Latest news with #AfricanEnergyBank
Zawya
07-05-2025
- Business
- Zawya
OTC 2025: Afreximbank to fund African Energy Bank with $19bln
In preparation for its takeoff this quarter, Afreximbank is set to fund African Energy Bank with $19 billion, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has hinted. According to the minister, the coming up of the bank is in a bid to boost energy access and drive economic prosperity in Africa. The minister disclosed this during the opening ceremony of the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria (PETAN), at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, U.S. He told the audience that the planned establishment of the African Energy Bank by the Africa Petroleum Producers Organisation (APPO) was to bridge funding gaps and ultimately free the continent from energy poverty. 'This is an opportunity to let you know that your concerns are gradually being addressed. 'As members of APPO, we are in partnership with Afrexim Bank, which during our last meeting disclosed that it has an exposure of nearly $14 billion. 'This amount, along with an additional $5 billion as the initial take-off capital, will be transferred to the African Energy Bank—bringing the total to over $19 billion,' the minister said. He further emphasized that the African Energy Bank is scheduled to begin operations within the current quarter. Themed: 'Africa's Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development', Lokpobiri, at the conference, urged African nations to forge a united front in the fight against energy poverty across the continent. He stressed that by working together; African countries can overcome energy poverty, drive economic growth, and improve the lives of millions of people. The minister stated that by pooling resources, African countries can invest in large-scale energy projects, reducing costs and increasing efficiency. According to him, collaboration can facilitate the exchange of best practices, technologies, and expertise, accelerating progress in the energy sector. Also, the minister stressed the need for Africa to develop cohesive policies that are tailored to the continent's unique circumstances, warning that fragmented approaches would be ineffective in addressing the escalating energy deficit. 'This conference is not a jamboree. It is a platform for Nigeria, and by extension, Africa—to showcase its vast potential,' Lokpobiri said. He underscored the importance of regional collaboration, highlighting the Africa Petroleum Producers Organisation (APPO) as a strategic entity established to devise shared solutions for the continent's energy challenges. Lokpobiri also expressed his approval of Donald Trump's return as President of U.S., suggesting it could help decelerate what he termed the 'hypocritical' global energy transition narrative, saying, 'It has put Africa at a disadvantage.' According to him, the prevailing global discourse on energy transition is largely influenced by geopolitical considerations. Lokpobiri called on African nations to repatriate investments held overseas and channel them into the African Energy Bank to bolster the continent's energy security. During a meeting with his Ghanaian counterpart, Lokpobiri advised Ghana to draw lessons from Nigeria's past experiences in the energy sector, particularly in avoiding early missteps. In his address, Ghana's Minister of Energy and Green Transition, Mr John Abdullahi, acknowledged Nigeria's leading role in the region. He stated that while Ghana is a relatively new player in the oil and gas sector, it is eager to learn from Nigeria's experiences and reforms, especially in the areas of local content development and climate policy. 'We will continue to consult Nigeria as we build a successful oil and gas industry. 'The collaboration between both countries remains strong,' Abdullahi said. Earlier, the Chairman of PETAN, Mr Wole Ogunsanya, emphasised the significance of Nigeria's presence at OTC. Ogunsanya said: 'This year's event, under the Nigerian Pavilion, is set to highlight Africa's growing role in the global energy sector. 'OTC 2025 promises to bring together top-tier industry leaders, policymakers, and stakeholders at the world's largest energy event.' He noted that PETAN's consistent participation over the years had significantly contributed to the growth of Nigeria's oil and gas industry. Ogunsanya recalled that two decades ago, the Nigerian National Petroleum Corporation (NNPC) tasked PETAN with coordinating Nigeria's activities at OTC, with the primary objective of attracting investment and fostering strategic partnerships. He underscored the imperative for Nigeria to continue building capacity and driving value creation across the entire oil and gas value chain. The event was well-attended by Nigerian government officials, key stakeholders in the oil and gas sector, exhibitors, and delegates from various West African nations. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
26-03-2025
- Business
- Zawya
Congo Energy & Investment Forum (CEIF) 2025 Ministerial Panel: Republic of Congo to Promote Onshore Acreage in Upcoming Bid Round
The Republic of Congo's Ministry of Hydrocarbons announced that the upcoming 2025 licensing round will focus on onshore blocks in the country's continental basin. The announcement was made on March 25 by Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo, during a ministerial panel discussion at the inaugural Congo Energy&investment Forum in Brazzaville. 'Our national development plan [aims to] develop the economy, but we cannot start without the development of hydrocarbons. We have no choice but to take care of hydrocarbons to give the country the capacity to develop,' Minister Itoua stated. During the panel session, Minister Itoua also highlighted the Ministry's plans to collaborate with oil and gas company Trident Energy to valorize associated gas from the country's N'Kossa oil field. The Minister announced it will launch an entity to monetize associated gas not used by international oil companies operating in the country as part of a strategy to reach zero flaring by 2030. Meanwhile, Aimé Sakombi Molendo, Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), announced that the country will hold discussions with the Republic of Congo on March 26 to explore bilateral cooperation and the possibility of co-developing hydrocarbon resources in cross-border basins. This comes as the DRC and Angola are set to kick off discussions with energy major Chevron for the joint development of the common interest zone between the two countries, with a governance agreement having been ratified in December last year. 