The African energy sector is gearing up for a new wave of upstream oil and gas investment, as several markets announce licensing rounds and strategic policy initiatives aimed at boosting investment in on- and offshore exploration and production.

To stimulate further investment in Africa’s upstream sector, African Energy Week: Invest in African Energy 2024 – scheduled for November 4-8 in Cape Town – will host an Upstream Exploration&Production (E&P) Forum. The two-day forum will feature a series of strategic sessions and presentations, highlighting major developments and investment opportunities shaping Africa’s upstream sector. Key government stakeholders, operators, service providers and industry regulators will participate as speakers.

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.

Between 2024-2025, several African bid rounds are set to be launched, driving access to both frontier and mature licensing opportunities for upstream investors. These include Nigeria’s 2024 Deepwater Bid Round offering 19 blocks; Zanzibar’s inaugural tender offering eight offshore blocks; and Namibia’s new open-door system for E&P licenses. Additionally, the Democratic Republic of the Congo continues its 2022 bid round with 24 onshore blocks, while Tanzania’s fifth licensing round features 26 blocks. Uganda’s third licensing round targets the Albertine Graben basin; Somalia’s 2024 licensing round offers 26 offshore blocks; and Kenya’s first licensing round features 45 blocks. Angola is also launching a 2025 limited public tender with 10 offshore blocks. In North Africa, Egypt is planning multiple 2024 bid rounds, while Libya will place 40 blocks on offer by early-2025, and Algeria aims to boost exploration with 10-12 onshore blocks in Q4 2024.

The Upstream E&P Forum at AEW 2024 will feature a session on Oil&Gas Policy&Investment, examining how African governments and policymakers are promoting sustainable investments through innovative policies, new licensing rounds, and other strategic initiatives. Speakers include senior government representatives from Mining, Mineral, and Energy Development of South Africa, Namibia’s Ministry of Mines and Energy and Angola’s National Agency of Oil, Gas and Biofuels.

Across the continent, IOCs are advancing exploration efforts and production capabilities. Australian E&P company Woodside Energy recently achieved a milestone with its $5.2-billion Sangomar field development in Senegal, delivering the first crude oil cargo to Shell. In the Republic of Congo, French multinational TotalEnergies is advancing the Moho Nord field, as well as developing the Marine XX permit – where two new drilling rigs have been deployed – with expectations for new discoveries by year-end.

Local players are also advancing Africa’s upstream sector. Nigerian oil and gas company Seplat Energy recently acquired ExxonMobil’s shallow water business in Nigeria, including assets in OMLs 67, 68, 70, and 104, while Angolan energy company Etu Energias acquired Portuguese firm Galp Energia’s upstream assets in Angola’s Block 14. The Upstream E&P Forum will feature a dedicated session on Exploring Opportunities with Nigerian Independent Operators, discussing the rise of indigenous junior and independent explorers. Speakers include Anthony Adegbulugbe, Chairman of Green Energy International Ltd., and Ahonsi Unuigbe, Founder and CEO of Petralon Energy Limited.

African upstream markets are also accelerating investments onshore. Angola is advancing the onshore Kwanza Basin redevelopment campaign, led by NOC Sonangol and Angola-focused oil and gas company Corcel, which includes the ongoing Tobias-14 well testing. Canadian independent ReconAfrica and Namibia’s NOC NAMCOR recently spud the Naingopo exploration well in Namibia’s onshore Kavango Basin, which is home to the Damara Fold Belt, a highly prospective play estimated to hold over 22 trillion cubic feet (tcf) of undiscovered gas. In Zimbabwe, upstream explorer Invictus Energy’s drilling at the Mukuyu-1 well in the Cabora Bassa Basin has shown promising results, estimating 230 million barrels of oil equivalent and 1.3 tcf of natural gas. During AEW 2024, a session highlighting Exploration Champions: Africa’s New Oil and Gas Hotspots will spotlight the continent’s latest exploration successes, including new onshore and offshore discoveries, with senior representatives from Impact Oil&Gas, Woodside Energy, and Azule Energy / participating in the session.

Distributed by APO Group on behalf of African Energy Chamber.

Angola’s oil and gas market presents compelling investment opportunities, enhanced by the 2025 Limited Tender offering ten exploration blocks in the Kwanza and Benguela basins. As sub-Saharan Africa’s second-largest oil producer and a seasoned LNG exporter, Angola is poised to boost production and contribute to global energy security through new international partnerships. 

