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Zawya
31 minutes ago
- Zawya
Afreximbank upsizes Oando Oil's lending facility to $375mln
African Export-Import Bank (Afreximbank) has completed upsizing its reserve-based lending facility in favour of Oando Oil Limited to $375 million. The company's pay down of the original $525-million facility, secured in 2019, to $100 million in 2024 created significant headroom for refinancing and enhancing Oando's financial flexibility. The upsizing, led by Afreximbank, with support from Mercuria Asia Resources PTE Limited (Mercuria), which marks a key milestone in Oando's strategic capital management, will support Oando's ambition to achieve production of 100,000 barrels of oil per day and 1.5 billion cubic feet of gas per day by the end of 2029, effectively boosting Nigeria's oil output and reinforcing the country's position in the global energy market. The upsizing is further expected to drive local economic growth by creating jobs, improving infrastructure, and fostering technological advancements in the oil and gas sector. Our Joint Venture holds extensive reserves with the potential to generate over $11 billion in net cash flows to Oando over the assets' life Commenting on the development, Wale Tinubu, Group Chief Executive, Oando PLC and Executive Chairman, Oando Energy Resources said: 'We are pleased to have completed the upsizing of our RBL facility, a strategic milestone that reinforces our commitment as Operator of the Oando-NEPL JV to maximizing the value of our expanded asset portfolio. Our Joint Venture holds extensive reserves with the potential to generate over $11 billion in net cash flows to Oando over the assets' life. This working capital facility is a critical enabler towards efficiently extracting and monetizing these resources. We appreciate the continued partnership of Afreximbank and Mercuria, whose unwavering support underscores their alignment with our long-term focus on maximizing production, optimizing asset performance, and delivering sustainable value to all stakeholders'. Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, described the transaction as a critical step in advancing Afreximbank's strategy for promoting local content in Africa's oil and gas sector. 'Afreximbank remains a longstanding financial partner to Oando and its affiliates and has consistently supported the company's growth and expansion initiatives. We are delighted that Mercuria, one of the world's largest independent energy and commodities groups and one of our partners, has brought its global expertise and financial backing to the transaction, further strengthening Oando's ability to execute its production growth strategy.' Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Zawya
Chevron Reaffirms Long-Term Commitment to Africa as Diamond Sponsor of African Energy Week (AEW) 2025
Chevron's return as a Diamond Sponsor at African Energy Week (AEW): Invest in African Energies 2025 comes as the energy major deepens its footprint across Africa, marking a renewed commitment to unlocking long-term growth opportunities in both mature and emerging markets. Chevron is ramping up its activities across the continent – securing new acreage, expanding gas infrastructure and advancing exploration efforts in high-potential basins across the continent. In Nigeria, Chevron's plan to scale up oil exploration follows a recent discovery in the Niger Delta – the Meji NW-1 well. In February 2025, Chevron extended its contract with Shelf Drilling for the Scepter jack-up rig offshore Nigeria, ensuring continuity of drilling operations through mid-2026. In Equatorial Guinea (EG), Chevron has stakes in three fields and recently entered into two production-sharing contracts for the EG-06 and EG-11 blocks. Chevron is engaged in discussions to monetize gas from the Aseng field and to develop a transboundary field between Equatorial Guinea and Cameroon. The company has also indicated it is considering drilling an exploration well in PEL 82 in Namibia's offshore Walvis Basin in 2026 or 2027, activating its growing African exploration portfolio. In Angola, Chevron has expanded its footprint with new deepwater concessions and the Sanha Lean Gas Connection Project, which achieved first gas in December 2024 and links gas fields in Blocks 0 and 14 to the Angola LNG plant – enhancing monetization of associated gas and strengthening energy security. In 2024, the company signed two Risk Service Contracts for Blocks 49 and 50 in ultra-deepwater acreage in Angola's Lower Congo Basin, laying the foundation for future development. Chevron's active participation in Angola LNG, which is set to undergo expansion to accommodate new gas supplies, and as partner of New Gas Consortium underscores its commitment to the country's gas value chain. Meanwhile, in Egypt Chevron remains excited about its exploration portfolio where it has 3 blocks -- including operatorship of Nargis and North el Dabaa – and continues to look for new opportunities. Chevron recognizes that Algeria holds a world-class hydrocarbon system with the potential for significant oil and gas resources. Earlier this year Chevron signed a study agreement with Algeria's national hydrocarbons agency, Alnaft to assess potential offshore hydrocarbon resources. This expansion supports Algeria's broader objective of boosting foreign investment and developing new reserves to sustain its export-driven energy economy. 