Latest news with #HeinekenLokpobiri
Libya Herald
2 days ago
- Business
- Libya Herald
Libya and Nigeria discuss gas projects, extension of export pipelines to Europe and high-level delegation visit to Tripoli
Libya's Tripoli based Minister of Oil and Gas, Khalifa Abdel Sadeg, held a meeting with his Nigerian counterpart, (Senator) Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil) of Nigeria, on the sidelines of their participation in the Ninth Global Symposium of the Organization of the Petroleum Exporting Countries (OPEC), held in the Austrian capital, Vienna, 9-10 July. Supporting global energy security The two sides, the Tripoli based Libyan Ministry of Oi and Gas reported last Saturday (12 July), discussed the prospects of bilateral cooperation in natural gas projects, and the joint role of Libya and Nigeria in supporting global energy security, in a way that serves the interests of both countries and enhances stability in the region. Gas pipeline project linking Libya and Nigeria The meeting also discussed the possibilities of developing the gas pipeline project linking Libya and Nigeria, exporting gas to European markets, in addition to discussing the necessary executive steps to activate this vital project. Upcoming visit of high-level Nigerian Ministry of Oil delegation to Libya The two sides agreed to coordinate the organization of an upcoming visit of a high-level delegation from the Nigerian Ministry of Oil to Libya, to follow up on the latest developments in joint cooperation. Libya and Nigeria MoU to conduct technical and economic feasibility study on pipeline project It will be recalled that in September 2024 Libya and Nigeria had agreed to prepare an MoU to conduct technical and economic feasibility studies on Nigeria's plan to implement a pipeline project to transport gas produced from its fields to export gas to Europe via Libya. The news was revealed by the Tripoli based Libyan Ministry of Oil and Gas on 20 September after Acting Oil and Gas Minister Khalifa Abdel Sadeg held a consultative meeting with Ekperikpe Ekpo, Minister of State for Petroleum Resources (GAS) of Nigeria. The meeting was held on the sidelines of GASTECH 2024 in Houston, Texas, from 17-20 September. The Libyan Ministry of Oil and Gas said this project is expected to have a tremendous economic return on the Libyan state. Libyan government presented by study in 2023 It will be recalled that in September 2023, the then Oil and Gas Minister Mohamed Aoun, had revealed at a press conference that his ministry had presented a study to the Libyan government for the proposed Nigeria gas pipeline to Europe, planned to run through Algeria, to run through Libya instead. . Libya and Nigeria agree to prepare an MoU on Nigeria's gas pipeline to Europe passing through Libya Libya's Oil Ministry counter-proposes that Nigeria-Europe gas pipeline run through Libya ( Tags: Minister of Oil and GasMinistry of Oil and Gas GNUNigeria Nigerian
Libya Observer
3 days ago
- Business
- Libya Observer
Libya, Nigeria discuss cooperation on gas projects and pipelines to European markets
The Minister of Oil and Gas of the Government of National Unity, Khalifa Abdul-Sadig, has discussed with his Nigerian counterpart, Heineken Lokpobiri, prospects for bilateral cooperation in natural gas projects. During a meeting held on the sidelines of the OPEC Global Seminar in Vienna, the two sides also reviewed the joint role of Libya and Nigeria in supporting global energy security, serving the interests of both countries and enhancing stability in the region. The meeting addressed the potential for developing the gas pipeline project linking Libya and Nigeria and exporting gas to European markets. They also discussed the necessary practical steps to implement this vital project. Economy Tagged: Ministry of Oil and Gas Nigeria
Zawya
5 days ago
- Business
- Zawya
Nigeria Issues Call for Global Investment at Organization of the Petroleum Exporting Countries (OPEC) Seminar Ahead of African Energy Week (AEW) 2025
Citing the need to prioritize energy security in Africa, Nigerian officials have issued a call for increased international financing, calling on global funders to reexamine their financing structures in support of African projects. Speaking at the 9 th OPEC International Seminar in Vienna this week, Nigeria's Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri underscored the need for partners across the entire oil value chain, warning against weaponizing financing against Africa and urging radical change in attitude. The declaration comes as the industry prepares to convene in Cape Town for the next edition of the African Energy Week (AEW): Invest in African Energies conference. Taking place September 29 to October 3, the event is positioned as the premier meeting platform for the African energy sector, convening stakeholders from the global and African energy landscape to discuss strategies for accelerating energy investments. The OPEC Roundtable returns to AEW: Invest in African Energies in 2025. With Africa holding approximately 7.8% of proven global oil reserves, OPEC's African members play a crucial part in global supply chains. The roundtable will address fundamental challenges across the oil market, from financing to exports to domestic distribution and technology. 