Category: Energy

  • Africa Energy Bank Gears Up for H1 2025 Launch

    Africa Energy Bank Gears Up for H1 2025 Launch

    BRAZZAVILLE, Congo (Republic of the), March 27, 2025/ — Ahead of its H1 2025 launch, the Africa Energy Bank – developed jointly by Afreximbank and the African Petroleum Producers Organization (APPO) – is positioning itself to tackle major challenges in financing, technology and market reliability to accelerate Africa’s oil and gas sector development.

    Speaking at the Congo Energy & Investment Forum in Brazzaville, Dr. Omar Farouk Ibrahim, Secretary General of APPO, reaffirmed the launch timeframe and underscored the urgency of establishing the bank to address the continent’s energy needs.

    “We should not rest and wait for other countries to develop our own projects,” he said, adding, “At APPO, we have noted three specific challenges for the African continent: finance, technology and reliable markets.”

    With an initial capital of $5 billion, the bank has allocated $1.5 billion for APPO member countries. It will primarily finance oil and gas projects, engage in trading and manage risks.

    Countries such as Ghana, Nigeria and Angola have already expressed support for the bank’s objectives. The Republic of Congo has acquired $83.33 million in shares, reinforcing its commitment to the bank’s mission.
    Distributed by APO Group on behalf of Energy Capital & Power.

    SOURCE

    Energy Capital & Power

  • Balancing Energy Security and Decarbonization: African Energy Week (AEW) 2025 to Address South Africa’s Power Crisis

    Balancing Energy Security and Decarbonization: African Energy Week (AEW) 2025 to Address South Africa’s Power Crisis

    CAPE TOWN, South Africa, March 18, 2025/ — South Africa faces a critical energy challenge: securing a stable power supply while transitioning to a low-carbon future. The African Energy Chamber’s (EnergyChamber.org/State of African Energy 2025 Outlook Report provides a detailed analysis of this shift, highlighting the country’s continued reliance on coal, the slow pace of renewable energy integration and the urgent need for infrastructure investments to modernize the grid.
    These insights will set the stage for key discussions at African Energy Week (AEW) 2025: Invest in African Energies, where industry leaders will examine how South Africa and other mature markets across the continent can balance energy security with decarbonization.

    Coal remains the cornerstone of South Africa’s power generation, contributing over 80% to the energy mix. This heavy reliance has led to ongoing load-shedding – constraining industrial productivity, discouraging investment and limiting GDP growth to less than 1% annually over the past decade.

    Addressing this crisis requires urgent intervention through infrastructure investment, diversification of the energy mix and policy reforms to enhance grid stability and efficiency.
    This will be a key focus for stakeholders at AEW 2025, where discussions will center on accelerating the transition to a more resilient and diversified energy system, enhancing the role of renewables and gas-to-power solutions, and attracting critical investments to modernize the grid and reduce dependence on coal.

    In response to the energy crisis, South Africa has embarked on integrating renewable energy sources. The Renewable Energy Independent Power Producer Procurement Program has been instrumental, with over 7.2 GW of solar PV and 3.6 GW of onshore wind capacity installed by the end of 2023, collectively accounting for over 17% of the country’s total installed capacity.

    Gas-to-power projects have also emerged as a viable solution, with the government issuing requests for proposals for 2 GW of such projects in late 2024. Concurrently, battery energy storage systems are being developed, with the Department of Mineral Resources and Energy launching bid rounds totaling over 1.7 GW/6.9 GWh of storage capacity.

    South Africa’s Just Energy Transition Investment Plan has drawn global interest, securing $8.5 billion in commitments from partners including France, Germany, the UK, the US and the EU. However, disbursement remains a challenge, with only $1.9 billion allocated to date – primarily for grid expansion and support for coal-mining communities.

    As the country navigates the complexities of a large-scale transition, key issues such as grid constraints, the integration of renewables and ensuring a stable, sustainable energy supply will be addressed at AEW 2025.

    Taking place in Cape Town, AEW 2025: Invest in African Energies serves as the premier platform for South Africa and the broader African continent to tackle the critical energy challenges shaping the region’s future.

    The event will highlight strategies to integrate cleaner energy sources while maintaining grid stability and affordability, as well as emphasize modernization of grid infrastructure, addressing capacity constraints and enhancing transmission networks to support a diversified energy mix.

    Beyond technical solutions, securing large-scale investments will be a key priority, as Africa seeks to attract capital for sustainable energy projects that ensure both energy security and environmental responsibility.