As the country’s premier international oil and gas event, Angola Oil&Gas (AOG) offers a platform for heightened collaboration between Angola and its global counterparts. Delegations from the UK, Netherlands, the UAE, Brazil, the US, Europe, Australia and more are participating. Additionally, this year, a panel discussion titled Synergies through Collaboration: International Ventures in Africa’s Oil Sector will unpack strategic areas of cooperation. The session will delve into Angola-global trade, with speakers sharing insight into collaborative projects, attractive investment terms and opportunities. 

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’s oil industry, producing since the 1960s, has thrived on collaboration between Sonangol and international majors like ExxonMobil, TotalEnergies, Eni, bp (now Azule Energy), and Chevron. This partnership-driven approach will continue to fuel growth, with a $60 billion investment pipeline and upcoming projects cementing Angola’s status as a global hydrocarbon hub. 

The Agogo Integrated West Hub project – developed by Azule Energy – is on track for first production by 2026. The project features the development of a new production hub at Block 15/06 and will comprise the addition of an FPSO (https://apo-opa.co/3ytlHTv) with a capacity of 120,000 barrels per day (bpd). Additionally, the Kaminho deepwater project (https://apo-opa.co/4dfIAsz) – developed through a partnership comprising TotalEnergies, Petronas and Sonangol – expects first production by 2028. The project achieved FID this year and will feature an FPSO with a capacity of 70,000 bpd. Other major projects in the pipeline include the Quiluma and Maboquerio fields – Angola’s first non-associated gas project, developed by Azule Energy. The project expects first production by 2026 and will provide feedstock for the Angolan LNG plant. 

Beyond IOCs participation, Angola is leveraging bilateral ties with neighboring countries and global counterparts to bolster trade and commerce. In recent months, Angola has signed a number of agreements with global counterparts, aiming to strengthen cooperation across various sectors of the economy. Angola and Timor Lester (https://apo-opa.co/4cikCf5) signed three agreements to enhance diplomatic cooperation and professional exchange in July 2024. An agreement was also signed between the Abu Dhabi Chamber of Commerce (https://apo-opa.co/46GUjOp) and Industry and the Angola-IAE Chamber of Commerce in July 2024 to foster investment opportunities between the two countries. In June 2024, Angola signed 14 agreements with Ivory Coast (https://apo-opa.co/3LYzFQj), spanning the fields of mineral resources, oil and gas, agriculture, scientific research, health and tourism. Angola and South Korea are strengthening bilateral relations, with five MoU signed in May 2024. The agreements comprise a bilateral trade and investment framework as well as cooperative deals in energy and infrastructure. 

On the back of heightened Angola-global collaboration, the Synergies through Collaboration: International Ventures in Africa’s Oil Sector panel discussion during AOG 2024 will serve as a foundation for future partnerships. Discussions will center around successful international ventures in Angola, opportunities for new investment and how Angola can support global energy security goals. 

Download the AOG 2024 conference program here (https://apo-opa.co/3SDrkp1) or gain insight into the pre-conference technical program here (https://apo-opa.co/3ywxf8t)

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

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $40 million transaction guarantee facility to support Dashen Bank’s trade finance activities in Ethiopia.

The Facility will provide support to Small and Medium Sized Enterprises (SMEs) and local corporates’ import and export trade finance requirements. It will also support intra-Africa trade, thus directly contributing to the successful implementation of the African Continental Free Trade Area (https://apo-opa.co/3WVlXE1) (AfCFTA) agenda.

The Bank Group will provide a guarantee of up to 100 percent to confirming banks for the non-payment risk arising from the confirmation of Letters of Credit and similar trade finance instruments issued by Dashen Bank.

Following the approval, the African Development Bank’s Director General for East Africa, Nnenna Nwabufo said: “Supporting Trade in Africa is a key priority at the African Development Bank. Trade finance is an important driver of economic growth and is critical for cross-border trade, particularly in emerging markets. We are delighted to work with Dashen, a strong partner with extensive knowledge and network in Ethiopia, on a shared ambition to support the region’s Trade.”

Reacting to news about the approval, Asfaw Alemu CEO of Dashen Bank, said: “After fulfilling the stringent due diligence requirements of the African Development Bank, we are so delighted that its Board of Directors has approved a trade finance transaction guarantee facility of $40 million. This much-needed guarantee facility will be instrumental in expanding our bank’s trade services across the region and beyond.”

He added: “The best practices learned through our engagement and the due diligence exercise passed with the continent’s premier development financier has been invaluable in pursuit of Dashen Bank’s strategic aspirations to be a best-in-class bank in Africa. We look forward to further strengthening our partnership and benefiting more from the resources and extensive capabilities of the African Development Bank and its partners, as we endeavor to support Ethiopia’s thriving small and medium enterprises in productive economic sectors, including agriculture and manufacturing.”

