ADF-15 Replenishment: Donors Commit $7.6bn To Support Africa's Fragile Countries

Donors of the African Development Fund (ADF) on Thursday agreed to commit $7.6 billion to speed up growth in Africa's poorest nations and help lift millions out of poverty.This fifteenth replenishment of the ADF (ADF-15), up 32% from the previous cycle, sends a strong signal of trust in the Fund, which is the concessional window of the African Development Bank Group.The Fund comprises 32 contributing states and benefits 37 countries – including those experiencing higher growth rates, headed towards new emerging markets, and fragile states needing special support for basic service delivery. The Fund's resources are replenished every three years.ADF-15 will support Africa's most vulnerable countries by tackling the root causes of fragility, strengthening resilience, and mainstreaming cross-cutting issues. These include gender, climate change, governance, private sector development, and decent job creation."What a great pledge we've achieved with your support... Together we've exceeded the target set for this replenishment. What…

OPEC, Non OPEC Members To Focus On Energy Poverty

Global oil producers will convene Friday in Vienna, Austria for the 177th OPEC Meeting. Through the meeting, the producers are aiming to determine the management of oil production in 2020. The African Energy Chamber urges African OPEC and non-OPEC members to commit to the Declaration of Cooperation and ensure compliance. This is of key importance as it keeps the path to dignity and prosperity for African economies open. The meeting falls amidst the climate change debate which has put pressure the global energy industry to implement less carbon-intensive energy solutions. Attending the 177th Meeting, the Africans see this gathering as an opportunity for OPEC members to focus on the realities of energy poverty on the African continent and provide a solution that allows Africa to still meet its objectives of improving power access and building competing economies while participating in the dialogue about addressing climate change. “Climate change is real.…

Muloni Named Among Shakers & Movers Of Africa’s Energy Sector

The African Energy Chamber has in its Africa Energy Outlook 2020 report named Uganda's Minister of Energy and Mineral Development Irene Muloni among the 25 Movers and Shakers to Watch on the continent's energy sector. The list has among other people President of US Donald Trump, President of Senegal Macky Sall, President of Egypt Abdel Fatah Al-Sisi, Africa's richest man Aliko Dangote, the Secretary General of OPEC Mohammad Sanusi Barkindo, CEO of France's Total Patrick Pouyanne and Chairperson of Oranto Petroleum Prince Arthur Eze. The list, dominated by leaders of international private companies doing work on the continent, also has energy ministers from Tanzania, Angola, Gabon, and Equatorial Guinea - nascent territories when it comes to oil and gas discoveries and trading. African Energy Chamber said Uganda is one of the most promising and upcoming African petroleum provinces despite discovering oil a decade ago. And as Uganda’s nears production of…

Energy Chamber Calls For Fiscal Reforms, Incentives To Encourage Exploration

In its latest African Energy Outlook 2020, the African Energy Chamber calls for sustained fiscal reforms to attract capital and technology into exploration in the continent.In 2020, hundreds of blocks and acreages will be up for grab across Africa, from Senegal to Nigeria to Somalia. The competition will be fierce to attract capital from a diversifying basket of explorers now coming from North America, Europe, Russia, China, India, South East Asia and the Middle East.In 2019, several African countries revised their legal and fiscal framework to incentivize exploration, as new world-class discoveries were yet again made on the continent. With the signing of no less than 9 PSCs in 2019 following the passing of its brand new Hydrocarbons Code, Gabon has shown that investors are ready to keep betting on Africa providing that the right legislation and framework are put in place.In its Energy Outlook 2020, the Chamber notably stresses…

Market Cooperation Will Unlock Opportunities In Africa's Energy Sector

Africa's energy sector is a catalyst for growth and development across the continent. Industry and investors need to stay abreast of the high-speed advances in the energy landscape.Last week, the African Energy Chamber (AEC) launched its first annual African Energy Outlook for 2020. The report, compiled to provide key insight on what sub-Saharan Africa's oil and gas industry can expect to see next year, also doubles as an overview of the role the energy sector stands to play in developing competing economies.Though the continent's oil and gas sector was significantly impacted by the oil price crash, 2019 has proven to be a year of recovery for many African economies. With many continuing works on projects that were previously halted or canceled, some developing new large-scale projects and others working to increase their exploration and production activities; the continent is undoubtedly poised to see accelerated growth in the years to come.To…

Gas Exporting Countries Launch Declaration Of Malabo To Oversee Sustainable Energy Transition