    By convening industry leaders, policymakers, financiers and innovators, AEW 2025 will drive forward collaborative solutions, policy reforms and strategic partnerships essential for unlocking Africa’s full energy potential and fostering long-term economic growth.

    AEW: Invest in African Energies 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.

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE

    African Energy Chamber

  • Gloom as oil price drops; more uncertainty looms-By Emeka Eke Editor-in-chief, GlobalFocus Media

    Gloom as oil price drops; more uncertainty looms-By Emeka Eke Editor-in-chief, GlobalFocus Media

    Crude Oil future continues to fluctuate even as President Donald Trump looks set to impose higher levies on two of the United States’ biggest suppliers; Canada and Mexico!

    With China gearing up for countermeasures if the United States implements its planned threat to increase tariffs on Chinese imports, the battle for superiority and dominance is only just getting started!

    As the US relies majorly on oil imports from Canada and Mexico for its refineries, the potential tariffs may have a complex effect on crude prices which by extension, may affect some oil-dependent economies including in Africa.

    Attempts to broker an end to the Russia-Ukraine war added a different twist to the market last Friday, after Trump’s highly anticipated meeting with Ukrainian President Volodymyr Zelenskiy ended with a tense exchange! The two leaders failed to sign a deal that was set to make the US a major partner in extracting Ukraine’s oil and gas, as well as rare earth minerals.

  • Toward an Energy Hub: Ghana Commits to Accelerated Investment Drive

    JOHANNESBURG, South Africa, February 27, 2025/ — Ghana is positioning itself as a major hub for energy investment, with the Ministry of Energy and Green Transition pledging to attract key players from the oil, gas and renewable energy sectors.

    On the sidelines of International Energy Week in London, Ghana’s Minister of Energy and Green Transition John Abdulai Jinapor and the African Energy Chamber (AEC) (https://EnergyChamber.org/) – the voice of Africa’s energy sector – emphasized Ghana’s readiness to welcome investment and create a favorable business environment for foreign and regional firms.

    During the meeting, the AEC also pledged to conduct a working visit to Ghana, focusing on identifying investment and collaboration opportunities.

    Together, the AEC and the Ministry of Energy and Green Transition aim to drive growth and development in the country’s energy sector, promoting fiscal frameworks that reinforce Ghana’s position as an attractive destination for oil, gas and energy investors.

    As part of these efforts, a dedicated “Invest in Ghana” Forum will be held at African Energy Week: Invest in African Energies 2025 in Cape Town, where the AEC will coordinate with the Ministry of Energy and Green Transition, Ghana National Petroleum Corporation (GNPC), the National Petroleum Authority, the Petroleum Commission and private sector players to position Ghana as the go-to destination for oil and gas investments from both G20 and non-G20 countries.

    With oil reserves of 1.1 billion barrels and gas reserves of 2.1 trillion cubic feet (World Bank), Ghana has committed to increasing production through enhanced investment in exploration and field development programs. The country has more than 17 oil and gas projects scheduled for development by 2027, and recent and upcoming regulatory reforms are expected to further bolster investment and foreign participation in the sector.

    Notably, the country’s Gas Master Plan – a market growth strategy through 2040 – incentivizes capital and technology deployment across the gas value chain, while upcoming fiscal reforms are expected to stimulate spending in the oil market.

    These reforms include planned amendments to laws requiring companies to allocate at least 15% of each project to the state as free and carried interest, as well as more flexible oil royalty regimes.

    In collaboration, the AEC and the Ministry of Energy and Green Transition seek to ensure Ghana continues to attract the right kind of investment, with additional reforms encouraging operators to expand their portfolios and new players to seize opportunities in the country.

    Several major operators are already active in Ghana’s energy market. Energy giant Eni, for example, has a presence across exploration, refining and chemicals sectors. The company is involved in the Offshore Cape Three Points (OCTP) exploration project and the offshore CTP 4 block. OCTP serves as an integrated project for developing oil and gas fields, featuring the Agyekum Kufuor FPSO. Independent energy company Tullow Oil is also a key player in Ghana, with production from the Jubilee and TEN fields amounting to 100,000 bpd and 10,100 bpd, respectively.

    In partnership with Kosmos Energy, Tullow Oil began production at the Jubilee South East project in 2023, with three new wells brought onstream in Q1 2024.

    Other major projects include the Pecan Phase 1A Upstream Project – developed by global energy firm Aker Energy, GNPC, Russian multinational Lukoil and maritime engineering and energy company Bulk Ship & Trade – and the Ntomme Far West Development. Pecan Phase 1A is currently in the approval stage, with production scheduled for 2025, while Ntomme is in the pre-feasibility stage, with progress made towards drilling the first well. Energy major TotalEnergies is also active, operating several petroleum depots in the country.

