An explosion at an offshore natural gas pipeline in Louisiana’s Plaquemines Parish has killed a man, the local police reported, adding fire was still burning at the site.
The explosion was reported to the Plaquemines Parish police on Saturday evening with one person reported missing at the site.
“For reasons still under investigation, an explosion and fire occurred while Nichols was believed to be working on the pipeline,” the police said in a Facebook post. “Nichols died as a result, and with the assistance of the Plaquemines Parish Sheriff’s Office, his body was recovered in the area of the incident. No other individuals were injured.”
“The pipelines have been blocked, and one remains on fire, burning the remaining natural gas in the line. Air monitor readings were conducted, and there is no threat to the public. This incident remains under investigation,” the authorities also said.
Plaquemines Parish is the home of Plaquemines LNG, a project of Venture Global, which is currently building another LNG facility in the area, Calcasieu Pass LNG, which will have an annual capacity of 10 million tons of liquefied gas.
Plaquemines LNG will have an annual capacity of up to 20 million tons, per plans.
The project received its final investment decision in 2022 and in July this year the Federal Energy Regulatory Commission gave Venture Global the go-ahead to start feeding gas into the system.
The first phase of Plaquemines LNG will have a capacity of 13.3 million tons of liquefied natural gas annually.
Buyers of the gas include Poland’s state energy company Orlen, China’s Sinopec and CNOOC, as well as Shell and French EDF.
Venture Global has also secured buyers for the second phase of the project, including Exxon, Chevron, Germany’s EnBW, Malaysia’s Petronas, and China Gas.
Shipments of gas from the Plaquemines LNG facility were scheduled to start in the middle of 2024.
Source: Oilprice.com
Ghana’s President Nana Akufo-Addo has cut the sod at Jomoro in Western Region to begin the first phase of the petroleum hub project.
The phase 1 of the project will focus on developing a 300,000-barrel per day (bpd) refinery, 90,000 bpd petrochemical plant, three million storage facility, a jetty and port infrastructure.
The project is expected to transform Ghana’s economy and create over 780,000 direct and indirect jobs by 2036.
Recently, Petroleum Hub Development Corporation (PHDC) signed a US$12 billion deal with the TCP-UIC Consortium.
The project comprises Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd.
Speaking at the sod-cutting event on Monday, August 19, 2024, President Akufo-Addo said it marks a bold step to ensuring the citizenry and the industries have access to sustainable energy.
“In our strategic approach, we have divided this project into three independent phases. Each phase, upon completion, will serve as a standalone hub, forming collectively a petrochemical industrial park sprawling across some 20,000 acres. This project will complement not compete with existing refineries in Ghana and in the West African region,” he said.
President Nana Akufo-Addo said that phase one of the Petroleum Hub project goes beyond Ghana.
“It is designed to capture and sell to the African continental free trade area market, which is valued currently at some 3.4 trillion United States dollars. We envisage a facility equipped with cutting-edge technology prioritizing environmental sustainability with green buffers supporting local fauna and flora.
It will be a benchmark for crude and petroleum product pricing in Africa.”
“This project promises to create some 780,000 direct and indirect jobs, help stabilize our currency, stimulate local economic development and position Ghana as Africa’s premier petroleum and petrochemical partner. I am confident this hub will be a secure, innovative workplace, adhering to the highest industry standards.”, he explained.
Amidst the lurking concerns by locals about the project, and the need for the project to have acceptance from locals, the President directed a name change for the project, where to cite the headquarters as well as skills development for locals.
“I propose that the headquarters of the Petroleum Hub Development Corporation be located in Jomoro and that it should be renamed the Jomoro Petroleum Hub Development Corporation. To support the project, it is crucial to have a skilled workforce ready.”
“I directed the Ministry of Energy and the Board to ensure the training of some 200,000 skilled, semi-skilled, and unskilled Ghanaians in preparation for the project take-off most of whom shall come from the Jomoro enclave.“, he directed.
The President also justified the choice of the consortium and their capacity, saying, “The TCP-UIC consortium, chosen for the first phase, possesses the technical expertise and financial strength to meet our regulated timelines and standards. I urge everyone involved to leave no stone unturned in making this hub a model not only for Ghana but also for the entire world.”
“To our esteemed investors, TCP-UIC consortium, China Huadian Engineering Company Limited, China Construction Tech Engineering Bureau Company Limited, Touchstone Capital Group Holdings Limited, UIC Energy Ghana Limited, and Touchstone UIC Ghana Investments Limited, I assure you of government support in this exercise”, he noted.
