AOW 2019 – Somalia, Nigeria, Mozambique, Sierra Leone, Cameroon to make big announcement

Africa Oil Week 2019 is going to be a major event this time slated to take place between November 4 and 8 this year in South Africa’s Cape Town. 30 ministries are taking part this year, with over 20 presenting. This is said to be one of the best opportunities to receive insider knowledge on key opportunities, legislation changes, bidding rounds and more – direct from the companies and government intimately involved in leading them.

Here, we have a few highlights of the National Roadshows and Bidding Rounds going to take place in 2019 at the Africa Oil Week.

Somalia is providing the business opportunities. The country’s Petroleum Law and Revenue Sharing Agreement entered force in May this year. The Somali Minister of Petroleum and Mineral Resources, Abdirashid Mohamed Ahmed will lay out the future of Somali oil & gas for an international audience of financiers and operators this November at the Africa Oil Week 2019.

“This year is a landmark year in the development of Somalia’s natural resources. The Ministry has worked successfully with the federal member states to create and equitable and transparent framework to develop natural resources for the greater good of Somalia,” Abdirashid Mohamed Ahmed said.

Mozambique represents 23 percent of all future African capEx, making it the second largest recipient of investment anywhere in the continent going forward. In particular, natural gas projects are set to receive a major boost – up to a potential $50bn in capital expenditure.

 Following on the from the success of significant large-scale projects like Anadarko’s $20bn Mozambique LNG project, players from across the globe are turning towards Mozambique with great interest. A proposed $5bn EXIM bank loan to fuel further development is only making the nation more attractive for investors.

Forming part of the Africa Oil Week 2019 National Roadshow programme is a look at Mozambique and the promise it holds for international players. Two of the key individuals helping transform.

Mozambique’s oil & gas industry into something truly world class are speaking at Africa Oil Week this year. Chairman of the INP, the National Petroleum Institute, Carlos Zacharias will be there to discuss his country’s ongoing development, alongside NOC ENH’s CEO Omar Mithá.

On the other hand, Sierra Leone is set to declare details of a new bidding round at Africa Oil Week 2019. Led by the Minister of Mineral Resources Hon. Foday Rado Yokie and Timothy Kabba, Director General of the Petroleum Commission of Sierra Leone, and supported by Jonathan Copus, CEO of Getech, the nation’s delegation will be announcing the opening of a fresh round of exploration rights.

Only eight wells have been drilled there since 1982, with the latest coming from Lukoil in 2013, following three wells drilled by Anadarko (now Occidental) in 2009, 2010 and 2012.

Nigeria continues to attract significant international attention. No continental hydrocarbons summit would be complete without representatives from Africa’s largest oil producer. Hon. Timipre Marlin Sylva and Melee Kolo Kyari, GMD, NNPC will be leading the Nigerian delegation, and Bala Wunti, Group General Manager, Corporate Planning and Strategy, NNPC, is on hand to give the latest updates and opportunities from Nigeria.

According to the NNPC, China is emerging as one of its key partners. Data from the NOC reveals that Chinese investments in Nigeria’s oil sector have reached $16bn. Nigeria is aiming at 70 percent indigenous participation in oil and gas projects by 2027, so there’s a lot of interest in how Nigeria’s hydrocarbons sector will develop in the coming years.

The world of African oil and gas legislation requires closer scrutiny as new changes emerge. Cameroon is one nation that has recently made changes to its Petroleum Code.

Jean-Jacques KOUM, Advisor for SNH will present on how these changes will provide greater scope for operators, investors and the wider finance community to find new ground in Cameroon.

One of the key changes is tax holiday for oil and condensate development, and a further seven years for gas development. What’s more, production sharing contracts (PSCs), can be modified to allow companies to recuperate “exploration expenses” from production based on Cameroonian on or offshore acreages.