    In the downstream sector, Ghana is working to develop an integrated petroleum hub – the first of its kind in West Africa.

    The government finalized agreements in June 2024 to develop the initial phase of the project, supported by funding from the TCP-UIC private sector consortium. This multi-phase development will include three refineries, five petrochemical plants, storage tanks, jetties, a port and associated LNG and logistics infrastructure.

    “These projects affirm that Ghana is open for business. The country has been proactive in establishing regulatory frameworks that support million-dollar investments, and with further reform, Ghana is poised to become a leading energy hub in West Africa.

    The AEC will continue to support the country as it pursues this goal and looks forward to a productive working visit ahead,” said NJ Ayuk, Executive Chairman of the AEC.

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE
    African Energy Chamber

  • Islamic Finance Expands Africa’s Energy Investment Landscape, Strengthening Arab-African Cooperation

    Islamic Finance Expands Africa’s Energy Investment Landscape, Strengthening Arab-African Cooperation

    PARIS, France, February 17, 2025/ — Africa’s energy sector is seeing growing interest from Islamic financial institutions, as demonstrated by the recent $400 million Murabaha financing secured by Africa Finance Corporation (AFC).
    This transaction not only underscores the growing role of Islamic finance in Africa’s infrastructure development, but also highlights significant opportunities for deeper financial cooperation between Arab and African nations in the energy sector.

    The strong demand for AFC’s facility, which attracted 11 Islamic financial institutions – including Abu Dhabi Islamic Bank, Al Rajhi Bank and Emirates Islamic Bank – signals growing appetite among Middle Eastern banks to engage in Africa’s development.

    The facility, upsized from an initial $300 million due to high investor interest, reinforces AFC’s strategy to diversify its funding base and aligns with broader efforts to expand energy investment partnerships between Arab and African countries.

    Islamic finance is emerging as a key source of funding for Africa’s energy sector, particularly for large-scale infrastructure projects. The Murabaha financing structure used in AFC’s deal aligns with Sharia principles, offering an attractive and ethical investment vehicle for Middle Eastern and North African financial institutions seeking exposure to African markets.

    This move complements AFC’s recent $500 million hybrid bond issuance and the corporation’s ongoing efforts to attract diverse capital sources, including potential Panda bonds in China.

    Opportunities for Arab Investment in Africa’s Energy Future

    The increasing participation of Islamic banks and financial institutions presents a strategic opportunity for Middle Eastern nations to play a larger role in Africa’s energy transition.

    Countries such as the UAE, Saudi Arabia and Qatar have well-capitalized financial institutions and sovereign wealth funds that can accelerate Africa’s energy infrastructure expansion, particularly in natural gas, renewables and power generation.

    Arab nations already have a growing footprint in Africa’s energy sector. The UAE’s Masdar has been investing in renewable projects across North and sub-Saharan Africa – committing $10 billion to deliver 10 GW of clean energy capacity in Africa by 2030 – while Saudi Arabia’s ACWA Power has been involved in developing solar and desalination projects across the continent.

    QatarEnergy has been actively advancing hydrocarbon exploration in Africa, expanding its interests in Namibia’s offshore Orange Basin, while ADNOC has strengthened its footprint by acquiring a 10% stake in the Area 4 concession of Mozambique’s Rovuma Basin.
    However, there remains significant untapped potential for Arab-African cooperation, particularly in financing LNG terminals, gas-to-power projects and oil and gas exploration. Countries like Egypt, Algeria and Libya, which straddle both regions, can serve as financial and logistical bridges between Middle Eastern investors and African energy markets.

    The Role of Energy-Focused Islamic Finance

    The AFC’s Murabaha financing comes at a time when global Islamic finance is experiencing sustained growth, with assets expected to see high single-digit expansion through 2025, according to S&P Global Ratings.

    This growth is supported by strong balance sheets, high profitability and increasing regulatory backing. The surge in Islamic finance presents a timely opportunity for African energy projects, which require significant capital investment to meet the continent’s growing energy demand.

    One of the major advantages of Islamic finance is its alignment with sustainable investment principles, making it particularly attractive for funding Africa’s energy transition.

    In addition to AFC’s investment in renewable energy ventures such as Xlinks’ renewable energy initiative and the expansion of Lekela Power’s 3 GW capacity target, Islamic financial institutions could extend their involvement to Africa’s gas sector, which is viewed as a transitional fuel to bridge the energy gap.