The Chief Executive Officer of the Petroleum Hub, Charles Owusu on his part called for all to support the project as it is a game-changer.
“It is a game-changer in providing jobs, promoting technological transfer, and positioning Ghana as a centre for refining and trading of petroleum and petrochemical products and services. Equally balancing objectives for economic growth, environmental management, and human capital development…It is my firm belief that placing an egg on a pea is a possibility worth exploring at all times, if one aims to translate a dream into a reality.“, he said.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com
Authorities in Burkina Faso have announced plans to begin spilling excess water from the Bagre Dam today, Monday, August 19, 2024.
This was announced by the Power Utility of Burkina Faso, SONABEL, which announced that the decision was as a result of rising water levels upstream.
Bagre Dam is a multi-purpose dam on the White Volta located near Bagre Village in Burkina Faso.
The dam has a hydropower plant that generates about 16 megawatts of power.
Excess water that is spilled often leads to flooding in some parts of Northern Ghana and the Volta Region, which is the downstream of the dam.
In 2023, some committees along the Volta Lake in the Republic of Ghana got flooded, with Mepe being the hardest hit after the Volta River Authority (VRA) embarked on water spillage following a heavy inflow into the Akosombo hydroelectric power dam.
A letter by the White Volta Basin Secretariat of the Water Resources Commission addressed to regional ministers and NADMO directors in the Upper East, North East, and Northern regions urged residents to take the necessary precautions.
The letter, issued on August 16, noted that the upstream water level of the Bagre Dam had reached 232.82 metres and was continuing to rise, making the spillage necessary.
“Update from SONABEL this afternoon [Friday afternoon] indicates that the upstream level of the Bagre Dam is 232.82m and rising.
“Consequently, SONABEL will commence the spillage of water from the Bagre Dam by Monday, August 19, 2024,” the letter said.
The Commission further advised residents along the White Volta River to take precautionary measures to avoid any adverse impact of the spillage.
“This is to inform you of your further action relating to the flood management. We will furnish you with additional information on this matter as this becomes available to us,” the Commission added.
Source: https://energynewsafrica.com
Petrosol Ghana Limited, one of the leading indigenous oil marketing companies (OMCs) in the Republic of Ghana, has rebranded to become a fully-fledged energy company after 10 years of serving Ghanaians with the right quantity, quality and affordable petroleum products.
Now rebranded as Petrosol Platinum Energy Limited, the company was founded in March 2006 as Petroleum Solutions Limited and was providing petroleum management and consultancy services to OMCs in the West African nation.
After operating as a consultancy services company for some years, the company migrated from being a consultancy company to an OMC in 2013.
The company acquired a licence from the National Petroleum Authority (NPA) in November 2013 and commenced operations in February 2014.
With a commitment to making impact on lives and contributing to the growth and development of Ghana’s economy by offering the right quantity and quality fuel to the transportation sector, Petrosol Ghana, from a humble beginning of operating four retail stations, now has 115 retail stations across the country.
At a short ceremony at the company’s retail outlet on the Spintex Road in Accra, the Founder and Chief Executive Officer of Petrosol Platinum Energy Limited, Mr Michael Bozumbil, recounted how the company had weathered the storm to come this far.
He told the gathering that in 2015, a year after the company had acquired licence and started operating, the government took a decision to deregulate the petroleum downstream sector and this gave OMCs the opportunity to set prices based on market factors.
Michael Bozumbil, Chief Executive Officer of Petrosol Platinum Energy Limited.
According to him, this shift in policy by the government posed a significant challenge to his company since it was a new entrant into the market and had to compete with existing OMCs that could set prices lower than that of his company.
Mr Bozumbil said, “Right from the onset, we set out to be a model of excellence and didn’t want to cheat.”
Continuing, he said between 2016 and 2017, substandard fuel flooded the market at the time the company was struggling to keep afloat.
In the next phase of the business, Mr Bozumbil said the company would continue to comply with the required standards and impact lives by serving the right quality and quantity of fuel to consumers.
He used the occasion to pay glowing tribute to industry players and staffs whose dedication and hard work had brought the company to this level.
In an address, the Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs), Dr Riverson Oppong, praised the CEO of Petrosol for his commitment to best practices in the industry.
Dr Oppong, who described Mr Bozumbil as a dedicated team player, urged him to work harder to push the company to become one of the top five OMCs in the country.
