Search results

With its redomiciling from Australia to Norway completed at end-February, PetroNor is now looking to increase production from its African assets. However, the investigation into former chief executive Knut Søvold continues, following his arrest in December over projects in Africa.

Oil output in Algeria remains below the amount allowed under the Opec+ arrangement – something which is also the case for several other big African producers, as shown by the cartel’s Monthly Oil Market Report for March. According to their official filings, almost all African producers are producing below their agreed quota.

Among Russia’s portfolio of interests in Africa – which include a large military sales business and nuclear development ambitions – state-owned entities such as Gazprom, Gazpromneft and Rosneft have built up hydrocarbons industry interests in markets around the continent, from Algeria in the north to Nigeria, and Angola and Mozambique south of the Sahara.  African Energy examines Russia's investments in Africa's upstream sector and its possible strategic objectives.

European leaders are confronting the urgent need to diversify energy supplies away from Russia, while also somehow keeping to their commitments to achieve net zero carbon emissions by 2050, that they made – indeed pioneered – at the COP26 climate conference in Glasgow, just four months ago.  African Energy examines the options and projects under discussion including gas and electricity imports and hydrogen prospects.

The Federal Government of Nigeria (FGN) has opened bids for the construction of up to 4GW of nuclear power. Nuclear power has been a long-held ambition for Nigeria; an enabling environment for procurement has been gradually put into place.

Seplat Energy was forced on 7 March to scotch rumours that its ambitious $1.6bn acquisition of ExxonMobil’s shallow-water assets in Nigeria had been terminated. This came after local media reported that Nigerian National Petroleum Corporation (NNPC) had exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (MPNU) joint operating agreement (JoA).

The Rural Electrification Agency (REA) has awarded grants for 11 solar PV mini-grids. Technical and financial support is being provided by the European Union and German government through the Nigerian Energy Support Programme.

Announcements of big funding commitments and project completions in the last three months point to the commercial and industrial market continuing to grow at a rapid pace, particularly in sub-Saharan Africa’s larger economies.

Nairobi-based Camco Clean Energy’s new specialised finance company Spark Energy Services is looking to fund solar PV and wind plants, plus energy efficiency initiatives for commercial and industrial (C&I) developers. Spark’s ‘impact-led’ approach intends to enable local developers in sub-Saharan markets to build scale and their balance sheets, in turn creating sustainable C&I businesses

The InfraCredit credit enhancement facility, sponsored by Nigeria Sovereign Investment Authority (NSIA) and the UK’s GuarantCo, has announced that it will partner with the British government on a £10m ($13.6m) programme to spur investment in off-grid renewable energy projects.

The African Development Bank (AfDB) has approved a commitment of up to $165m for the Leveraging Energy Access Finance Framework (Leaf) programme, which promotes solar home systems, green mini-grids and solar PV systems for commercial and industrial offtakers.

Confusion continues to surround the future of Abuja Electricity Distribution Company (AEDC), following a forced change of management in December amid allegations of shareholder disputes and overdue bank debts. In recent days, a court has ordered those involved to explore the option of an out-of-court settlement, but it is uncertain if a deal can be reached by the court-mandated deadline of late April. 

Panoro Energy has secured government approval to sell its interest in offshore block OML 113 – which contains the Aje field – to Africa-focused independent PetroNor. The deal will end Panoro’s presence in Nigeria’s upstream sector. It also paves the way for increasing oil and gas production from the current 1,900 b/d towards a target of 9,000 b/d under a three-phase field development programme.

Starsight Energy, Nigeria’s largest solar commercial and industrial (C&I) developer, has commissioned an 876kWp solar PV system for the Nile University of Nigeria campus in Abuja.

Sirius Petroleum has secured up to $200m in funding to further develop onshore block OML 65, via a senior loan from Trafigura. The Africa-focused independent said in May 2021 that credit approval for up to $80m had been secured for a senior funding facility from an unnamed “leading global commodity trading company”.