    Strengthening Arab-African Partnerships at IAE 2025

    The increasing role of Middle Eastern finance in Africa’s energy sector will be a critical focus at the upcoming Invest in African Energy (IAE) Forum in Paris this May.

    Serving as the premier African energy project showcase outside of the continent, IAE 2025 provides a space for African governments, investors and key financial players from the Middle East to explore new partnerships and drive investment in gas, LNG and broader energy infrastructure projects.
    By tapping into Islamic finance, African countries can secure critical capital to accelerate its energy development. At the same time, Arab nations stand to benefit from deeper economic integration with Africa, gaining access to new markets and resources. The AFC’s successful Murabaha financing serves as a strong indicator that the time is ripe for greater energy sector collaboration between Africa and the Middle East.

    IAE 2025 (http://apo-opa.co/4hC0kAA) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

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

    SOURCE

    Energy Capital & Power

  • Mission 300: African leaders pledge to advance clean cooking solutions for Africa at milestone Energy Summit

    Mission 300: African leaders pledge to advance clean cooking solutions for Africa at milestone Energy Summit

    DAR ES SALAAM, Tanzania, February 1, 2025/ — African countries have taken bold commitments to implement clean cooking energy solutions to offset the devastating effects of open fire cooking which kills roughly 600,000 women and children annually across the continent.

    In energy compacts (apo-opa.co/40Fdx4z) signed during the Mission 300 Africa Energy Summit, held in Tanzania 27-28 January, 12 African countries signalled their intent to  accelerate the pace of access to electricity and clean cooking solutions on the world’s fastest-growing continent, in line with the United Nations’ Sustainable Development Goal 7 and the African Union’s Agenda 2063 (apo-opa.co/40X7qK8).

    Commending these countries, Tanzanian President Suluhu Hassan stated in closing remarks: “I understand that the 12 governments have only pioneered, and many others will join us in the future.” Earlier, at the opening speaking about the purpose of the summit she said, “This gathering is a platform to consolidate commitments, announce new partnerships and drive momentum towards the 2030 goal.”

    The two-day meeting (apo-opa.co/40GUtCH) was organized by the Government of Tanzania and Mission 300, an unprecedented collaboration between the African Development Bank Group, the World Bank Group and global partners, to address Africa’s electricity access gap through the use of new technology and innovative financing.

    Moderating a special panel on clean cooking on Monday, Rashid Abdallah, Executive Director of the African Energy Commission (AFREC) (apo-opa.co/40Es3JJ), noted that whilst 600 million Africans live without access to electricity, one billion -nearly double the number – were without access to clean cooking, relying on biomass fuels such as wood and charcoal, with severe economic, social and environmental impact. Conservative estimates put the cost of this across the continent to $790 billion a year, he noted.

    Abdallah was joined by Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Peter Scott, CEO of Burn Manufacturing (apo-opa.co/40Vxy8b), and Martin Kimani, CEO of M-Gas (apo-opa.co/3CtCZBZ), who each highlighted the significant health, environmental, and economic impacts of relying on polluting fuels for cooking, as well as the innovative approaches being developed to address this crisis.

    Muyungi shared Tanzania’s experience in launching a comprehensive National Clean Cooking Strategy, emphasizing the importance of high-level political commitment, coordinated stakeholder engagement, and the integration of private sector participation.

    He praised President Hassan’s role as a global champion bringing the issue to the highest level of African governments.

    “It is important to elevate it to the highest level… She is the champion of clean cooking,” he said.  He stressed: “It’s important that there is a champion who can elevate clean cooking in terms of partnerships and partner with others to address this issue. He added that Tanzania is on track to transition 80 percent of its population to clean cooking technologies by 2034, thanks to the efforts of President Hassan.

    Scott, whose company Burn Manufacturing is the largest clean cooking manufacturer in Africa, discussed the diverse range of solutions being deployed across the continent, from fuel-efficient biomass stoves to cutting-edge electric cooking appliances with pay-as-you-go financing models. He stressed the availability of funding for clean cooking projects, pending the approval of carbon credit regulations by governments.

    “This is the most exciting time in the history of clean cooking,” Scott declared. “Now, there’s a lot of money standing by to approve carbon credit regulations to allow carbon trading, carbon finance, to grow. “

    Kimani’s pioneering pay-as-you-cook LPG model has provided an innovative and affordable solution to enable households to transition to clean cooking. He shared the success of M-Gas in onboarding half a million households in Kenya and Tanzania within just three years, demonstrating the scalability of this approach. “One of the most important considerations is affordability, how do we close that gap?” he asked.

