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Holiday Bazaar Launches the First Flagship Cruise Shop targeting the Kenyan...

Staff Writer - July 30, 2019

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Staff Writer - July 17, 2019

Feature

Can Africa’s energy crisis be resolved?

Staff Writer - July 17, 2019

News

SAFARICOM EYES MASOKO EXPANSION BEYOND KENYA BY 2020, OPENS UP INNOVATIONS...

Staff Writer - July 17, 2019

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Africa is seeking to move beyond being a raw material supplier and establish itself as a critical energy player, government leaders said at African Energy Week (AEW) 2025: Invest in African Energies, highlighting investment opportunities, energy transition based on domestic resources, and the need for predictable policies for investors. Anatole Collinet Makosso, Prime Minister of the Republic of Congo, said the continent must leverage its vast oil and gas resources – as well as solar, geothermal and wind potential – to drive development. “Without energy justice, energy transition is an illusion,” he said. “To offer clean, affordable and reliable energy is not an option – it’s an imperative. Our need for development cannot be sacrificed. We need to support energy transition fully, but it must be based on our gas and petroleum resources.” Makosso highlighted key projects including Eni’s Congo LNG initiative, the recently licensed deepwater Nzombo block, the Banga Kayo gas monetization project and Perenco’s ongoing modernization and drilling works to extend field lifespans. “These initiatives are part of the national and continental strategy. Africa must no longer be considered as a provider of raw materials – it must be considered as a critical energy player,” he said. He called the continent “the investment opportunity of the century,” stressing that the goal is not merely to attract capital but to build a competitive, sovereign Africa. Nigeria’s Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), outlined measures the country has taken to boost investor confidence and expand production, including an Executive Order signed earlier this year to reduce production costs. The sector overhaul has already spurred significant activity, including $5 billion in new Shell investment in Bonga North, planned investments in Bonga Southwest and other deepwater projects, and the restructuring of state-owned NNPC into a commercially viable company. “Investors want predictability, efficiency and incentives, as well as alignment between stakeholders and industry,” he said. Lokpobiri also pointed to successes from asset divestments as evidence of Nigeria’s growing strategic role. “The companies that acquired IOC assets – Renaissance acquiring Shell’s onshore and shallow-water assets, Seplat acquiring ExxonMobil’s, Oando acquiring Eni’s – between the time the divestments were enabled and today, we have increased production by at least 200,000 barrels per day. That shows that divestment was the right decision,” he said. Looking ahead, Lokpobiri urged Africa to capture more of global oil and gas capital expenditure, and to “transition from being net importer to strategic value creator.” He also emphasized the need for partnerships rather than energy abandonment: “No continent or country is slowing down. What is needed is to reduce emissions, not abandon any form of energy, and what we need from the West is partnership.”

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Staff Writer

Holiday Bazaar Launches the First Flagship Cruise Shop targeting the Kenyan...

Jambojet To Increase Frequencies To Coastal Destinations In August, 2019

Kisumu County Hosts BLAZE Be Your Own Boss Summit

SAFARICOM’S DIGIFARM TO OUTGROW M-PESA IN FIVE YEARS

Pharmacy Board approves Janssen’s Prostate Cancer drug for early stage therapy

BLUE BAND SCHOOLS’ PROGRAM CULMINATES IN KISUMU

BLAZE by Safaricom Launches a Free E-Learning Platform Customized for Kenyan...

How to revive the ‘Buy Kenya, Build Kenya’ slogan

Can Africa’s energy crisis be resolved?

SAFARICOM EYES MASOKO EXPANSION BEYOND KENYA BY 2020, OPENS UP INNOVATIONS...

MOST POPULAR

Africa Stakes Its Claim as Global Energy Player at African Energy...

MMTC holds marathon to raise SHA premiums for low-income households

Siemens creates opportunities for digitalization skills development across Africa

KenolKobil, Gulf Energy rebrand to Rubis

HOT NEWS

Upfield Foods Shines at Africa’s Leading Sustainability and CSR Awards (SERAS)

GE Healthcare collaborates with Beyond Zero Initiative to increase access to...

Majid Al Futtaim partners with Jumia in Kenya

African Energy Awards 2021 Winners Announced

EDITOR PICKS

Zaria Court Kigali Now Open as Part of Tapestry Collection by...

TECNO Brings Immersive Fan Experience to Africa Cup of Nations (AFCON)...

Hilton Expands Full-Service Portfolio Across Africa with Three New DoubleTree by...

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Third Africa Islamic Finance Forum Confirmed for Nigeria March 2018

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