Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo (ROC), has joined the Angola Oil&Gas (AOG) conference as a speaker. During the conference – scheduled for October 2-3 in Luanda – Minister Itoua will provide insight into emerging opportunities in oil exploration, gas monetization and LNG development, as well as potential areas for collaboration between the two countries.

Both ROC and Angola have set bold production targets, aiming to increase oil output to 500,000 barrels per day (bpd) and 1.1 million bpd, respectively. Both countries’ favorable investment climates have sparked the interest of a strong slate of E&P firms, with AOG 2024 set to not only support national oil and gas objectives, but also offer a platform for engagement in emerging cross-border projects.  

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.

To support oil production, ROC is promoting investment in frontier exploration alongside incremental production from existing assets. The Central African country – with 1.8 billion barrels of proven oil reserves – has several upstream campaigns underway that aim to unlock new discoveries. Independent energy company Perenco, for example, completed 3D seismic surveys at the Tchibouela II, Tchendo II, Marine XXVIII and Emeraude permits in November 2023. Energy major TotalEnergies has announced plans to invest $600 million to drive exploration and production activities in the country, specifically through the development of the Moho Nord field. The field currently accounts for nearly half of total Congolese oil production, producing an estimated 140,000 bpd. The investment will support drilling operations in line with national targets to bolster output.

Meanwhile, ROC is committed to monetizing its gas resources through both associated and non-associated projects. The country reached a milestone in March 2024 with the delivery of its first LNG cargo to Italy from the Congo LNG development. As the country’s inaugural LNG facility, the project employed a fast-tracked approach whereby LNG was produced just 12 months after FID. By 2025, the Congo LNG project is expected to produce 2.4 million tons per annum, with ROC joining the likes of Angola as a major African LNG exporter.

Further supporting its gas monetization drive, ROC is making progress with the development of the Bango Kayo project. Set to reach peak oil production of 50,000 bpd, project developer Wing Wah is deploying an integrated approach to expand the project through multiple phases. The project will begin monetizing previously-flared gas to support the country’s industrial sector, serving as a model for other African oil producers including Angola, which is striving to maximize production from mature assets.

Minister Itoua’s participation at AOG 2024 not only speaks to the caliber of the event as the premier oil and gas conference in Angola, but creates new opportunities for bilateral collaboration in the fields of LNG production and oilfield development. Angola and ROC – both offering promising opportunities in offshore exploration and tie-ins to existing onshore infrastructure – represent highly attractive hydrocarbons markets, with the AOG 2024 conference set to connect global investors with prospective opportunities.

Minister Itoua will be joined by Maixent Raoul Ominga, Managing Director of the Congo’s national oil company Société Nationale des Pétroles du Congo at AOG 2024. For more information, visit www.AngolaOilAndGas.com.

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

Russian multinational energy corporation Gazprom is spearheading a crucial refinery upgrade project at the Mossel Bay gas-to-fuel facility in South Africa – which advanced to feasibility stage last month – as part of efforts to support Africa’s gas monetization agenda and secure a reliable supply of refined petroleum products. As the world’s largest producer of natural gas, Gazprom will join African Energy Week (AEW): Invest in African Energy – taking place in Cape Town on November 4-8 – as a Silver Sponsor, bringing valuable insights and perspectives on harnessing Africa’s substantial gas resources.

For Africa, natural gas represents the key to achieving broad energy security and diversified economic growth. With over 620 trillion cubic feet (tcf) of proven gas reserves, the continent is seeking to ramp up gas exploration efforts, while establishing integrated, gas-based networks and downstream industries. Through new exploration campaigns, Nigeria is aiming to expand its gas reserves from 200 tcf to 600 tcf; Mozambique is spearheading development of the 18-million-ton-per-year (mtpa) Rovuma LNG and 13-mtpa Mozambique LNG facilities; and Algeria is driving production through a gas-boosting project at the Hassi R’Mel gas field. The 2.3-mtpa Greater Tortue Ahmeyim LNG project in Senegal and Mauritania anticipates first production later this year, while the Tanzania LNG project is set to produce 10 million mtpa once approval by the government is secured.

AEW: Invest in African Energy stands as the premier platform for project operators, financiers, technology providers, and governments, recognized as the definitive venue for sealing deals in African energy. For more information about this pivotal event, visit www.AECWeek.com.

Gazprom’s expertise in gas exploration, production, processing and export positions it as a viable partner to Africa’s natural gas agenda. Last year, the company partnered with the African Energy Chamber (AEC) to host the International Gas Roundtable, an exclusive event highlighting the pivotal role of gas in stimulating economic development across the continent. The roundtable served as a unique platform to explore innovative strategies, exchange best practices and shape the future of gas development, providing valuable insights for both mature and emerging African gas producers.  

