The president of the African Development Bank Group (www.AfDB.org), Dr. Akinwumi Adesina, has outlined the Bank’s successes in mobilizing financial resources for the continent’s development needs at the African Union.

Addressing heads of state and government at the 6th Mid-Year Coordination Meeting of the AU in Accra, Ghana, Adesina highlighted the Bank’s recent general capital increase from $201 billion to $318 billion, approved by the Board of Governors during its Annual Meetings in Nairobi last May.

The approval will enable Africa’s only AAA-rated financial institution to preserve its status and meet the continent’s urgent and increasing development needs.

Other highlights included joint efforts by the African Development Bank and the Inter-American Development Bank in developing a new financial model that enables the International Monetary Fund’s Special Drawing Rights to be channeled through multilateral development banks.

“I am delighted to inform you that following over two years of work, supported by the advocacy of the African Union, we succeeded,” Adesina told the meeting, attended by several heads of state and government and representatives of regional economic communities.

The year began with the African Development Bank successfully launching a globally acclaimed landmark $750 million hybrid capital, the first ever by a multilateral financial institution.

“By so doing, we created a new asset class for investors globally. The hybrid capital will be leveraged four times to allow the Bank to boost its lending capacity,” said Adesina.

He also briefed the leaders about the progress the Bank is making in spearheading global efforts to ensure Africa’s natural wealth is taken into consideration as a measure of Gross Domestic Product (GDP).

The Africa Financial Stability Mechanism, a Bank initiative to mitigate financial and other exogenous shocks to African economies, has also advanced. The African Union’s committee of 15 Ministers of Finance has approved the framework for the establishment of the mechanism.

Also, to enhance food security, the Bank is launching a $650 million Regional West Africa Rice Development program in collaboration with the Africa Rice Center. The initiative is expected to include one million farmers across 15 countries and produce 53 million tons of rice.

“In five years, West Africa will achieve self-sufficiency in rice. We know we can do it. Our work helped Ethiopia to become self-sufficient in wheat in under four years, turning it into a net wheat-exporting country. What is critical is strong political will,” the Bank Group head said, referencing the Bank’s flagship Technologies for African Agricultural Transformation (TAAT) program.

Adesina briefed the leaders on growing global confidence in the Bank.

“Last week, the African Development Bank was ranked as the most transparent development financial institution in the world by Publish What You Fund for its sovereign operations.” This is in addition to other impressive recognitions for the Bank and its concessional window, the African Development Fund.

He outlined other wins for the institution, including expanding electricity access to over 20 million people over the past five years and partnering with the World Bank to connect 300 million Africans to electricity by 2030.

The Bank’s $20 billion Desert to Power initiative to develop 10,000 megawatts of solar power for 250 million people across 11 countries in the Sahel zone is already delivering results.

“For example, the $890 million Mauritania-Mali Power Interconnection Project, which is part of the Desert to Power initiative, will increase clean energy uptake and electricity access, benefitting 2.7 million people,” he said.

During the opening ceremony, the host, Ghana’s President Nana Addo-Dankwa Akufo-Addo, called for expedited action on plans to achieve the financial stability and economic integration necessary for the African Union’s Agenda 2063.

The African Union Chairperson and President of the Islamic Republic of Mauritania Mohamed Ould Ghazouani, announced AU plans to raise about $100 billion to support export-oriented businesses. He also emphasized the critical need for continued effective coordination between the AU and regional African blocs, for achieving continental integration and the goals of Agenda 2063 to create inclusive and sustainable socio-economic development over 50 years.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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About the African Development Bank Group: 
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

The Angola Oil&Gas (AOG) conference and exhibition – taking place from October 2-3 in Luanda – will feature a pre-conference technical program on October 1, offering insights into emerging trends and opportunities in Angola’s oil and gas industry. Data service company TGS will lead a workshop during the technical program on the prospectivity of the Kwanza Basin, providing first-hand insight into opportunities for reviving production onshore Angola.

The Kwanza Basin offers untapped potential in multiple play types, positive above-ground characteristics and the possibility for high-impact, fast-track returns. As such, the TGS workshop will offer technical insight into the underexplored basin. Titled Maximizing Angola’s Onshore Potential: Kwanza Basin Prospectivity Overview, the workshop will be led by TGS’ Senior BDM: Africa Jevon Hilder and Director of Business Development: Africa, Mediterranean&Middle East, Jason Robinson.

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Angola is driving a resurgence across its onshore oil and gas market, with fiscal incentives, targeted licensing rounds and untapped potential attracting E&P companies to invest in undeveloped blocks. The country’s most recent bid round, a 12-block tender covering acreage in the onshore Lower Congo and Kwanza Basins, secured 53 bids from companies, with five blocks awarded and seven still available. With a 2025 licensing round on the cards for next year, Angola’s onshore market is expected to witness a fresh wave of investment.