The official Declaration of Malabo was submitted on Friday as the result of the Gas Exporting Countries Forum (GECF) 5th Heads of State Summit that sat between 26-29 November in Malabo, Equatorial Guinea. The Declaration outlines the way in which GECF member countries can cooperate to secure a long-term and sustainable energy transition. Drafted during a week of Ministerial and High-Level Ad Hoc Working Group meetings, the document reaffirms the importance of retaining sovereign rights of member countries over natural gas resources; securing an energy transition and meeting sustainable development goals; attracting investment to gas infrastructure projects; fostering coordination among GECF member countries; and establishing pricing mechanisms, among other key objectives. “One of the positions of the GECF is to specifically designate the terms and conditions of the contracts between producers and consumers. Our community insists that pricing connected to oil indexation should serve in favor of our member countries,”…

Africa To Double Natural Gas Production By 2040

At the opening of the 2nd International Gas Seminar of the Gas Exporting Countries Forum (GECF) on Wednesday, global natural gas use was slated to double by 2050; replacing more traditional fossil fuels and facilitating an energy transition towards sustainable development. According to the GECF’s Global Gas Outlook Model, natural gas will be the only hydrocarbon source to increase its share in the global energy mix, remaining the fastest-growing fossil fuel. GECF member countries currently represent 71% of natural gas reserves, 44% of marketed gas production, 55% of pipeline gas trade and 53% of LNG trade globally. “Our main message is that natural gas is the destination fuel and will play a central role in energy transitions. We continue and will continue to defend the position of the Forum on benchmark prices, stressing that oil indexation is still the optimum choice for buyers and sellers of gas,” H.E. Yury Sentyurin,…

AfDB Approves $400m To Support Mozambique’s LNG Ambitions

The Board of Directors of the African Development Bank Group recently approved a long-term Senior Loan of $400 million to support the building of an integrated Liquefied Natural Gas (LNG) plant, including a liquifaction facility in Mozambique. The Mozambique LNG Area 1 Project, ranked Africa’s single largest Foreign Direct Investment to date, comprises a global team of energy developers and operators, led by Total alongside Mitsui, Oil India, ONGC Videsh Limited, Bharat Petroleum, PTT Exploration, as well as Mozambique’s national oil and gas company ENH. By its approval, the African Development Bank joins a global syndicate of commercial banks, development finance institutions, and export credit agencies, to jointly provide the requisite senior debt financing for the project. Financial close is expected within the first half of 2020. Commenting on the approval, Bank Group President Akinwumi Adesina said: “Through its participation, the African Development Bank again demonstrates its leading role in…

CNOOC Suspends All Cooperate Social Responsibility Activities

China National Offshore Oil Corporation (CNOOC) has announced that it has suspended it’s Cooperate Social Responsibility (CSR) activities in Bunyoro due to lack of business and activities. The oil company said they are idle, for now. This was disclosed during an update engagement meeting for Civil Society Organizations (CSOs) organized by CNOOC in partnership with Kitara Development Initiative (KITADE) in Hoima town. Among the affected activities include the football tournament Bunyoro CNOOC Amasaza Cup, several end of year parties, the Education Best Performers Awards among others. David Kagoro Byaruhanga, the Community Relations Manager, says the company has no serious business on the ground and they are operating in loses. He added that such arrangements will resume after a Final Investment Decision has been announced. The company recently closed its regional offices in Hoima town and has since shifted to Buhuka. Daniel Kasuiti from the Petroleum Authority of Uganda (PAU), however,…

Kabaale International Airport Construction Works 34 Percent Complete

Ongoing construction works at Kabaale International Airport in Hoima now stands at 34 percent, Tahar Cheriff, the project’s resident engineer, has revealed. Cheriff also expects work to be completed on the 7th of Feb - 2023. The project’s construction is funded by the United Kingdom Export Finance (UKEF) at a tune of Shs1.1 trillion (Euros 300m). Cherrif also revealed that the contract for the company contracted to undertake the construction works, SBC, has been extended to 2023. The deputy director CAA, Eng Fred Bamwesigye said they have extended the completion of the airport to 2023 from 2021 due to unavoidable circumstances. Cheriff said that earthworks for the runway, which involves digging up and compaction of soil are at 27 metres from the ground to ensure a completely firm foundation. Eng Bamwesigye recommended the progress of the works. Ruth Apolot from Uganda Civil Aviation Authority says that the project involves the…
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