“Gazprom is consistently expanding its dialogue with African countries and stands ready to share its unique know-how and best practices in realizing mutually profitable energy industry projects with potential partners from Africa. Gazprom possesses all the necessary technologies and innovations capable to assist African countries in securing energy industry development based on the existing natural gas reserves, in decreasing the level of ‘energy poverty,’ and in improving the quality of life of the populations of African countries, as well as in resolving environmental problems,” states Dmitry Khandoga, Head of International Business at Gazprom.

Gazprom’s technical expertise in the gas sector demonstrates the potential for Africa to increase production and unlock new export markets. With projects like the Nigeria-Morocco Gas Pipeline and Trans-Saharan Gas Pipeline set to supply African gas to regional and European markets, Gazprom’s expertise is particularly crucial, as it operates a number of pipelines that deliver gas across the country and transnationally. The company deploys cutting-edge technologies in the design and maintenance of pipelines, such as the application of corrosion-resistant materials and automated monitoring systems, which increase the reliability and durability of gas infrastructure. At AEW: Invest in African Energy, Gazprom will share its expertise to foster collaboration with industry leaders, advocate for sustainable energy practices and forge partnerships that work towards Africa’s energy security and growth.

“Natural gas is a strategic tool in the fight against energy poverty in Africa. It represents a reliable, scalable and cost-effective solution for power generation and industrial growth. Gazprom’s technical expertise across the entire gas value chain – which makes it the world’s largest gas producer – provides a valuable blueprint for African nations looking to harness gas for domestic use and export,” states NJ Ayuk, Executive Chairman of the AEC.

Returning to this year’s edition of AEW: Invest in African Energy, Gazprom will bring a wealth of expertise in the exploration, production, transportation, storage, processing, and sales of gas, gas condensate and oil. By collaborating with industry leaders and African stakeholders, Gazprom aims to support the continent’s journey towards energy independence and sustainable development.

Distributed by APO Group on behalf of African Energy Chamber.

The African Development Bank (www.AfDB.org) launched a project on 26 June aimed at mapping 160 women entrepreneurs’ associations in 16 African countries.

The mapping project, supported by the Bank Group’s Affirmative Finance Action for Women in Africa (AFAWA) (htps://apo-opa.co/3Y8HxWX) initiative and Gender Equality Trust Fund (GETF), aims to strengthen the associations’ visibility, improve their institutional capacities, and facilitate access to financing.

By supporting this initiative, the Bank has taken an important step in its commitment to supporting African women entrepreneurs, promoting women’s economic empowerment and boosting inclusive growth in Africa.

The Bank’s Vice-President for Agriculture, Human and Social Development, Beth Dunford, officially launched the project at a ceremony in Abidjan attended by several associations, umbrella organizations and coalitions of women entrepreneurs, alongside about two hundred others who joined virtually.

“The African Development Bank’s Action Plan for Engaging with Civil Society 2024-2028 illustrates our commitment to inclusivity, transparency and accountability,” stated Ms. Dunford, in her opening speech.

The project will also help to promote collaboration and networking. “Associations of women entrepreneurs are catalysts for reforms and innovations that support female entrepreneurship and facilitate women’s access to the economic resources they need to realize their full potential,” said Zeneb Touré, head of the Civil Society and Community Engagement Division at the Bank.

Ms. Dagou Yvonne Nivine Gadji, representing the SEPHIS Foundation – which facilitates access to Bank funding for women-led SMEs in sub-Saharan Africa – emphasized that the associations identified for the mapping project would be “catalysts for reforms, a boost to women’s empowerment and a crucible for building the capacity of several other networks of women entrepreneurs.”

Jacqueline Tientcheu, President of the Federation of Women Entrepreneurs Organizations in Central Africa (FOF-AC), said, “We are truly concerned about the issue of access to funding. However, it’s very difficult in Africa, because most women don’t have a guarantee for raising the funds they need. There are microfinance organizations that support women, but their interest rates are very high. We think that the AFAWA programme, through the Gender Equality Trust Fund (GETF), can help us.”

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

Media contact:
Communication and External Relations Department 
media@afdb.org

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

About the Gender Equality Trust Fund (GETF):
The Gender Equality Trust Fund (GETF) is a multi-donor trust fund hosted by the African Development Bank, which aims to promote gender equality and women’s empowerment in Africa. It supports the implementation and extension of the Affirmative Finance Action for Women in Africa (AFAWA) initiative.

Trade between Africa and the Caribbean could rise to $1.8 billion per year by 2028 if value addition, trade facilitation and improved logistics are prioritized, according to new research by the International Trade Centre (ITC) and African Export-Import Bank (Afreximbank) (www.Afreximbank.com).  

Current bilateral trade in goods between the two regions is worth $729 million*.

