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Afreximbank and the African Petroleum Producers Organisation (APPO) have agreed to jointly create the African Energy Transition Bank to fund gas and oil projects and other energy schemes around the continent, at a time when many traditional sources of funding are drying up. However, many details remain to be ironed out, including how it will be funded.

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Portugal’s Galp and technical partner Shell have spudded the Jaca well in block 6, in offshore São Tomé and Principe. Jaca is an ultra-deep-water exploration well, targeting a cretaceous play.

São Tomé & Príncipe
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A dispute over loans given to Aiteo Eastern E&P to pay for its acquisition of Nigerian oil assets from Shell in 2015 is heading for arbitration after a London court ruling. One lender warned that a default could have serious consequences for the Nigerian banking system.

Nigeria
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Trident Energy has secured an extension to its production sharing contract in Block G, in the Rio Muni Basin of Equatorial Guinea to 31 December 2040. The block currently produces around 35,000 b/d of oil.

Equatorial Guinea
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International oil companies in South Sudan will come under increased pressure to hire more locals in the years ahead, according to comments from South Sudan Ministry of Petroleum undersecretary Awow Daniel Chuang.

South Sudan
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Commodity traders remain vital to Africa and the global economy, yet even the mightiest traders are finding conditions difficult amid the shocks to oil prices and global markets caused by the Covid-19 pandemic and Russia’s war in Ukraine. Trading activity that was in the past routine has become unviable in recent months owing to the increased need for credit. African Energy examines how players have responded to changes in the sector over the past decade, from the information revolution – which has made previously difficult-to-acquire data readily accessible – to shifts in business models, at least in part, towards vertical integration and increasing scale, that have seen traders become processors and even producers in their own right.

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UK-listed junior Wildcat Petroleum has won a non-exclusive licence to evaluate 20 offshore oil and gas blocks in Sierra Leone.

Sierra Leone
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Sub-Saharan African countries flared 12.15bcm of natural gas in 2021, according to newly-released data from the World Bank Group’s Global Gas Flaring Reduction Partnership (GGFR), the equivalent of 32.4m tonnes of CO2 and $1.4bn worth of gas sales.

Ghana | Angola | Nigeria
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Wintershall Dea has agreed to acquire another 11.25% participating interest in the Reggane Nord natural gas project in a deal with Italy’s Edison SPA. The Germany company already holds a 19.5% stake in the concession.

Algeria
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In a trading and operations update issued just ahead of its 12 May annual general meeting, London-listed Genel Energy said that, beyond its focus of two decades on the Kurdistan Region of Iraq, it was planning work in two African jurisdictions.

Somalia | Morocco
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Ghana is preparing to offer new oil and gas exploration blocks in its eastern and western offshore basins, according to deputy energy minister Mohammed Amin Adam. The details of the blocks have not been revealed, but they will be awarded to operators through direct negotiations, rather than offered in an open bid round.

Ghana
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Production drilling has started at the 2.3m t/yr Tortue Phase I liquefied natural gas (LNG) project, Société des Pétroles du Sénégal (Petrosen)’s Sokhna Thioye Sakho said, while Strategic Oil and Gas Committee (COS-Petrogaz) deputy head Mamadou Fall Kane said progress on phase one was 75% complete and first gas was “still expected in Q3 2023”. BP chief executive Bernard Looney hopes Tortue will start up by end-2023 – which “depends on how Covid evolves” – while the outlook phase two is “only improved by today’s price environment”

Senegal
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TotalEnergies chief executive Patrick Pouyanné reaffirmed the French major’s commitment to oil and gas, saying they “will continue to be a significant source of cash”, during his Q1 2022 earnings call. Pouyanné also used the occasion to temper some of the recent Namibia upstream hype, stressed there would be no return to Mozambique LNG this year and outlined a divestment plan for some of Total’s Nigerian oil licences, while holding on to gas assets

Namibia
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Negotiations between the government and international oil companies (IOCs), including Equinor and partners Shell and ExxonMobil, for a host government agreement (HGA) to underpin the $30bn Lindi liquified natural gas (LNG) project are proceeding on schedule, with an agreement expected by the end of May.

Tanzania
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Sound Energy has pulled out of its longstanding offer for fellow London AIM-listed company Angus Energy and its onshore Saltfleetby gas field in Lincolnshire, UK.

Morocco