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. Access to financing remains a critical challenge across OPEC's African members. For Nigeria, inadequate investment in exploration and production has led to a dilemma, whereby the nation's largest oil refinery Dangote – which came online in 2024 with a capacity of 650,000 barrels per day – has been faced with supply challenges despite the country holding some of the largest crude deposits in Africa. In June 2025, the facility imported approximately half of the crude it needs, and while plans are in place to shift to domestic crude for 100% of its feedstock by year-end, this highlights some challenges regarding security of supply and long-term resilience. Notably, with the country's crude production experiencing a downward trend since 2020, Nigeria is making a strong play for international investment in exploration and field development. The country launched a licensing round in 2024, offering 12 marginal field blocks and seven deep offshore licenses. TotalEnergies was the only energy major to participate, securing a deepwater block. As such, during the OPEC International Seminar, Minister Lokpobiri highlighted that 'We want partners from upstream to downstream. Nigeria has enormous refining capacity but we don't even have the crude to meet that demand. Whatever you produce in Nigeria services the entire West African region.' He warned that the global north is weaponizing financing against Africa and has urged for a radical change in attitude to enable the continent's full participation in shaping global energy security. Investing across the oil value chain is a key step towards realizing this goal, and Nigeria is putting the measures in place to entice foreign spending. In 2025, the country is expected to launch its next licensing round, focusing on discovered and undeveloped fields. This approach seeks to ensure no block is left behind, unlocking significant opportunities for both greenfield and brownfield discoveries. The country is also strengthening its investment structures through policies such as the Petroleum Industry Act (PIA) and the Upstream Executive Order. Signed into law in 2021, the PIA features improved fiscal and legal terms for the industry, while the executive order introduces a performance-based tax relief scheme to boost cost efficiency in petroleum operations. These policies significantly improve Nigeria's petroleum business climate and global partners are encouraged to respond. Stepping into this picture, AEW: Invest in African Energies 2025 offers a strategic platform for Nigerian government officials to showcase emerging investment opportunities across the country. Nigerian President Bola Ahmed Tinubu will address delegates at the event this September, reflecting the nation's commitment to engaging financiers and regional stakeholders. An Invest in Nigeria Energies country spotlight will present lucrative opportunities in the country's oil and gas market, from upstream to downstream. Meanwhile, key challenges will be addressed at the OPEC Roundtable. The roundtable is a high-level platform that convenes key ministers and stakeholders from African OPEC countries, providing an exclusive, data-driven spotlight on the tangible investment opportunities within their evolving energy sectors. The discussion is expected to go beyond spotlighting challenges, to formalize solution-oriented strategies to scaling-up production, enhancing value addition and creating long-term economic benefits for African OPEC nations. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
07-05-2025
- Business
- Zawya
OTC 2025: Afreximbank to fund African Energy Bank with $19bln
