Showing posts with label Angola. Show all posts
Showing posts with label Angola. Show all posts

Monday, September 4, 2023

African Oil and Gas Exploration is Going Strong (By NJ Ayuk)

African Oil and Gas Exploration is Going Strong (By NJ Ayuk)

2023 has been another banner year for African exploration, with half a billion barrels of oil equivalent (bboe) in recoverable oil and gas reserves found around the continent to date

JOHANNESBURG, South Africa, September 4, 2023/ -- By NJ Ayuk, Executive Chairman, African Energy Chamber (http://www.EnergyChamber.org)

Despite the call heard 'round the world commanding the global business community to divest from fossil fuels and shrink their carbon footprints in the name of net zero, international oil companies (IOCs) still recognize Africa as their next frontier.

As detailed in the African Energy Chamber’s recently released report, "The State of African Energy Q2 2023 Outlook," oil and natural gas exploration in Africa remains strong.

Following the massive Namibian discoveries in 2022, 2023 has been another banner year for African exploration, with half a billion barrels of oil equivalent (bboe) in recoverable oil and gas reserves found around the continent to date.

Namibia’s Orange Basin continues to hold center stage with Shell’s July announcement that drilling for the Lesedi-1X, the company’s fourth exploration well in the region, had reached completion and indicated the presence of hydrocarbons.

Through a partnership with QatarEnergy and NAMCOR — Namibia’s national oil company —Shell plans to drill two more exploratory wells in Namibia before the year is out and has also received permission from the government to drill ten more exploration and appraisal wells in the future.

Estimates set Shell’s other recent discoveries at the nearby Graff, La Rona, and Jonker-1X wells in Namibia’s Petroleum Exploration License (PEL) 39 at a total of 1.7 bboe.

These findings come in addition to discoveries made by France’s TotalEnergies at its Venus well in PEL 56 that holds a total of 3 bboe, according to Barclays estimates.

A Continent Brimming with Discovery

While the sizeable discovery at the Jonker site alone — with estimates placing its recoverable reserves at roughly 285 million barrels — accounts for 57% of overall volumes discovered in 2023 so far, it is one of many, as well as the only offshore discovery. The numerous other African discoveries were all found onshore.

Sonatrach of Algeria brought 20% of the overall volume to the table with its six smaller-sized discoveries that the state-owned energy company announced in the first quarter of this year. With two wells each between Amguid, Berkine, and Ohanet in the East-Central, South, and Southwest regions of the country respectively, Algeria is seeing new production of oil, gas, and condensates, strengthening its role as an alternative energy supplier for Europe.

In May 2023, the Australian upstream oil and gas company, Invictus Energy, announced that a mud gas analysis of its maiden Mukuyu-1 well in the Cabora Bassa Basin in Zimbabwe confirmed the presence of light oil, gas condensate, and helium. As a result of these findings, Invictus will follow through in the third quarter of this year on drilling operations for its Mukuyu-2 appraisal well located 6.8 kilometers to the northeast of Mukuyu-1 with a planned depth of 3,700 meters.

Mukuyu-1 is a wildcat – a well drilled in a previously unexplored area or where the petroleum potential is an unknown. Across Africa, of the 16 exploration wells IOCs drilled in 2023, ten are wildcats.

Three drilling operations are underway at the time of this writing, and while plans are in place for as many as 66 more, operations will likely commence for roughly 17 over the next 18 months.

As we have documented in our Q2 report, new discoveries from oil and gas exploration practically encircle the continent. From the small finds like Sasol’s Bonito-1 well in the PT5-C concession area of the Mozambique basin to Wintershall’s ED-2X in Egypt and Tatneft’s F1 discovery in Libya, Africa is proving itself as an emerging contender for the top supplier spot on the global petroleum market with a total discovered volume of oil and gas totaling nearly 500 MMboe in 2023 alone.

An Opportunity to Balance Disparity

While it is encouraging to witness this revival of oil and gas exploration in Africa — and to have our assertions confirmed that this continent represents the next frontier for the international energy majors — the AEC sees these developments as merely the start of what will have to amount to a massive upgrade for our own domestic petroleum industry.

As seismic and geological studies continuously corroborate our claims that Africa has enormous potential as a global energy supplier, local inefficiencies and a lack of infrastructure hinder this progress and stand in the way of international oil company (IOC) engagement.

To extract real prosperity from our fossil fuel resources, we must encourage the governments of every hydrocarbon-bearing African nation to create and maintain enabling business environments that attract foreign investment.

We must also implore the leaders of these countries to act quickly upon discovery of new oil fields and warn them against letting a proven find languish under a heap of unnecessary red tape.

There is no nuance about it — the oil industry represents income for Africans and advancement for Africa.