While most of the country’s oil is produced offshore, Angola’s onshore blocks offer strategic investment opportunities for players. Situated in close proximity to onshore infrastructure – such as the Kwanza Terminal and Pipeline Routes Project and local refineries -, easily accessible to consumption markets and representing a frontier market, assets such as the Kwanza basin are particularly prospective. The Kwanza basin is expected to see production resume in the coming months after a three-decade hiatus. In 2023, energy company Corcel made a discovery at the KON-11 block, with the TO-14 well confirming the presence of hydrocarbons. KON-11 could contain as much as 65 million barrels of prospective oil resources.

What makes the onshore Kwanza basin so attractive is its wealth of extensive, high-quality data sets. Early exploration de-risked proven pre- and post-salt petroleum plays and the basin now offers accessible yet low-cost opportunities for E&P firms. These data sets were updated in 2010 and 2011 when 2,581 km of high-quality 2D seismic data was acquired – commissioned by NOC Sonangol. Seismic data in tandem with past exploration results underscore the Kwanza basin as a world-class petroleum play that has been significantly underexplored.

Stepping into this picture, the TGS-led workshop at AOG 2024 will unpack the strategic opportunities of this underexplored yet proven onshore play. Attendees will explore the setting, history and available data of the Kwanza Basin, along with its opportunities and challenges. The workshop will cover targets and leads, imaging challenges and the operational environment. Further data requirements and enhancements, such as reprocessing, well data reconditioning and compatible data acquisition, will also be discussed. The session will culminate with a comprehensive overview of why the Kwanza Basin is a prime candidate for onshore exploration.

Don’t miss this opportunity to gain strategic insights from industry experts Hilder and Robinson and explore the potential of Angola’s onshore oil and gas market. To register for the workshop and the AOG conference, visit https://apo-opa.co/4fj0yMb or contact us at sales@energycapitalpower.com. Access the pre-conference technical program here https://apo-opa.co/4fqAyyK.

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

Guinea-Conakry’s Minister of Energy, Hydropower and Hydrocarbons Aboubacar Camara will deliver a keynote address at the African Energy Week (AEW): Invest in African Energy 2024 conference – scheduled for November 4-8 in Cape Town. Minister Camara will highlight Guinea-Conakry’s efforts to diversify its energy portfolio, encompassing hydrocarbons, hydropower and other energy sources while outlining strategic initiatives aimed at transforming the country’s energy landscape.

In an effort to increase investments and boost exploration, Guinea-Conakry is finalizing the terms of a 22-block bid round – including onshore and offshore assets. The bid round will feature comprehensive seismic data packages and favorable fiscal terms designed to appeal to a wide range of investors. During AEW: Invest in African Energy 2024, Minister Camara will provide insight into emerging block opportunities, engaging with global investors and project developers to advance exploration in the frontier market.

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.

As a largely unexplored hydrocarbons market, Guinea-Conakry is turning to infrastructure development to support regional trade while exploration gradually progresses. Situated in close proximity to large-scale natural gas projects in Mauritania and Senegal, Guinea-Conakry aims to establish an LNG terminal at Port of Kamsar. The project will be operated by the West African LNG Group and its parent company – project developer AfricaGlobal Schaffer – and include both import and export terminals. Valued at $300 million, the project will include a full-service LNG receiving terminal, liquefaction plant and export terminal. The project also features a 1,900 MW gas-fired power plant which will support proposed alumina refineries in the country. This strategic infrastructure project will not only enable the import of regional LNG but support energy security and economic growth in the country by powering industries such as mining.

Meanwhile, advancements in the country’s power sector aim to bolster access to electricity while creating new investment opportunities for technology companies, power developers and infrastructure firms. This month, the French Development Agency approved a €60 million loan to Guinea-Conakry to improve electricity access in Forest Guinea. The 20-year loan, with a seven-year grace period, aims to expand energy services to urban and rural areas, including the Guinea-Mali interconnection project. This financial support is expected to improve the country’s energy infrastructure, enhance economic development and improve the quality of life for many Guineans. The nation is also increasing its efforts to diversify its energy portfolio. In collaboration with Russian nuclear energy firm Rosatom, the country is set to deploy floating nuclear power plants to enhance its energy security and provide a stable power supply for its industrial and mining sectors. This initiative aims to integrate nuclear energy into the national grid and address the growing energy demand.

Moreover, Guinea-Conakry is driving development across the renewable energy sector, with a new focus on solar and hydropower. The country aims to add 500 MW of solar energy to its grid, a move that aligns with its commitment to diversifying the energy mix. This plan involves multiple projects across various regions, aiming to harness Guinea’s abundant solar resources to meet growing energy demands and support sustainable development. Additionally, hydropower projects such as the 450 MW Souapiti Hydropower Station, which has been operating since 2022; the 300 MW Amaria Hydropower Project, which is currently under development; and the 294 MW Koukoutamba Dam Project, which is currently undergoing a feasibility assessment, are expected to enhance the nation’s electricity generation capacity.