    M-Gas has found an answer by installing IOT enabled smart meters which are fixed into gas cylinders without upfront payment.

    “We mirror the (pay as you go) environment they can now cook using LPG. With 35 cents they can cook three meals in a day,” he added.

    Tanzania pioneers clean cooking and global awareness

    Tanzania published its clean cooking strategy in 2024-2034 last year in response to its own challenges – 3,000 people dying annually and the effects of a devastating 400 hectares of deforestation annually from the use of charcoal and firewood.

    Championed by President Hassan, the Clean Cooking agenda has embraced everyone and is part of the national agenda, Muyungi said. “This discussion has highlighted the innovative approaches, and the political will required to transform the lives of millions of Africans and secure a sustainable future for the continent.”

    In a recognition of national efforts, awards were handed out to winners of a national clean cooking innovation challenge on the first day of the summit. The winners included creators of a biogas production plant and a click gas LPG delivery system.

    The African Development Bank Group has pledged $2 billion over 10 years towards clean cooking solutions in Africa. The pledge represents an important contribution to the $4 billion per year needed to allow African families to have access to clean cooking by 2030.

    “Why should anybody have to die just for trying to cook a decent meal that is taken for granted in other parts of the world,” African Development Bank President Akinwumi Adesina asked during a discussion as part of the summit. “Africa must develop with dignity, with pride. Its women, its population must have access to clean energy solutions.”

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

    More image: https://apo-opa.co/40ITGkK

    Contact:
    Amba Mpoke-Bigg
    Communication and External Relations Department
    email: media@afdb.org

  • Africa – Mission 300: Significant new donor pledges in support of the Sustainable Energy Fund for Africa announced on margins of the Africa Energy Summit

    Africa – Mission 300: Significant new donor pledges in support of the Sustainable Energy Fund for Africa announced on margins of the Africa Energy Summit

    DAR ES SALAAM, Tanzania, January 31, 2025/ — Denmark, the United Kingdom, Spain and France have unveiled new or additional contributions to the Sustainable Energy Fund for Africa, demonstrating strong support for the African Development Bank (www.AfDB.org)-managed fund as it expands energy access across Africa, including through the Mission 300 partnership. Another new donor – Japan –joined in December 2024 with a $5 million contribution under AGIA (https://apo-opa.co/3Eju6LT).

    SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. It aims to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa in line with the New Deal on Energy for Africa and Mission 300.

    Mission 300 (https://apo-opa.co/4hDAJqx), an ambitious new partnership of the African Development Bank Group, the World Bank Group and other development partners, aims to provide access to electricity to an additional 300 million Africans by 2030.

    France, a new donor to SEFA, will provide €10 million. Denmark, the UK and Spain will increase existing contributions by DKK 100 million (€13.4 million), £8.5 million (€10.13) and €3 million, respectively.

    France’s contribution will bolster the Africa Green Infrastructure Alliance (AGIA) (https://apo-opa.co/4aHQE4M), a platform of the African Development Bank, Africa 50 and other partners that will develop transformative sustainable infrastructure projects for investment.

    These contributions come as SEFA enjoyed its best year on record in 2024, with $108 million approved for 14 projects. SEFA now boasts a portfolio of over $300 million in highly impactful investments and technical assistance programmes, which is expected to unlock up to $15 billion in investments and deliver approximately 12 million new electricity connections.

    Denmark’s Acting State Secretary for Development Policy, Ole Thonke, said: “Africa is endowed with enormous untapped potential for renewable energy, which can fuel green industrialisation. The latest Danish financial contribution to SEFA will focus on the newly established Africa-led Accelerated Partnership for Renewables in Africa (APRA), further supporting the continent’s ambitious development and climate goals.”

    “We are halfway through this decisive decade to achieve the sustainable development goals and get on track to tackle climate change,” said Rachel Kyte, UK Special Representative for Climate, Foreign, Commonwealth and Development Office. “Achieving our collective goals of reliable, affordable and clean power is a golden thread that links economic growth, greater investment, strengthened resilience and climate ambition.

    By accelerating the roll-out of clean power, the UK and Mission 300 are putting green and inclusive growth at the heart of our partnerships with Africa. Our announcement of an additional £8.5 million in UK funding for the AfDB’s SEFA will mobilise the much-needed private sector investment so that more Africans can access clean power right across the continent.”