The  African Development Bank’s Transaction Guarantee Product (https://apo-opa.co/3WGPqAs) is an unfunded instrument that provides up to 100 percent non-payment risk cover to confirming Banks for trade finance transactions of eligible Africa-based Issuing Banks. By covering up to 100 percent non-payment risk, the transaction guarantee will enable the Bank Group to support local African banks operating in the continent, particularly in low-income countries and transition states.

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

Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
Email: a.mpoke-bigg@afdb.org

Technical Contact:
Bernard Muhati 
b.muhati@afdb.org

About Dashen Bank: 
Dashen (https://apo-opa.co/3WHtMvM) is one of the largest private banks in Ethiopia, operating through a network of 860 branches spread across the country. Dashen’s principal activities include providing conventional banking and Shariah-compliant interest-free banking services to its corporate clients, MSMEs and Retail banking customer segments. With its headquarters in Addis Ababa, Dashen Bank started operations in January 1996.

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 President of the Republic, Nana Addo Dankwa Akufo-Addo, as part of government’s determined pursuit to transform the road infrastructure of the nation, has on Thursday, 8th August 2024, cut the sod for the dualisation of the 22km Adentan to Dodowa road project.

Originally reconstructed in 1998, this vital inter-regional road, connects Ghana’s capital to the Eastern and Volta regions and beyond, thus forming part of government’s comprehensive strategy to enhance the main trunk roads of the country.

This comprehensive strategy also includes ongoing works on the dualization of other key roads such as the Accra-Kumasi Highway, Accra-Cape Coast road, Tema-Aflao Road and Tema Akosombo road, which are being constructed to reduce travel times, lower vehicle operating costs and significantly improve road safety.

Aside the dualization of the 22km section, the project, being undertaken by Messrs Oswald Investments Limited, an indigenous Ghanaian company, will be managed by the Ministry of Roads and Highways with the Ghana Highway Authority serving as the engineer, also includes the provision of service lanes on both lines of the main carriageway where required, provide adequate drainage structures, walkways and lay-bys along the urbanized sections.

Speaking at the well-attended sod-cutting event, which featured the Chiefs and hundreds of enthusiastic people of the area, President Akufo-Addo said this latest effort will be a welcome addition to the impressive strides by his government in the road network nationwide.

He said, some 12,830 kilometres of road have been completed nationwide. This includes 2055 kilometres of road and the construction of four interchanges in the Greater Accra Region, in addition to the construction of three bridges in Communities 12 and 19 in Tema, as well as in Taifa.

Some other notable projects which have been completed include the iconic 4-tier Pokuase Interchange, the first of its kind in Ghana and West Africa, and the second in Africa. This project also included the construction of 12 km of local roads.

The others also include the Tema Motorway Interchange Phase One, and Obetsebi Lamptey Phase One, the dualization of Aviation Road, Otano-School Junction Road and Nana krom road, totalling 12.8km. The partial reconstruction of selected roads in Ga North, Dome-Kwabenya and Ga Central, covering 24km and the partial reconstruction of selected roads in Teshie and Nungua, covering 9 km, as well as, the surfacing of the Bobobokor area roads in Ga West, covering 25 km are all progressing steadily.

“In addition to these completed projects, major road works are ongoing in the greater crowd region, including the dualization of the Achimota-Ofankor road, which will be expanded to a 10 lane facility with 4 interchanges at Amasaman, Pobiman, Medie and Nsawam. The project is 62% complete.”

He also mentioned the construction of the 30km Dome-Kitasi road, currently at 26% complete, the construction of the 64 km Tema Akosombo road, with sections to be dualized to six lanes and with interchanges at Ashaiman roundabout and Asutuare, which is 10% complete, the construction of the Obetsebi Lamptey Interchange Phase II, which is 87% complete, the construction of the Flower Pot Interchange across the motorway, which is 90% complete, and the dualization of the 5.7 km School Junction to Motorway road, which is 98% complete.

President Akufo-Addo also touched on the resumption of work on the construction of the Tema-Aflao road, which provides four interchanges at Kpong, Savannah, Dahwenya and Ningo Junction, the dualization of the 14.6 km Coastal road Phase I, with major bridges across the Kpeshie, Songhor, Ablekeshie street to address perennial flooding and the dualization of the 9.7 km Coastal road Phase II, Nungua to Tema, involving the construction of a 3-tier Nungua Interchange and a railway bridge towards Sakumono, which were suspended due to the debt restructuring exercise.

The President urged the contractor to implement necessary traffic management measures to minimize inconveniences to commuters in pedestriants during the construction period.

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.