An increase in exploration equates to new African jobs and business opportunities, and successful exploratory ventures attract further investment, leading to a rise in employment across many industries and accelerated economic growth for each host country.

And the benefits are not only financial or limited to only those with skin in the game. By extracting and refining our resources on a grander scale, we’ll finally reach the kind of production levels that extend meaningful benefits to the African population.

Considering that more than 600 million Africans live without access to electricity, and 900 million make do without access to clean cooking fuel, expansion of our oil industry will inevitably slash our rates of energy poverty and lead to a widespread increase in quality of life.

The global transition to carbon-free energy, spurred on by human ingenuity, is inevitable. We acknowledge that one day humanity will have no need to engage with fossil fuels or tolerate their negative impacts. We believe that the planet will eventually get to such a state, but we also feel that we’re more realistic than some regarding how long that evolution will take to set in fully.

This transition will also require massive funding from every country undertaking it. The AEC’s stance is that if we can secure foreign investment in our oil industry today, Africa will develop the funding to back its own transition tomorrow, rather than waiting patiently for subsidies and handouts once the rest of the world deems them feasible.

As we wait for zero-emission and renewable energy technology to mature to its full potential, the developed world must afford the chance for Africa to reach its own.

Increased exploration, wise investments, welcoming dispositions, and attractive economic policies are but the first few steps of that journey.

To download a copy of "The State of African Energy 2Q 2023," visit https://apo-opa.info/45BahZg.

Distributed by APO Group on behalf of African Energy Chamber.

SOURCE

African Energy Chamber


Thursday, June 9, 2022

Multichoice Delivers Steady Margins Despite Content Cost Normalisation

 

PRESS RELEASE
Multichoice Delivers Steady Margins Despite Content Cost Normalisation
The group’s linear pay-TV subscriber base (measured on a 90-day active basis) increased by 0.9m to reach 21.8m households

Access Multimedia Content

JOHANNESBURG, South Africa, June 9, 2022/ -- MultiChoice Group (MCG, or the group) (www.MultiChoice.com), Africa’s leading entertainment company, delivered steady margins for the year ended 31 March 2022 (FY22).

Download document (1): https://bit.ly/3Q6YBpP

“Reduced losses in the Rest of Africa (RoA), a rebound in advertising revenues and a continued focus on cost containment enabled us to absorb the R1.1bn impact of a normalisation in content costs as live sport returned and we resumed our local content production post the COVID-19 lockdowns,” says Calvo Mawela, Chief Executive Officer.

“We continued to enhance our video entertainment offering and expanded the variety of services offered to our customers as we grow our entertainment ecosystem,” he added.

The group’s linear pay-TV subscriber base (measured on a 90-day active basis) increased by 0.9m to reach 21.8m households, comprising 9m in South Africa and 12.8m in the RoA. The 5% growth year-on-year (YoY) is subdued due to the tough economic environment and elevated subscriber growth during  COVID-19 related lockdowns in the previous year.

Here are a few highlights:
  • Revenue: ZAR55.1bn up 3% (up 7% organic)
  • Trading profit: stable at R10.3bn (up 1% organic, due to absorbing cost normalisation)
  • Core headline earnings: R3.5bn (up 6% as Forex impact was less negative))
  • Free cash flow: R5.5bn (down 3%, due to one-off prepayments)
  • Dividend: R2.5bn 565 ZARc per share (±4% yield)
MCG continued to pursue its differentiation strategy through local content, stepping up its local content production by 32% YoY to 6 028 hours and bringing its local content library close to 70 000 hours. Local content accounted for 47% of total general entertainment content spend and the group remains on track to achieve a target of 50% by 2024.

Seven major new channels launched, including two Portuguese-focused channels in Angola and Mozambique. In South Africa, the group’s co-productions such as Reyka and Recipes for Love and Murder were broadcast to critical acclaim and international interest.

SuperSport delivered world class productions given a bumper calendar of major sporting events. A record number of viewers tuned into Euro 2020, the British and Irish Lions rugby tour and the Tokyo Olympics. SuperPicks, a free-to-play predictor game and the group’s first product collaboration with KingMakers, was launched in Nigeria in August 2021 and already has 0.5m registered users. SuperSport Schools, now 100% owned by the group, continues to grow rapidly and broadcasted 5 249 live games of schools sport during FY22.

Growth in Connected Video users on the DStv app and Showmax service is outpacing the market. Paying Showmax subscribers were up 68% YoY, whilst overall monthly online users of the group’s connected video services increased 28% YoY. A major driver has been the focus to localise by expanding local payment channels and enabling local billing in various markets. In addition, local content was stronger than ever with titles like DevilsDorp, the Real Housewives franchise and The Wife. Showmax Pro delivered an enhanced customer experience, which included the Tokyo Olympics, Euro 2020 and every English Premier League game.  

