way, managed by a Special Committee of the Board, and will be concluded within the first half of 2025. Until then, a new Interim Executive Committee, chaired by John Elkann, will be established.

Stellantis confirms the guidance it presented to the financial community on October 31, 2024, in respect of its full year 2024 results.

Stellantis’ Senior Independent Director, Henri de Castries, commented: “Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO. However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision.”

Chairman John Elkann said: “Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis, in addition to the previous turnarounds of PSA and Opel, setting us on the path to becoming a global leader in our industry. I look forward to working with our new Interim Executive Committee, supported by all our Stellantis colleagues, as we complete the process of appointing our new CEO. Together we will ensure the continued deployment of the Company’s strategy in the long-term interests of Stellantis and all of its stakeholders.” 

Distributed by APO Group on behalf of Stellantis.

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Shakwa Nyambe Ranked as a Highly Regarded Lawyer for Oil and Gas in Namibia by IFLR1000 2024 Rankings

Published

9 hours ago

on

December 3, 2024

By

Shakwa Nyambe

IFLR1000 is an internationally esteemed guide that ranks leading lawyers and firms based on their expertise and impact across practice areas

WINDHOEK, Namibia, December 3, 2024/APO Group/ — 

Shakwa Nyambe, the Managing Partner of SNC Incorporated (www.SNCLawGroup.com), has been recognised as a Highly Regarded Lawyer for Oil and Gas in Namibia by the IFRL1000 rankings of 2024. He is specifically recognised for his exceptional work in the practice area of Projects: Energy, with a focus on the Oil and Gas industry, further cementing his reputation as a world-renowned Energy, Oil and Gas, Natural Resource and Commercial Lawyer.

IFLR1000 is an internationally esteemed guide that ranks leading lawyers and firms based on their expertise and impact across practice areas. Being ranked as a Leading Lawyer for Oil and Gas by this global institution places Shakwa among the most influential individuals in Namibia’s Oil and Gas sector and highlights his invaluable contributions to the field.

Shakwa Nyambe’s recognition is a reflection of his understanding of the complexities of the Oil and Gas industry and his ability to provide innovative solutions to clients navigating the challenges of this sector. As the Managing Partner of SNC Incorporated, a full-service energy, natural resources, corporate & commercial law and dispute resolution law firm, Shakwa has built a legacy of excellence in the legal and commercial sectors. His experience encompasses, advising international corporations, state-owned enterprises, governments, and individuals in oil & gas, renewable energy, and mining projects, and provision of legal services in matters ranging from mergers and acquisitions, commercial transactions, and corporate governance to project financing as well as rendering advisory services on general commercial matters.

To be acknowledged as a Highly Regarded Lawyer by IFLR1000 in Namibia for my work in Energy and Oil & Gas is a profound honour

Shakwa is the President-Elect of the Association of International Energy Negotiators (AIEN) for the period 2024 – 2025 and will take over the Presidency for the period 2025 – 2026. His qualifications include, amongst others, a Master of Laws (LLM) in Oil and Gas Law with Professional Skills from the University of Aberdeen in the United Kingdom, a Postgraduate Diploma in Drafting and Interpretation of Contracts from the University of Johannesburg and an Executive Diploma in Global Business (Master’s Level) from the Saïd Business School, University of Oxford.

His expertise and strategic guidance have made him the go-to advisor for international oil companies, energy companies, mining companies. multinational corporations and local entities engaged in Namibia’s energy development.

This acknowledgment comes at a critical moment for Namibia, as the country is emerging as a significant player in the global energy market, driven by transformative discoveries in the Orange Basin by major international companies. Shakwa’s legal and strategic leadership has been instrumental in helping stakeholders capitalize on these opportunities while ensuring compliance with Namibia’s regulatory landscape.

Commenting on the rankings, Shakwa Nyambe stated, “To be acknowledged as a Highly Regarded Lawyer by IFLR1000 in Namibia for my work in Energy and Oil & Gas is a profound honour. It reflects not just my efforts but the dedication of the team at SNC Incorporated and the trust of our clients. This motivates me to continue raising the bar for legal and business excellence in Namibia’s oil and gas sector.”

As a globally recognized thought leader, he frequently engages in high-level dialogues on energy, corporate and resource law, sharing insights that shape policy and practice in Namibia and internationally.

As Namibia continues its rise as a frontier oil and gas producer, Shakwa Nyambe exemplifies excellence, driving the sector forward with vision, expertise and an unwavering commitment to his clients.

Distributed by APO Group on behalf of SNC Incorporated.

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