'We will be discussing with the Republic of Congo bilaterally to see to what extent the two countries can benefit from co-development of our abundant hydrocarbon resources,' Minister Molendo stated. José Barroso, Secretary of State for Mineral Resources, Petroleum and Gas for Angola, indicated the potential for developing joint projects in the energy sector with both the Republic of Congo and the DRC. Barroso highlighted the need to create the requisite technical conditions to incentivize national companies to participate in their respective markets in the three countries. 'In the pipeline, we have projects that we are discussing amongst ourselves, and in the short future, we will be able to communicate more on this,' Barroso stated. Meanwhile, Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), discussed the role the upcoming African Energy Bank will have on resource monetization and development in Africa. Spearheaded by APPO and the African Export-Import Bank, the bank aims to facilitate, promote and finance the development of Africa's oil, gas and energy industries. According to Dr. Farouk, both the bank and the private sector will have an important role to play in ensuring that regional markets move forward and drive cross-border development. 'None of our countries have what it takes to address the challenges of energy by themselves. The African Energy Bank is an example of how Africa wants to be independent and be in control of its resources,' Dr. Farouk stated. An outline of the Republic of Congo's 2025 licensing round will be presented during the Congo Energy&Investment Forum. Distributed by APO Group on behalf of Energy Capital&Power. About the Congo Energy&Investment Forum: The inaugural Congo Energy&Investment Forum, set for March 24-26, 2025, in Brazzaville, under the highest patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, brings together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities.
Zawya
17-03-2025
- Business
- Zawya
African Petroleum Producers' Organization (APPO) Congo Energy & Investment Forum (CEIF) 2025 Side Event to Unpack Africa's Oil and Gas Potential, Highlight Innovative Financing Solutions
Taking place on the sidelines of the inaugural Congo Energy&Investment Forum ( ) this month the African Petroleum Producers' Organization (APPO) will host a side event focusing on the challenges of the energy transition in Africa on March 26. The global pursuit to achieving net-zero emissions by 2050 is getting closer with each year, with new technologies, regulatory policies, funding opportunities and legislation set to expedite the transition from hydrocarbons to renewable energy resources. However, a just energy transition for Africa requires allowing the continent to utilize its natural resources to move towards cleaner sources of energy. As such, the African Energy Bank: Energy Transition and Financing Optics for Oil and gas Industry in Africa side event will shine a light on the role of the African Energy Bank (AEB) ( ) in addressing the funding challenge that the energy transition poses to the African oil and gas industry. Launched by the African Export-Import Bank (Afreximbank) in partnership with APPO, the AEB – set to commence operations in March 2025 – represents a bold step towards empowering African nations to take control of their energy future. The inaugural Congo Energy&Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country. By mobilizing significant investment and fostering energy independence, the AEB will play a pivotal role in bridging the financing gap, unlocking the full potential of Africa's energy resources and driving industrial and economic growth across the continent. The AEB's strategic partnerships with government's, financial institutions and energy stakeholders will enable large-scale investments in renewables and traditional energy projects, supporting the continent's transition to cleaner energy sources while addressing immediate energy access needs. With the participation of Bruno Jean-Richad Itoua, Minister of Hydrocarbons of the Republic of Congo and President of APPO, as well as Dr. Omar Farouk Ibrahim, Secretary General of APPO, the side event is set to showcase how African countries can capitalize on development across the entire energy value chain, create jobs and ensure ownership and control, independent of global pressure that doesn't understand the intricacies of energy poverty across the continent. The AEB has been established with an initial $5 billion authorized capital – of which 45% has been secured –, serving as a crucial step in mobilizing investment for energy projects. The bank aims for an ambitious $120 billion asset base, with Nigeria having secured the hosting rights for the bank last year after competing against three other nations. 'APPO's side event at the inaugural CEIF 2025 represents a pivotal moment in Africa's journey towards a sustainable and inclusive energy future. By addressing the critical funding challenges of the energy transition, APPO's initiative aims to empower African nations to harness their natural resources, drive industrial growth and create energy solutions that are both sustainable and accessible. The global energy transition is not only about transitioning to cleaner energy – it's about ensuring that Africa has the financial tools and strategic partnerships to take control of its energy future and secure a just transition for all its people,' states Sandra Jeque, Events and Project Director at Energy Capital&Power. Distributed by APO Group on behalf of Energy Capital&Power.