    Inés Carpio San Román, Alternate Governor of Spain for the African Development Bank, said, “We are pleased that Spain has decided to renew its support for the SEFA fund with a contribution of €3 million. This reaffirms our commitment to the crucial sector of renewable energy, which plays a key role in fostering sustainable development across Africa.”

    “As a strong supporter of Africa’s green infrastructure investments with financial tools that mobilise private finance, France is proud to contribute €10 million to the AGIA through SEFA,” stated Bertrand Dumont, Director General of the French Treasury and Governor for France at the African Development Bank.

    “This very first contribution is our first step towards reinforcing Africa’s sustainable development and accelerating the continent’s path to a low-carbon economy. By investing in green infrastructure in Africa, we are investing for the future.”

    Dr Daniel Schroth, Director of Renewable Energy and Energy Efficiency at the African Development Bank, said, “We welcome the new commitments from donors whose support underscores the impactful work of SEFA.

    These contributions are essential in enabling SEFA to fulfil its role as a key delivery vehicle for Mission 300 at this pivotal moment.”

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

    Contact:
    Olufemi Terry
    Communication and External Relations Department
    email: media@afdb.org

  • Oando Publishes N4.1 Trillion Revenue and N65.5 Billion Profit-After-Tax in Full Year (FY) 2024 Results

    Oando Publishes N4.1 Trillion Revenue and N65.5 Billion Profit-After-Tax in Full Year (FY) 2024 Results

    LAGOS, Nigeria, February 1, 2025/ — Oando PLC (www.OandoPLC.com), Africa’s leading integrated energy company listed on both the Nigerian Exchange Grpup (NGX) and Johannesburg Stock Exchange (JSE), announced a strong financial performance for the Full Year (FY) 2024 with a 45% growth in revenue to N4.1 Trillion compared to N2.9 Trillion in FY 2023 results.

    The company’s 2024 performance showcases a consistent upward trajectory following its announcement of N65.5 billion in profit after tax.

    Speaking on the results, Group Chief Executive, Oando PLC, Wale Tinubu CON, commented, “2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd.

    Despite a challenging operating environment, we achieved a 45% increase in revenue to 4.1 trillion, reflecting the strength of our business model, and a 9% rise in profit after tax to 65.5 billion, notwithstanding the costs associated with the onboarding of NAOC.

    Oando’s production for the twelve months ended December 31, 2024, averaged 23,911 barrels of oil equivalent per day (boe/d), an increase from the 23,258 boe/d achieved in 2023. This growth was primarily driven by the acquisition of an additional 20% stake in the NAOC JV in Q4, partially offset by production disruptions due to shut-in wells resulting from sabotage activities.

    Additionally, the Group incurred $18.1 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $52.3 million in the twelve months to December 31, 2023.

    Looking ahead to 2025, Tinubu stated, “In 2025, our priority shall be to drive cost optimization, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations. In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines.

    Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.

    As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.”

    As the company prepares for its 2025 targets, it is bolstered by optimistic oil demand predictions. The U.S. Energy Information Administration’s (EIA) global oil demand predictions forecast global demand to grow by 1.3 million barrels per day (bpd) in 2025, a significant increase from the estimated growth of 0.9 million b/d in 2024. This projected growth surpasses the pre-pandemic 10-year average (2010-2019) of 1.5 million bpd, indicating a positive trajectory for the global oil market.

    With this announcement, Oando enters 2025 on a strong foundation. The announcement brings the company up to date on its financial reporting, successfully meeting all regulatory requirements. Notwithstanding the operational realities, Oando is positioned to build on the momentum of a successful 2024 committed to its strategic vision of becoming Africa’s first international oil company (IOC) by leveraging its strong operational capabilities and strategic partnerships to deliver value to its stakeholders.

    Distributed by APO Group on behalf of Oando PLC.

    SOURCE

    Oando PLC

  • Africa: The Sahel Can Revolutionize Renewable Energy Access and Affordability Up to the Last Mile (By Reshmi Theckethil)

    Africa: The Sahel Can Revolutionize Renewable Energy Access and Affordability Up to the Last Mile (By Reshmi Theckethil)

    DAKAR, Senegal, January 31, 2025/ — By Reshmi Theckethil, Lead Portfolio, Climate Action, Disaster Risk Reduction, Energy, and Resilience | Sahel Resilience Project Manager, UNDP Sub-Regional Hub for West and Central Africa (www.UNDP.org). 

