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Africa Oil Week Remains Force of Good for Africa

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Crude oil - Investors King

Hyve Group Plc, organisers of Africa Oil Week have confirmed that business opportunities and discussions at the 2021 edition will remain focused on driving investment into Africa for its sustainable socio-economic development, as it has done for the past 27 years.

The event which will temporarily move to Dubai for 2021 due to COVID-19 restrictions in South Africa will take place on 8-11 November 2021 and has support from key African stakeholders.

Atty. Saifuah-Mai Gray, CEO of National Oil Company of Liberia said “As an oil and gas hub, Dubai represents a huge opportunity for Governments to meet a high concentration of investors with the financial and technical capability to partner in our national upstream”

Africa Oil Week is known for driving deals and transaction across the African oil and gas sector, and after being forced to host the 2020 edition virtually, confirmation that a live event will take place in 2021 has delighted clients.

Miriam Seleoane, Assistant Director at the Department of Trade and Industry and Competition said

“The DTIC has supported the Africa Oil Week for many years. For 2021 we will be taking a delegation of 20+ companies to the Oil Week to advance partnership and investment dialogue between our South African businesses and international partners. Africa Oil Week remains a huge platform for the DTIC and our South African private sector”.

The event will run under the theme “succeeding in a changed market”, and it will be the only large-scale oil and gas event focused solely on Africa to run in person in 2021.

In a previous statement, the organiser cited Dubai as the “next best location” after Cape Town due to the exceptional progress made in the UAE’s vaccination programme. Dubai is also the leading financial centre in the Middle East, Africa and South Asia and presents an opportunity for attendees to meet with new capital holders, further driving investment into Africa.

The 2022 event will return to Cape Town, where organises have said it is the event’s “natural home” and to which they are strongly committed for the long-term.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Africa Oil Week Announces the 2021 Event Edition Will be Held in Dubai, 8-11 November

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After careful evaluation of government guidelines and consultation with customers, the organisers have made the decision to move dates and location of Africa Oil Week 2021, originally scheduled from 1-5 November in Cape Town, South Africa, and the event will now take place in Dubai (United Arab Emirates) on 8-11 November 2021 in the Madinat Jumeirah.

Simon Ford, Portfolio Director of Africa Oil Week and Investing in African Mining Indaba, said: Delivering the event to the high standard to which our audience is accustomed and ensuring the safety and wellbeing of our attendees has always been our top priority. We believe that hosting the 2021 edition in Dubai will enable us to ensure that the event experience is both safe and premium for our customers.”

He added: “Though we are very disappointed not to be able to host our event in Cape Town this year, we believe that Dubai is the next best location. The country has demonstrated exceptional progress in its vaccination programme and has also led the way in safely reopening international events having played host to large-scale, highly-successful events recently that attracted business travellers from more than 150 countries, increasing business confidence and accelerating the revival of all major sectors in the country. As such, in order to allow our customers ample time to make travel arrangements, we have made the decision to move dates and location – we are confident that Dubai will be a safe and highly desirable destination to host Africa Oil Week’s 27th edition.”

The organisers have vowed that despite the location change, Africa Oil Week will continue to be the must-attend event with Africa at its core, a platform dedicated to fostering relationships and driving transactions across the African Upstream. Africa Oil Week has confirmed the continued support from key customers regarding the decision to host the event in Dubai in 2021, including Total, Chevron, Tullow Oil, Eni, PGS and Fugro. Clay Neff, President, Chevron Middle East, Africa, South America Exploration and Production Company said: “Chevron is committed to the African continent, where we have operated for more than a century. We are pleased to sponsor Africa Oil Week and look forward to this annual gathering.”

The organisers have also confirmed the participation of the leading Ministers of Energy and regulatory bodies from across Africa for the 27th edition, confirming Africa Oil Week’s position as the event shaping the future of Africa.

AOW will take place in accordance with the latest health & safety and government guidance and will reunite the industry under the ‘Succeeding in a Changed Market’ theme, as well as provide the leading platform to help rebuild the future of oil and gas in Africa.

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Chinese XCMG Deploys 81 Engineers, Technicians to Work on Dangote Oil Refinery

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Dangote Oil Refinery - Investors King

XCMG Construction Machinery Co. Ltd (ooo425.SZ), global top three construction machinery manufacturer, has deployed a team of 81 engineers and technicians to work on the construction of the world’s largest oil refinery project, the Dangote Refinery, located at Lekki Free Zone in Lagos, Nigeria.

The team is providing end-to end, round-the-clock service to facilitate more than 2,500 units of construction machinery equipment.