Dr. Riverson Oppong, CEO of Association of Oil Marketing Companies in Ghana.
The CEO of Cirrus Oil and Board Chairperson of Chamber of Bulk Oil Distributors (CBOD), Mrs. Ivy Appea Owusu, praised the Petrosol Ghana team for being a shining example in the industry and urged them to continue to inspire.
The CEO of NPA, the downstream regulator, Abdul-Hamid, described Mr Bozumbil as his standard.
“You’re my standard; you’re very honest, principled, humble ethical, and everything this country needs to move forward.
“And I salute you on your 10th anniversary and I pray that all of us, including political office holders, will have the courage to be like you,” the NPA CEO said.
Nigeria’s President Bola Tinubu and Equatorial Guinean President Teodoro Obiang Nguema Mbasogo haved signed an agreement on Gulf of Guinea Pipeline Project, further affirming partnership for mutual development.
President Tinubu who is on a three-day official visit to Equatorial Guinea, said the signing of the agreement will open up new opportunities for gas exploration and employment.
He stated that the two leaders had discussed issues related to the creation of employment, food security, multilateral relations, and conflict resolution mechanisms on the continent during a private meeting that preceded the signing of the agreement.
“Concerning Africa, conflicts and conflict resolution were discussed. We discussed various areas of conflicts and what we can do to promote peace. “We talked about promotion of peace and stability in our countries, and growth and prosperity on our continent.
“In the same way that Europe and America have kept themselves and found a solution for their conflicts, we have to look at both inadequate capital, industrialization efforts, research and development programmes, and enlighten our people, navigate our way through problems.
“Instead of the crisis and conflicts that we see in the Republic of Congo, and others, we have to look inwards to solve problems ourselves,’’ the President said in a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale.
The agreement covered legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles.
President Tinubu said the discussion with the President of Equatorial Guinea also covered challenges of security, African Continental Free Trade Area (ACFTA), and food security.
“We are all going for it. Within Africa and the African Union, we have resolved that we will work together to make sure that the solution to many of our problems in Africa comes from within,’’ the President concluded.
In his remarks, the President of Equatorial Guinea said bilateral relations with Nigeria over many years have been rewarding and emphasized the need to deepen cooperation across salient areas.
President Mbasogo said Africa’s vision of having a permanent seat in the Security Council of the United Nations is vital for the development of the continent, affirming that Equatorial Guinea will work with Nigeria to realize the objective.
The President of Equatorial Guinea said the signing of the agreement was strategic for Africa’s development.
Source: https://energynewsafrica.com
The British American Tobacco Kenya saw a 54 percent reduction in its scope 1 and 2 greenhouse gas emissions last year, which is within the 2030 target of a 50 percent emission cut.
This is contained in its 2023 Sustainability Report, which focused on sustainability performance, including sustained progress in emissions reduction, water stewardship, gender diversity, and pay equity.
Crispin Achola, BAT Kenya Managing Director, said the reduction in greenhouse gas emissions was accelerated by the decarbonisation strategy, including a Sh145 million investment in solar energy between 2021 and 2022, bringing current onsite generated electricity to a 1,400-kilowatt peak.
“As part of efforts to combat climate change and drive excellence in environmental management, BAT Kenya saw a 54 percent reduction in its scope 1 and 2 emissions in 2023, seven years ahead of its 2030 target to reduce these emissions by 50 percent (Vs 2020 baseline),” said Achola, BAT Kenya MD.
The company, which reported steady progress in sustainability priorities, also achieved a 62.5 percent reduction in water withdrawn, surpassing a 35 percent reduction target by 2025.
According to the report, the firm surpassed set targets in gender mainstreaming, reporting 47 percent representation of women in senior leadership roles, against a 45 percent target by 2025, with women across various job grades recording an increase in base salaries.
“The achievement of multiple sustainability targets ahead of set timelines is testament to our commitment to create shared value for our stakeholders.
“I am especially proud of our performance in the areas of diversity, inclusion and equity, socio-economic development and climate change,” added Achola.
Source: https://energynewsafrica.com
Ghana’s Minister of State at the Energy Ministry, Herbert Krapa, has implored the Managing Director of the Electricity Company of Ghana and the management team to work hard to win back the trust of customers.
Krapa gave the charge when he visited the ECG’s Customer Service Office at Avenor, a suburb of Accra, the capital of Ghana.