    Imagine a Sahel region where every household, school, and hospital has access to clean, affordable energy—where renewable power not only serves homes but also drives economic transformation. Given the region’s rich solar, wind, and hydro resources, this vision is achievable. With one of the highest potential for solar energy production globally, at 13.9 billion kWh/year compared to the global consumption of 20 billion kWh/year, the Sahel’s renewable energy capacity remains underutilised. Currently, over 55% of energy production is dominated by fossil fuels like oil and gas, while renewable sources remain marginal.

    Over the last two decades, primary energy demand in almost half of the Sahel countries has grown by more than 4% annually [1]. However, urban areas benefit disproportionately, leaving nearly half the population without electricity. Connectivity disparities are exacerbated by the high costs of power generation and infrastructure, with reliable electricity reaching only about 20% of the population.

    Renewable Energy: A Driver of Human Development  

    Renewable energy in the Sahel is more than a technical solution—it’s a catalyst for sustainable human development. Policies that localise green energy solutions can end energy poverty and foster resilience. The transition from fossil fuels to renewables, as outlined in Nationally Determined Contributions (NDCs), offers inclusive opportunities for growth, improved social outcomes, and environmental protection. Coordinated strategies can ensure climate resilience while prioritising human welfare outcomes.

    For women and youth, renewable energy access is transformative. It reduces reliance on time-intensive manual labour, opening opportunities for innovation and increased productivity across sectors. Solar-powered agricultural hubs could allow farmers to process produce locally, boosting incomes and reducing waste. Solar-powered irrigation could regenerate arid lands, combat food insecurity, and create sustainable livelihoods.

    International Commitment to the Sahel  

    Cognizant of the region’s potential, UNDP is implementing the United Nations Integrated Strategy for the Sahel (UNISS), aiming to provide clean, affordable energy to over 150 million people by 2025. Since 2021, renewable energy initiatives have benefitted more than 70.7 million people in areas like the Lake Chad Basin [2] and Liptako-Gourma [3].

    These efforts, supported by partners such as Sweden, Germany, the Netherlands, the United Kingdom, the African Development Bank, Norway, Japan, and local actors, leverage the productive use of energy to address structural energy poverty with climate and security considerations.

    Initiatives like the Africa Minigrids Programme, the Regional Stabilization Facility, the Sahel Resilience Project and the Energy4Sahel initiative remain crucial to the region as they strengthen local regulatory capacities and empower communities to develop scalable, innovative solutions. For example, in Mauritania, Aziza Sidi Bouna, Founder and CEO of SB-GAZ, designs biodigester prototypes that supply homes with clean energy at a fraction of the cost of propane gas traditionally used for cooking. In Gambia, Jankey Jassey, a young renewable energy engineer, is at the forefront of creating space for young girls to work in the renewable energy sector.

    In Guinea, a young researcher, Marc Tambo, took on the bold task of mobilising his community to build a micro-plant that could power an electric plant, creating energy access for many and job opportunities for the community.

    Strengthening Regional Collaboration  

    As the world shifts towards clean and equitable energy transitions, the region can spearhead sustainable and human-centred African green innovation. By working with development partners, the private sector, and the diaspora, Sahelian countries can adopt targeted green industrial policies to ensure and expedite necessary technology transfers and access to financing, as well as affordability and efficiency improvements.

    To create long-term solutions devoid of temporary market distortion, incentives for commercial investments must be considered. These investments must result in lasting customer-centric solutions that model cost-effective electrification scenarios and innovations aligned to socioeconomic development metrics.

    Capitalising on the African Continental Free Trade Area (AfCFTA) opportunities, these nations can widen market access and promote cross-border energy interconnectivity and regional power pools. However, bridging the gap between ambitious policies and ground-level implementation sustained political commitment and strategic investments. Governments must ensure ministries and agencies prioritise energy access policies, with transparent public dashboards tracking progress.

    Civil society involvement in oversight and expenditure analysis is critical to achieving national electrification targets.

    Through partnerships, innovative incentives, and public-focused investments, the Sahel can close the energy gap and bridge the rural-urban divide.

    Renewable energy offers a transformative path to sustainable, inclusive development. By fostering innovation and effectively leveraging resources, the Sahel can become a model for climate resilience and economic revitalisation, achieving energy access and affordability up to the last mile.


    [1] International Energy Agency (2022). Clean Energy Transitions in the Sahel. International Energy Agency. Paris.

    [2] Cameroon, Chad, Niger and Nigeria

    [2] A historically marginalised area at the intersection of Burkina Faso, Mali, and Niger
    Distributed by APO Group on behalf of United Nations Development Programme (UNDP).