In preparation for its takeoff this quarter, Afreximbank is set to fund African Energy Bank with $19 billion, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has hinted. According to the minister, the coming up of the bank is in a bid to boost energy access and drive economic prosperity in Africa. The minister disclosed this during the opening ceremony of the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria (PETAN), at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, U.S. He told the audience that the planned establishment of the African Energy Bank by the Africa Petroleum Producers Organisation (APPO) was to bridge funding gaps and ultimately free the continent from energy poverty. 'This is an opportunity to let you know that your concerns are gradually being addressed. 'As members of APPO, we are in partnership with Afrexim Bank, which during our last meeting disclosed that it has an exposure of nearly $14 billion. 'This amount, along with an additional $5 billion as the initial take-off capital, will be transferred to the African Energy Bank—bringing the total to over $19 billion,' the minister said. He further emphasized that the African Energy Bank is scheduled to begin operations within the current quarter. Themed: 'Africa's Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development', Lokpobiri, at the conference, urged African nations to forge a united front in the fight against energy poverty across the continent. He stressed that by working together; African countries can overcome energy poverty, drive economic growth, and improve the lives of millions of people. The minister stated that by pooling resources, African countries can invest in large-scale energy projects, reducing costs and increasing efficiency. According to him, collaboration can facilitate the exchange of best practices, technologies, and expertise, accelerating progress in the energy sector. Also, the minister stressed the need for Africa to develop cohesive policies that are tailored to the continent's unique circumstances, warning that fragmented approaches would be ineffective in addressing the escalating energy deficit. 'This conference is not a jamboree. It is a platform for Nigeria, and by extension, Africa—to showcase its vast potential,' Lokpobiri said. He underscored the importance of regional collaboration, highlighting the Africa Petroleum Producers Organisation (APPO) as a strategic entity established to devise shared solutions for the continent's energy challenges. Lokpobiri also expressed his approval of Donald Trump's return as President of U.S., suggesting it could help decelerate what he termed the 'hypocritical' global energy transition narrative, saying, 'It has put Africa at a disadvantage.' According to him, the prevailing global discourse on energy transition is largely influenced by geopolitical considerations. Lokpobiri called on African nations to repatriate investments held overseas and channel them into the African Energy Bank to bolster the continent's energy security. During a meeting with his Ghanaian counterpart, Lokpobiri advised Ghana to draw lessons from Nigeria's past experiences in the energy sector, particularly in avoiding early missteps. In his address, Ghana's Minister of Energy and Green Transition, Mr John Abdullahi, acknowledged Nigeria's leading role in the region. He stated that while Ghana is a relatively new player in the oil and gas sector, it is eager to learn from Nigeria's experiences and reforms, especially in the areas of local content development and climate policy. 'We will continue to consult Nigeria as we build a successful oil and gas industry. 'The collaboration between both countries remains strong,' Abdullahi said. Earlier, the Chairman of PETAN, Mr Wole Ogunsanya, emphasised the significance of Nigeria's presence at OTC. Ogunsanya said: 'This year's event, under the Nigerian Pavilion, is set to highlight Africa's growing role in the global energy sector. 'OTC 2025 promises to bring together top-tier industry leaders, policymakers, and stakeholders at the world's largest energy event.' He noted that PETAN's consistent participation over the years had significantly contributed to the growth of Nigeria's oil and gas industry. Ogunsanya recalled that two decades ago, the Nigerian National Petroleum Corporation (NNPC) tasked PETAN with coordinating Nigeria's activities at OTC, with the primary objective of attracting investment and fostering strategic partnerships. He underscored the imperative for Nigeria to continue building capacity and driving value creation across the entire oil and gas value chain. The event was well-attended by Nigerian government officials, key stakeholders in the oil and gas sector, exhibitors, and delegates from various West African nations. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Bloomberg
11-02-2025
- Business
- Bloomberg
Africa Energy Bank to Open With $5 Billion Equity This Quarter
The long-planned Africa Energy Bank will start operations this quarter with $5 billion in equity from member nations and shareholders, said Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri. The lender, a joint venture between Afreximbank and the member countries of the African Petroleum Producers Organisation, is projected by shareholders to have as much as $120 billion in assets within the next five years, he told a conference in Lagos on Tuesday.