The Minister who is not enthusiastic about the level of complaints by some customers of ECG urged the company to work harder to resolve customer complaints within hours and not days.
In a post on Facebook sighted by this portal, Mr Krapa said, “I assured them of mine and the government’s support to achieve these targets.”
In a related development, ECG’s Managing Director Samuel Dubik Mahama dismissed claims that new smart meters being rolled out are designed to exploit customers.
This follows numerous complaints about the consumption rates of the smart meters being installed under the Loss Reduction Programme (LRP).
Mr Mahama assured customers that the smart meters are designed to improve accuracy and efficiency, not to exploit them.
Source: https://energynewsafrica.com
Power Africa Coordinator Richard Nelson concluded a four-day visit to the Democratic Republic of the Congo (DRC) during which he announced a $15.5 million investment and engaged with key energy stakeholders to discuss Power Africa’s initiatives in-country.
The visit underscores the U.S. commitment to supporting the DRC’s efforts to strengthen its energy sector and enhance sustainable electricity access.
A U.S. government-led partnership, Power Africa harnesses the collective resources of public and private sectors to double access to electricity in sub-Saharan Africa.
Leveraging 12 U.S. government agencies, including the U.S. Agency for International Development (USAID), the initiative brings to bear a wide range of tools and resources to support the power sector across sub-Saharan Africa.
Through its Empower East and Central Africa (EECA) program, it is working closely with local stakeholders, including government agencies, private sector companies, and community organizations, to implement innovative solutions tailored to the DRC’s needs.
These solutions are aimed at reducing the cost of energy generation, improving the viability of electricity utilities, and driving significant advancements in power infrastructure, energy access, and sustainability across the region.
“Power Africa is committed to working with leaders in the DRC energy sector to bring clean, reliable power to the people and businesses across the country.
Together, we can incentivize increased investment, transparency, and well-functioning governance in the energy sector,” said Nelson.
During his visit, the Coordinator met with Teddy Lwamba, the Minister of Hydraulic Resources and Electricity, as well as Fabrice Lusinde, the Managing Director of the Société Nationale d’Electricité, to discuss how Power Africa will contribute to addressing the DRC’s energy challenges while promoting sustainable development.
The Coordinator also met with senior executives from mining companies operating in southeastern DRC.
These discussions provided valuable insights into the sector’s development plans and explored opportunities for Power Africa to bolster support for electricity generation projects in Lubumbashi.
Power Africa’s goal is to improve access to affordable and reliable electricity in sub-Saharan Africa, unlocking the potential for inclusive economic growth and prosperity, job creation, improved health, and environmental outcomes by adding 30,000 megawatts of new electricity generation capacity and 60 million new electricity connections for homes and businesses by 2030.
Source: https://energynewsafrica.com
South Africa’s Minister for Electricity and Energy Kgosientsho Ramokgopa is expected to outline the government’s new strategy regarding nuclear energy on Friday, August 16,2024.
The strategy is part of the country’s future energy mix which the government has been working on under the 2019 Integrated Resource Plan.
According to the plan, 2500MW of generation capacity will be sourced from nuclear energy.
However various civil society organisations and the Democratic Alliance (DA) are strongly opposed to the plan to accelerate the introduction of nuclear energy citing high costs and safety concerns.
Southern African Faith Communities Environment Institute, Executive Director Francesca de Gasparis says, “We’ve been watching very carefully energy decision-making for a number of years.
In 2017 we joined Earthlife to take the government to court over how it procuring nuclear energy and that was found by the high court to be illegal and unconstitutional and we are now right now once again mounting a legal challenge to say the way that you are talking about bringing in New nuclear energy hasn’t had sufficient public participation and consultation and it’s not clear that it fits what was on the IRP 2019.”
Source: https://energynewsafrica.com
GOIL PLC, the leading Indigenous Oil Marketing Company in the Republic of Ghana, has re-introduced Super XP (Ron 91) grade fuel at a symbolic unveiling ceremony at its Burma Camp station in Accra.
The re-introduction adds to the already popular Super XP 95 premium-grade fuel on the market.
The re-introduction is expected to give quality choices to consumers to meet their varied preferences for super fuel.
The Group CEO and MD of GOIL, Mr Kwame Osei-Prempeh, explained that the re-introduction of GOIL SUPER XP is a testament to the company’s dedication to providing customers with the highest quality fuel products.
He noted that GOIL understands the evolving needs of its customers and is committed to delivering fuels that meet and beyond their expectations.