    SOURCE
    United Nations Development Programme (UNDP)

  • Africa Energy Summit, leaders commit to energy transformation with more than $50billion backing from global partners

    Africa Energy Summit, leaders commit to energy transformation with more than $50billion backing from global partners

    DAR ES SALAAM, Tanzania, January 29, 2025/ — Thirty African Heads of State and government today committed to concrete reforms and actions to expand access to reliable, affordable, and sustainable electricity to power economic growth, improve quality of life, and drive job creation across the continent.

    The leaders pledged their commitment in a declaration during the two-day Mission 300 Africa Energy Summit in the Tanzanian commercial capital, Dar es Salaam. Mission 300 partners pledged more than $50 billion in support of increasing energy access across Africa.

    The Dar es Salaam Energy Declaration represents a key milestone in addressing the energy gap in Africa, where more than 600 million people currently live without electricity.

    The commitments in the Declaration are a critical piece of the Mission 300 initiative, which unites governments, development banks, partners, philanthropies, and the private sector to connect 300 million Africans to electricity by 2030. The Declaration will now be submitted to the African Union Summit in February for adoption.

    By addressing the fundamental challenge of energy access, Mission 300 serves as the cornerstone of the jobs agenda for Africa’s growing youth population and the foundation for future development.

    Twelve countries—Chad, Côte d’Ivoire, Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia—presented detailed National Energy Compacts that set targets to scale up electricity access, increase the use of renewable energy and attract additional private capital.

    These country-specific plans are time-bound, rooted in data, endorsed at the highest level and focus on affordable power generation, expanding connections, and regional integration.

    They aim to boost utility efficiency, attract private investment, and expand clean cooking solutions. Deploying satellite and electronic mapping technologies, these compacts identify the most cost-effective solutions to bring electricity to underserved areas.

    “Tanzania is honored to have hosted such a monumental summit to discuss how, as leaders, we will be able to deliver on our promise to our citizens to provide power and clean cooking solutions that will transform lives and economies,” said H.E. Dr. Samia Suluhu Hassan, President of the United Republic of Tanzania.

    Implementing the National Energy Compacts will require political will, long-term vision and the full support from Mission 300 partners. Governments are paving the way through comprehensive reforms, complemented by increased concessional financing and strategic partnerships with philanthropies and development banks to catalyze increased private sector investment.

    Dr. Akinwumi A. Adesina, President of the African Development Bank Group, emphasized the need for decisive action to accelerate electrification across the continent. “Critical reforms will be needed to expand the share of renewables, improve utility performance utilities, ensure transparency in licensing and power purchase agreements, and establish predictable tariff regimes that reflect production costs.

    Our collective effort is to support you, heads of state and government, in developing and implementing clear, country-led national energy compacts to deliver on your visions for electricity in your respective countries.”

    “Access to electricity is a fundamental human right. Without it, countries and people cannot thrive,” said Ajay Banga, President of the World Bank Group. “Our mission to provide electricity to half of the 600 million people in Africa without access is a critical first step. To succeed, we must embrace a simple truth: no one can do it alone. Governments, businesses, philanthropies, and development banks each have a role—and only through collaboration can we achieve our goal.”

    During the summit, partners announced a series of commitments:

    • African Development Bank Group and the World Bank Group plan to allocate $48 billion in financing for Mission 300 through 2030, which may evolve to fit implementation needs
    • Agence Francaise de Development (AFD): €1 billion to support energy access in Africa
    • Asian Infrastructure Investment Bank (AIIB): $1 billion to $1.5 billion to support Mission 300
    • Islamic Development Bank (IsDB) Group: $2.65 billion in support of Mission 300 and energy access in Africa from 2025-2030
    • OPEC Fund: An initial commitment of $1 billion in support of Mission 300 with additional financing to follow
    • World Bank Group and the African Development Bank Group: Launched Zafiri, an investment company that supports private sector-led solutions, such as renewable mini-grids and solar home systems. Zafiri anchor partners will invest up to $300 million in the first phase and mobilize up to $1 billion to address the persistent equity gap in Africa in these markets.

    The firm commitments made by governments and partners at the summit demonstrate the unique power of the Mission 300 partnership. By combining government reforms, increased financing, and leveraging public-private partnerships, African countries are positioned to turn plans into action, delivering tangible benefits to millions of people.

    The Mission 300 Africa Energy Summit was hosted by the United Republic of Tanzania, the African Union, the African Development Bank Group (AfDB), and the World Bank Group (WBG), with support from the Rockefeller Foundation, ESMAP, Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL) and the Sustainable Energy Fund for Africa.

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