“Guinea holds a strategic position within the MSGBC region, showcasing immense potential in its untapped oil and gas reserves. The country’s commitment to advancing its energy sector through initiatives like the upcoming 22-block bid round demonstrates a forward-thinking approach that will not only drive economic growth but also strengthen regional energy cooperation,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

During AEW: Invest in African Energy 2024, Minister Camara will advocate for Guinea-Conakry’s role in regional energy development and highlight opportunities for sustainable growth and investment in the nation’s dynamic energy sector. He will also engage with stakeholders and energy companies to draw investments in its hydrocarbons and renewable energy sector. Additionally, the minister will participate in the Invest in MSGBC Energies roundtable, a dedicated platform exploring investment opportunities across the region. Key experts from the MSGBC region will gather to discuss recent energy developments, upcoming initiatives and favorable regulations to attract new players to invest in the region’s energy sector.

Distributed by APO Group on behalf of African Energy Chamber.

The upcoming African Energy Week (AEW): Invest in African Energy conference – Africa’s premier event for the energy sector, taking place from 4–8 November in Cape Town – will host an OPEC-Africa Roundtable, uniting key stakeholders from OPEC and African oil producers to engage in collaboration and strategic dialogue on best practices to stabilize the global oil market. The return of the OPEC-Africa Roundtable at this year’s event underscores the strengthening ties between OPEC and Africa and is underpinned by Africa’s growing importance in global market dynamics.

This June, OPEC and its allies, including African producers such as the Republic of the Congo, Equatorial Guinea, Algeria, Libya, Gabon and Nigeria, agreed to extend oil production cuts through to September 2025. The production cuts are designed to avoid oversupplying the global oil market, stabilize barrel prices, foster investment in both existing and new projects, and ensure revenue generation for producing countries. Efforts to maximize the stability of the global oil market by leveraging Africa’s 125 billion barrels of crude reserves will be unpacked during the roundtable.

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.

Global oil demand is expected to reach 116 million barrels per day (bpd) by 2045, according to OPEC. This highlights a strategic opportunity for both existing and emerging producers in Africa, and countries are already driving upstream developments to meet rising demand. In April 2024, Nigeria – Africa’s biggest oil producer – unveiled its 2024 Licensing Round, offering 12 blocks for exploration. The round aims to entice new investment into undeveloped blocks, specifically deep offshore assets. The launch followed the country starting operations at the TotalEnergies-operated Akpo West Field in February 2024, increasing daily output by 14,000 bpd.

The continent’s second largest producer is Libya, an OPEC member since 1962, with production measuring 1.21 million bpd in April 2024. The country has been rehabilitating 36 oil wells in the Messla and Sarir fields and has commenced several exploration campaigns with Spanish energy firm Repsol, Algerian National Oil Company (NOC) Sonatrach and energy major TotalEnergies. Libya aims to produce two million bpd within the next two to three years and plans to launch a new licensing round by the end of 2024 or early 2025.

Meanwhile, the Republic of the Congo – which became an OPEC member in 2018 – is undertaking a series of measures to boost investments and infrastructure developments across its upstream sector. The country aims to increase output from the current 259,000 bpd to 500,000 bpd. Chinese energy company Wing Wah is developing the Banga Kayo block while energy major Eni is exploring conventional and deep offshore areas off the coast of Pointe-Noire. Eni inaugurated the Congo LNG project in 2023. Additionally, earlier this year, TotalEnergies announced plans to invest up to $600 million to strengthen E&P activities in the country, including operations at the Moho Nord field which accounts for roughly half of the country’s total production.

Gabon is also driving upstream projects, leveraging its OPEC membership and strategic vision to increase production to 220,000 bpd. E&P company BW Energy kickstarted production at the DHBSM-1H well in the Hibiscus South exploration prospect in March, only five months after the discovery was made. Independent oil and gas firms Perenco and VAALCO are implementing several drilling campaigns at the Hylia and Etame Marin fields. TotalEnergies is drilling in the Baudroie-Mérou Marine field and the China National Offshore Oil Company is exploring Blocks BC-9 and BCD-10.

In Equatorial Guinea, NOC GEPetrol signed a Production Sharing Contract (PSC) for Block EG-23 with independent E&P firm Panoro Energy, with plans to fast-track infrastructure development in the block and utilize the assets to drive the country’s oil market expansion. The company also signed PSCs with Chevron for Blocks EG-11 and EG-06.

“OPEC is committed to not only stabilizing global oil markets but supporting investment and development in Africa. For mature producers, the organization remains committed to strengthening supply-demand dynamics, while for emerging producers, stands ready to support as the industry grows. Going forward, OPEC will continue to play a crucial role in reinforcing Africa’s position in global energy matters,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

The OPEC-Africa Roundtable builds on these developments to foster a collaborative approach to addressing industry challenges and seizing new opportunities in African oil. The roundtable will feature high-level speakers and key decision-makers, including OPEC Secretary General Haitham Al Ghais, alongside African energy ministers, top executives from major oil companies and leading industry experts. The Secretary General is expected to highlight investment opportunities in the African oil market while delving into strategies for balancing supply-demand worldwide.

Distributed by APO Group on behalf of African Energy Chamber.