He said GOIL SUPER XP is a specially designed fuel that meets the fuel needs of customers and suits a wide range of vehicles including motorcycles.
GOIL, he added, would continue to serve the needs of all consumers.
The Head of Fuels Marketing, Mr Augustine Boateng said GOIL SUPER XP comes with an added advantage over other regular fuels because it has been formulated with XP3 additives designed to enhance engine performance and ensure that engines run more smoothly and efficiently.
He appealed to consumers to patronise GOIL SUPER XP which is compatible with most vehicles.
“GOIL Super XP is immensely beneficial to motorists who want to reduce their overall fuel consumption,” he added.
The re-introduction ceremony was preceded by a team of orange-wearing promoters and skaters who thronged some streets of Accra.
The symbolic ceremony was attended by some members of the GOIL management team, the Sales and Marketing team, some motorists and the public.
Source: https://energynewsafrica.com
Ghana’s leading Indigenous Oil Marketing Company, GOIL PLC, has announced a reduction in the prices of both Super XP (Ron 91) and Diesel XP for the second conservative time.
A litre of Super XP (Ron 91) will be sold at Gh¢14.22 and Diesel XP will be sold at Gh¢14.90 effective Friday, August 16, 2024.
During the first pricing window which was from August 1-15, 2024, the price of Super XP (Ron 91) was reduced to Gh¢14.42 per litre while diesel was reduced to Gh¢14.99 per litre.
This means that petrol has witnessed a reduction of twenty pesewas while diesel witnessed a nine-pesewa reduction.
Source: https://energynewsafrica.com
OPEC’s second-largest producer, Iraq, seeks to attract more investment in its oil and gas industry by moving to profit-sharing contracts for new bid rounds from the technical service contracts it has awarded so far.
The biggest change in Iraq’s petroleum regulatory landscape in decades is being made to attract higher bids and more investments in its huge oil and gas reserves, government officials have told Reuters.
Under the profit-sharing contracts, the winners of the licensing rounds are being offered a share of the revenue from the license after deducting royalty and cost recovery expenses, an anonymous official at the Iraqi Ministry of Oil told Reuters.
In contrast, traditional technical service contracts offer a flat rate for every barrel of oil produced after reimbursing costs.
They generally pay foreign investors less than what they would have received under production-sharing contracts.
Foreign firms operating in Iraq have complained that the technical service contracts, with the flat rate, do not allow them to benefit when international crude oil prices rise.
These contracts become even less lucrative for foreign investors when costs increase.
Earlier this week, Iraq signed 13 preliminary exploration deals that would focus on natural gas exploration and development.
The agreements, awarded in a bidding round held in May, will be under profit-sharing contracts, an oil ministry official who attended the signing ceremony told Reuters.
Last year, a deal between Iraq and TotalEnergies marked the start of a change in contracts.
OPEC’s second-biggest producer and the French supermajor signed a massive $27 billion deal after the country offered revenue-sharing terms and an accommodation to capture more of the gas that is flared.
Ultimately, Iraq had to go back to the drawing board several times to reach into its own pockets and dish out even more favorable terms.
Iraq eventually settled on hanging onto just 30% of the project, with TotalEnergies grabbing 45% (and QatarEnergy getting a 25% stake).
The deal will allow TotalEnergies to take part of the revenues from the Ratawi oilfield and use them to help finance three more projects.
The revenue-sharing scheme will see 25% of the revenue from each barrel going to Iraq as a royalty, and 75% back to stakeholders.
Source: Oilprice.com
Kaduna State Police Command, Rigasa Division, has arrested a knife-wielding police officer who was captured in a viral video assaulting and attempting to stab a staff of Kaduna Electric, one of the power distribution companies in the Federal Republic of Nigeria.
A police officer identified as Inspector Aminu Yahaya Bidda, with a knife strapped at his side, attached to the Tudun Wada Police Station in the Kaduna Metropolis assaulted and made several attempts at stabbing officials of the Electricity Distribution Company.
A statement issued by Kaduna Electric said a petition had officially been sent to the Command, praying that the police officer be investigated and charged for assault, attempted murder, harassment and intimidation of staff.
While seeking the transfer of the case to the State Criminal Investigation Department (CID) for a thorough investigation, Kaduna Electric also sought the police commissioner to intervene in the matter and ensure its staff protection is guaranteed to carry out lawful official duties in the area without any form of hindrance.