'Chevron's commitment to Africa is more than just operational – it's strategic. Their continued investment across Nigeria, Angola and now Algeria and Namibia shows real confidence in the future of African energy. As a Diamond Sponsor of AEW 2025, Chevron is not only driving upstream and gas development, but helping shape the dialogue around sustainability, infrastructure and long-term energy security for the continent,' said Tomás Gerbasio, Vice President of Commercial and Strategic Engagement at the African Energy Chamber. The energy major's presence at AEW 2025: Invest in African Energies in Cape Town – where it will headline as a Diamond Sponsor – reflects this dual focus on opportunity and responsibility. As delegates gather to shape the future of African energy, Chevron brings to the table a proven track record, fresh investment and a long-term view of Africa as a critical pillar in the global energy mix. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
an hour ago
- Zawya
Africa: Regulating innovation, balancing act between stifling and destabilising markets
As the global conversation intensifies around the US push for financial deregulation, it is essential to contextualise what this means for Kenya and Africa at large. Could easing regulations be the key to unlocking innovation, financial inclusion, and economic growth? And, if so, to what extent?A compelling case study is Safaricom's M-Pesa—one of the world's first and most successful mobile money platforms. M-Pesa thrived because Kenyan policymakers adopted a progressive, flexible approach: They allowed innovation to lead, then developed regulation to support and safeguard it. This collaborative stance between regulators, policymakers, and the private sector enabled M-Pesa to flourish. Today, M-Pesa processes over 20 billion transactions annually and facilitates more than half of Kenya's GDP. It has transformed financial inclusion, with over 80 percent of the adult population using it for daily financial services—from money transfers and bill payments to savings, loans, and micro investments. This success catalysed fintech adoption across Kenya and inspired similar models globally. However, this innovation boom has also attracted unregulated players. Some operate outside the regulatory perimeter, offering risky investment schemes and easy credit products that expose consumers to financial harm. This underscores a critical truth: While overregulation can stifle innovation, unchecked innovation can destabilise markets and erode trust. This delicate balance is especially relevant as African regulators consider the implications of US policy shifts. The US financial system plays a dominant role in global trade, with most cross-border payments routed through US infrastructure for dollar clearing. Any regulatory changes in the US—particularly those affecting compliance, sanctions, or financial crime—can directly impact Kenya and other emerging markets. On one hand, a more flexible US regulatory environment could reduce compliance burdens, lower transaction costs, and improve access to global financial services. This would be a welcome relief for local institutions, many of which face high costs to meet US regulatory standards. On the other hand, deregulation in the US could also lead to increased volatility and capital flight, especially if it triggers a global shift in investment flows. The Trump 2.0 administration's deregulation agenda, rooted in the 'America First' doctrine, aims to make the US more attractive to investors by removing perceived barriers to business. This could draw foreign direct investment away from emerging markets, including Africa. For African policymakers, this presents both a challenge and an opportunity. It's a moment to reflect: How can African markets become more competitive and resilient? What reforms are needed to attract and retain investment?Key areas of focus should include strengthening governance and regulatory frameworks to ensure transparency and predictability; enhancing political and economic stability to build investor confidence; reducing bureaucratic and operational barriers to ease market entry and expansion; investing in digital infrastructure to support innovation and financial inclusion and protecting consumers and investors through robust oversight and enforcement. By proactively addressing these areas, African countries can position themselves as attractive destinations for global capital—without compromising financial stability or consumer protection. The M-Pesa story is a powerful reminder that innovation and regulation are not mutually exclusive. When approached thoughtfully, regulation can be a catalyst, not a constraint, for inclusive growth and sustainable development. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
