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African Export-Import Bank (Afreximbank) shareholders have appointed Dr George Elombi as the next president and chairman. The appointment marks a pivotal leadership transition as the continent’s premier trade finance bank seeks to become a $250 billion financial powerhouse over the next decade. Dr Elombi, a Cameroonian and long-serving executive within the bank, will officially take over in September 2025, succeeding Professor Benedict Oramah, whose tenure since 2015 saw Afreximbank expand its balance sheet, influence, and mandate. Elombi becomes the fourth president of the bank since its founding in 1993. The announcement, made during the bank’s 32nd Annual General Meeting, comes…
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By NJ Ayuk, Executive Chairman, African Energy ChamberIt would be fair to say that when it comes to Africa’s energy industry, Africa and Europe have been at odds for the last several years.Europe, which has valid concerns about protecting the climate and moving the world toward net-zero emissions goals, has been urging African oil- and gas-producing states not only to accelerate their transition to green energy sources, but also to send it into overdrive. The general sentiment in the European Union (EU) is that the time for new oil and gas projects in Africa has passed.African Oil and Gas Producers…
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New projects and greenfield investments in emerging oil and gas producing countries such as Uganda will increase capital spending in Africa in 2022 and beyond as the continent seeks to ensure a secure gas and oil supply to meet local demand and expand exports. According to the African Energy Chamber’s Q1 2022 Outlook, The State of African Energy, as the region sees relatively increased sanctioning activity, 2022-2025 cumulative capital expenditure from Africa has seen an increase of $23 billion.Greenfield investments in Uganda will play an increasing role in expanding Africa’s oil and gas exploration and production as the east African…
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Increasing exploration activities in 2022 and onwards is a top priority for African hydrocarbon producers as they seek to expand production and establish the continent as an energy hub. According to the African Energy Chamber (AEC) Q1 2022 Outlook, “The State of African Energy,” supply from legacy oil and gas fields across Africa is diminishing, resulting in a decline in production by African hydrocarbon producing countries, and creating a dire need for the increase in exploration activities. Enhancing exploration will be critical for Africa to address energy poverty and establish itself as a global energy hub. The report highlights that…
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While international oil companies gradually divest from African hydrocarbon assets, and capital expenditure is redirected towards alternative energy sources, Africa is seeing production declines across key assets. In an exclusive interview with the African Energy Chamber (AEC), Oscar Garcia Berniko, Director General for State Petroleum Companies and Petroleum Assets, Ministry of Mineral Resources and Hydrocarbons of Equatorial Guinea, discussed international oil company (IOC) divestment, gas as the ideal resource for the energy transition, and the need for a model gas/Liquefied Natural Gas (LNG) production sharing agreement. What will this production underperformance in Nigeria, Libya, Angola, Congo, Equatorial Guinea and African…
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By NJ Ayuk For more than a year, the African Energy Chamber has been pushing back against steadily building pressure to halt new foreign investments in Africa’s oil and gas industry. To prevent catastrophic climate change, environmental organizations, financial organizations, and governments across Europe and North America have insisted that developing nations, including those in Africa, must immediately transition from fossil fuel production and usage to renewable energy sources like solar, wind, and hydrogen. Mind you, the majority of those making these demands are based in industrialized nations that were built on fossil fuels — oil and gas fueled their…
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Oil & Gas veteran Robert Onyejekwe has joined the African Energy Chamber’s Advisory Board. Robert will be working with other board members and the Johannesburg based team of the African Energy Chamber to reposition Africa in its quest to access affordable and reliable power for millions of people on the continent, the Chamber says in a statement.“Our continent, just like other regions globally is experiencing rapid change in the way energy is produced and consumed. Services companies like Schlumberger are at the core of such change and are decisive in the development of Africa’s important oil and gas sector. Robert…
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By NJ Ayuk Despite the COVID-19 pandemic, not all of the economic news in Africa has been negative. We continue to see promising developments.Look at Uganda’s oil and gas industry. Following multiple petroleum discoveries in Uganda’s Albertine Graben, foreign investments there have reached nearly $20 billion. The resulting projects include a refinery being built by the Uganda National Oil Company in joint partnership with four Italian and Mauritian companies. Through another joint venture, in this case with the Tanzania Petroleum Development Corp. and Total, Uganda’s National Oil Company is building a 1,445-kilometer pipeline to the Tanzanian seaport that represents numerous…
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