The statement signed by the Head of Corporate Communications, Abdulazeez Abdullahi, Kaduna Electric, said the action of the police officer is not only against the law but could also set a dangerous precedent and pose a serious threat to the fragile peace currently being enjoyed in the State.
“The action of the police officer, to say the least, is in sharp contrast with the law and Police Code of conduct; the relevant Police Authority shall be petitioned for appropriate administrative actions and subsequent prosecution,” the statement said.
It added that Inspector Aminu Yahaya Bidda “viciously attacked the staff of the company on lawful duty who was at his house at Rimaye Road, Hayin Danmani, for a routine inspection of his pre-paid meter.”
According to Kaduna Electric, the investigation has shown that the customer vented for electricity only twice this year.
Eyewitnesses said the Kaduna Electric staff had arrived at the officer’s home to inspect his meter for suspected bypass.
The situation escalated rapidly when the officer, visibly agitated as seen on a video trending online, brandished a knife and attempted several times to deliver a fatal blow to the electricity worker. The employee was fortunate to have escaped unharmed.
Unfortunately, a passer-by who tried to intervene sustained actual bodily harm injuries to the leg.
The violent incident has sparked discussions about the safety of utility workers and the challenges they face in enforcing regulations.
Source: https://energynewsafrica.com
Ejike Egbuagu of Moneda Invest, one of the speakers at the Namibia Oil and Gas Conference (NOGC) taking place from August 20 to 22, 2024 in Windhoek, the Namibian capital, sheds some light on the forthcoming summit and dynamics of the industry in an interview.
According to him, Capital, Capacity and Confidence are critical to a functional oil and gas sector.
How do conferences like the NOGC highlight opportunities available in the oil and gas sector?
Without traveling, you cannot truly see; and without seeing you cannot truly know… NOGC is a great chance to see golden opportunities in Namibia, and learn how to participate and grow.
How valuable are the networking contacts made at such events?
You can never fully predict the outcome of new relationships. Some will be immediately useful, while some may seem otherwise – but I tell you for Africans who are so well connected by culture, yet badly separated by backward immigration policies, ALL new relationships on the continent are important and should be taken seriously.
You’ve worked extensively in finance, international trade and continental deal structuring, what are the best practices around financing opportunities in the oil and gas sector?
Flexibility. In Africa, the race is for the most flexible. I have found that general global best practice in financing often leaves the average African borrower outside the bank.
What is the point if African banks grow, and their African borrowers shrink? I am not advocating for weak controls and financial terms – but we must create and support innovative financing systems that meet borrowers where they are, recognizing that every borrower will in time grow and evolve.
Drawing on your experience in the Nigerian oil industry – what would you say are some of the main challenges facing the sector in Africa?
Capital, Capacity and Confidence. These 3 are critical to a functional oil and gas eco system, and Capital absolutely comes first! Africans must have capital to execute even before they have the capacity.
You see, banks cannot lend to a borrower without proven capacity and/or collateral – so how then will they lend to Namibian contractors who have no track record in complex oil and gas contracting.
Solving this equation is the mission of the Moneda Invest team across Africa, and through our recent partnership with Ino Harith Capital (a successful Namibian fund manager), we believe a financing solution will soon be available in Namibia that will bring confidence to the government, oil producers, and global markets.
In terms of attracting more FDI into a country, especially in the oil sector, what are some incentives that most appeal to international investors?
I’m not a trade policy expert, but from the perspective of a financier.
Things are critical and need immediate attention.
1. Immigration controls need to be relaxed for technical and specialist talent, especially African talent. This can be done within training and skills sharing programs managed by NIPDB.
2. Tax incentives for investors in the oil and gas value chain. This goes beyond pipes and drill rigs -I’m talking about people building hotels around oil towns, restaurants and transportation infrastructure etc. Their success creates a conducive environment.
What are the geopolitical considerations regarding Sustainable Financing in the Oil and Gas Sector especially for the African Just Energy Transition lobby?
As long as Africa’s critical projects must be financed by international capital, external political considerations will overwhelm our development and progress, and this goes beyond definitions of sustainability.
Controlling our own capital is essential to determining our own destiny – this is why Moneda Invest has launched a dual credit program in Namibia through (Ino-Harith Capital) and in our general Moneda fund in Mauritius, raising up to $250m in the first round to support African SMEs playing strong in the natural resource value chains.
With the support of African pensions funds, DFIs and other institutional investors, we will deliver world class returns while capitalizing African operators to ensure a just energy transition
Source: https://energynewsafrica.com