These preliminary findings were released in Nassau, the Bahamas, as part of the launch of the ITC-Afreximbank ‘Strengthening AfriCaribbean Trade and Investment’ project during the 31st Afreximbank Annual Meetings and the third AfriCaribbean Trade and Investment Forum (ACTIF). The research shows that the travel and transport sectors offered the greatest potential contribution to that growth, making up two-thirds of the potential ‘services trade’ between the two regions.

These latest findings also show that, in the goods segment, minerals and metals; wood, paper, rubber and plastics; processed food and animal feed are the three most important sectors.

The objective of the project is to boost trade and investment in Africa and the Caribbean, and to enhance cooperation between the private sectors of the two regions.

Following this launch, Afreximbank and ITC will develop in-depth profiles of sectors in the two regions to map out these five promising value chains and identify barriers to, and requirements for, growth. The results of this analysis will be featured in a comprehensive report that will be published at the Fourth ACTIF in 2025.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, reacting to the findings, said: “The report confirms the vast Africa-Caribbean trade and investment opportunities that remain untapped. It provides a strong validation of Afreximbank’s Caribbean Strategy. With a project pipeline of $2.5 billion and an investment pipeline worth $1.5 billion, the Bank has demonstrated its commitment to realizing opportunities across the two regions. The productive collaboration between Afreximbank and ITC is a testament to this, as it aims to bridge the knowledge gap and build capacity among small and medium-sized enterprises, which are critical for the growth of Africa-Caribbean trade and investment.”

ITC Executive Director Pamela Coke-Hamilton (http://apo-opa.co/4cHI8mV) said: “Small businesses can be among the first to drive and benefit from increased trade between these two regions, as they form the backbone of both African and Caribbean economies. There are huge growth opportunities if the right sectors are prioritized for development and investment.”

Turning potential into exports

ITC data shows that Africa and the Caribbean – despite a shared history and rich cultural ties – export less than 3% to each other. Exports levels were low even before the global impact of COVID-19, conflict and climate change: Over the past decade, the share of bilateral exports has never surpassed 6%.

Where trade is happening between the two regions, it is highly concentrated in a few key products. For example, more than half of Africa’s exports to the Caribbean are mineral primary products, with crude oil being the leading export ($232 million, 27% of total).

As for Caribbean exports to Africa, a fertilizer produced in Trinidad and Tobago – called anhydrous ammonia – makes up nearly half of all exports to Africa ($423 million, 49% of total).

Tackling trade challenges

To increase trade between the two regions, there are two key issues to tackle: High tariffs (especially on processed goods) and weak logistics. Bilateral tariffs tend to be higher than those charged to exporters from other trading partners. Tariffs also increase with the level of processing, which discourages transformation of products into value-added goods for export. Lowering tariffs benefits both regions by providing greater variety to consumers at a lower cost and allows the regions to specialize in sectors they are competitive in.

As for trade logistics, performance is significantly lower in Africa and the Caribbean compared to other regions (World Bank LPI) (http://apo-opa.co/4crZDay). Streamlining the flow of goods and information can allow increased market access and foster trade.

Trade agreements are one solution to lower trade costs between the two regions. As part of the new project, ITC will analyse how different tariff liberalization and non-tariff measures harmonization scenarios may increase trade at the country and product levels.

Strengthening partnerships

The project will contribute to implementation of the memorandum of understanding between ITC and Afreximbank and build upon the cooperation on the “How to Export with the AfCFTA” Training Programme, South Sudan National Export and Investment Strategy, Pan-African Fashion Alliance, and the Pan-African Private Sector Trade and Investment Committee Survey.

Notes to the Editor

*The current bilateral trade in goods between Africa and the Caribbean worth $729 million excludes tobacco, arms/ammunition and fossil fuels.

Distributed by APO Group on behalf of Afreximbank.

Media contact: 
Susanna Pak
Senior Strategic Communications Officer
International Trade Centre
E: pak@intracen.org
T: +41 22 730 0651

Vincent Musumba
Communications and Events Manager (Media Relations)
press@afreximbank.com

Follow ITC on:
Twitter: http://apo-opa.co/3xLAzMI 
Facebook: http://apo-opa.co/3zux65y
LinkedIn: http://apo-opa.co/3W6mW3Y
Instagram: http://apo-opa.co/4cpn3xh
Flickr: http://apo-opa.co/3W6Su9V

Follow us on:
Twitter
Facebook
LinkedIn
Instagram

About the International Trade Centre:
The International Trade Centre is the joint agency of the World Trade Organization (http://apo-opa.co/3WabLY7) and the United Nations (http://apo-opa.co/4cj3fLX). ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals.

For more information, visit http://apo-opa.co/4cxi4ur.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com