Built with an investment of nearly $35.38 billion (29 billion Euro), the Dangote Refinery project covers an area of 250,000 hectares, and the phase I and II of the project is expected to be completed by 2022. Once in full operation, the refinery will produce gasoline and other petrochemical products such as polyethylene and polypropylene.

Nigeria, the largest oil-producing country in Africa, currently has four operating oil refineries. However, due to equipment aging and poor maintenance, the plants are in a state of partial shutdowns with a combined daily output of less than 445,000 barrels, while the average daily consumption is approximately 40 million liters, 7 million liters lesser than of which are produced locally.

“The refined oil output of the Dangote Refinery will be able to fulfill the gasoline demand in Nigeria sufficiently, even meeting West Africa’s demand for refined oil, freeing Nigeria from its dependence on oil imports. XCMG is proud to participate in this mega refinery project,” said Jiansen Liu, Vice President of XCMG and General Manager of XCMG Import and Export Company.

Led by Liu Jiansen, the team submitted a complete construction technology solution with more than 500 units of equipment from 13 categories within one month for the construction contract bidding.

Subsequently, XCMG won a massive order of 504 equipment from 37 models, the largest export order to Africa across the Chinese construction machinery industry, including 27 concrete mixer trucks, two pump trucks and five mixing plants. Throughout the construction period, the XCMG project team provided after-sales engineer support at the site to monitor the construction conditions.

End-to-end Service

The team managed several other challenges including the road conditions which required levelling with road rollers and graders, and excavators to dig waterways for drainage every few days. Liu and the team also took on tasks such as 30-ton hoisting, HB41A pump truck debugging and sand pumping from the Gulf of Guinea to fill up the marsh – a task completed by XCMG excavators and dump trucks, also aiding in anti-flood rescues.

To facilitate the maintenance of XCMG equipment, the end-to-end service team set up a 5,000-square-meter equipment maintenance workshop on site to provide support, mechanical debugging and maintenance services. The comprehensive after-sales service prompted Dangote Group to sign an additional order of 183 crawler cranes, 201 concrete equipment and 40 hydraulic vibratory hammers with XCMG.

To date, the Dangote Refinery Project has purchased XCMG machinery equipment totaling $400 million and spare parts worth $35 million.

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OML 118: NNPC, SNEPCo, Others Sign Multi-billion Dollars Agreement

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The Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners – Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE) – have executed agreements to renew Oil Mining Lease (OML) 118 for another 20 years.

The five agreements signed include Dispute Settlement Agreement, Settlement Agreement, Historical Gas Agreement, Escrow Agreement and Renewed PSC Agreement.

A statement by the Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, quoted the Group Managing Director of the Corporation, Mallam Mele Kyari, as saying that over $10bn of investment would be unlocked as a result of the agreements, which signaled the end of the long-standing disputes over the interpretation of the fiscal terms of the Production Sharing Contracts (PSC) and the emplacement of a clear and fair framework for the development of the huge deep-water assets in Nigeria.

According to him, this is an indication of “a renewed confidence between NNPC and her partners; between the Government and the investing communities which include NNPC. It produces value for all of us by providing a clear line of sight for investment in the Bonga bloc of around $10billion,” Mallam Kyari stated.

He disclosed the deal would yield over $780million in immediate revenues to the Federal Government while it would also free the parties from over $9billion in contingent liabilities.

“Ultimately, these agreements will engender growth in our country where investment will come in for other assets, not just in the deep-water, but even for new investors. It is an opportunity for them to see that this country is ready for business,” the GMD enthused.

He thanked President Muhammadu Buhari, the Minister of State for Petroleum Resources, Chief Timpre Sylva, and the NNPC Board of Directors for enabling the Corporation to achieve this laudable landmark.

Country Chair of Shell Companies in Nigeria, Mr. Osagie Osunbor, said the OML 118 renewal agreement would remain a watershed in the history of deep-water investments in Nigeria, assuring that the giant stride would further bolster investor confidence in the country.

Managing Director of SNEPCo, Mr. Bayo Ojulari, noted the agreements marked the end of a twelve-year dispute that had marred business relationship and affected trust and investment.

“Today, we have signed agreements that define the future of deep-water for Nigeria. This is the first deep-water block that was developed in Nigeria and it is also the first one that we are resolving all the disputes that will lay the foundation for the resolution of other PSCs,” the SNEPCo helmsman stated.

On their parts, the Managing Directors of Total, Mike Sangster, Exxonmobil, Richard Laing and NAOC, Roberto Danielle, all applauded the GMD NNPC, Mallam Kyari, for providing leadership which engendered the resolution of the disputes, assuring that the agreements would attract more investments into the Nigerian Oil and Gas Industry.

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