On the product side, the announcement of DStv as official launch partner of Disney+ in South Africa is a further extension of the group’s aggregation strategy, which aims to bring customers more content, and convenient access in one central place via DStv’s connected devices.

DStv Internet, which was launched in September 2021, is growing strongly. The DStv Rewards program, which supports customer retention and has been successful in reducing dormancy, continues to gain traction with close to a million customers. Digital adoption continues to track well with around 75% of customer touch-points now being managed through the group’s self-service channels. Due to the ongoing global silicon chip shortage the DStv Streama launch has been delayed and is now expected to launch in the first half of the next financial year.

SEGMENTAL REVIEW

South Africa

The South African business faced an increasingly difficult consumer climate, with FY22 growth rates impacted by rising unemployment levels, intermittent loadshedding and a disruption caused by the July riots in Durban and Johannesburg.

Revenue increased 4% to ZAR35.6bn, supported by the rebound in advertising revenue and a 1% increase in subscription revenues, driven by subscriber growth in the mass market and the uplift from annual price increases. The return of live sport and other value adding initiatives contributed to reducing churn in the Premium base relative to the prior year. Trading profit declined 1% to ZAR11.0bn as the ongoing cost-optimisation programme only partially offset consumer pressure in the middle market and the normalisation of content costs and sales and marketing expenses.

Rest of Africa (RoA)

The Rest of Africa business benefited from the popularity of local content such as Big Brother Naija and live sporting events. Whilst revenue of ZAR17.9bn reflects a strong 14% organic increase, it is only 4% higher than the prior year due to the impact of translating Rest of Africa’s USD revenues at a stronger ZAR for reporting purposes. Trading losses amounted to ZAR1.2bn, which is a 24% improvement YoY on an organic basis. Local currencies held up better against the USD than prior years, resulting in an overall headwind on reported results of only ZAR0.1bn (FY21: ZAR1.2bn). Although liquidity challenges continued in Nigeria, the group successfully repatriated cash throughout the year, albeit at a premium to the official exchange rate.

Technology segment

Irdeto, was impacted by global silicon shortages affecting supply chains, as well as COVID-19 related disruptions in large markets such as India. Revenues of ZAR1.5bn, down 17% YoY (9% organic), were further depressed by the impact of a stronger ZAR upon translation from USD. The segment contributed ZAR0.5bn to group trading profit with margins strong at 33%. Irdeto gained additional market share in its core media security business by winning four new Tier-1 customer. It also grew its device security business, expanded its deployment of connected vehicles with Hyundai, and started new projects like providing security software to large logistics companies. 

KingMakers

On 29 October 2021, the group increased its shareholding in KingMakers from 20% to 49.23%. KingMakers delivered USD136m (ZAR2.0bn) in revenues, representing robust growth of 74% YoY. It recorded a loss after tax amounting to USD19m (ZAR0.3bn) as increased revenues were offset by investment in people, product and technology to further scale the business. Although revenues are still primarily generated in Nigeria, the group is now also active in Kenya, Ghana and Ethiopia.

Future Prospects

In the year ahead, the group will continue to drive penetration of its video entertainment services across the African continent by offering customers an array of unique and rich media content delivered in a convenient and cost effective way. Local content and select sporting events such as the English Premier league, UEFA Champions League and the 2022 FIFA World Cup will contribute to the growth in linear and streaming services.

Returning the Rest of Africa business to profitability in FY23, maintaining strong cash flows to support a healthy balance sheet and pursuing innovative products and services remain key pillars for long term value creation.

“As a platform of choice, our group will look to further expand our entertainment ecosystem by identifying growth opportunities that leverage our scale and local capabilities,” says Mawela. “We will continue to strive to be a trusted partner for our customers’ ever-evolving needs, enriching their lives by delivering entertainment and relevant consumer services underpinned by technology.” 
Distributed by APO Group on behalf of MultiChoice Group.
 
MultiChoice Group Contact Details:
Elizabeth Fourie, Senior Manager: Corporate Communications
Tel: +27 11 289 4735
Mobile: +27 83 482 5241
Elizabeth.Fourie@multichoice.co.za

Meloy Horn, Head of Investor Relations
Mobile: +27 82 772 7123
meloy.horn@multichoice.com

About MultiChoice Group:
MultiChoice Group (MCG), which listed in the Main Board of the JSE on 27 February 2019, is one of the fastest-growing video entertainment providers globally, delivering entertainment products and services to 21.8m households across 50 countries on the African continent. Its track record of more than 30 years is reflective of a commitment to provide audiences with only the best local, sport and international content.

MCG’s strong partnerships with distributors, installers and telecommunication companies, along with its well-established payment solutions, competitive pricing and choice of viewership packages continue to secure its place in the global market, while also providing solutions unique to the African market. Its direct-to-home (DTH), digital terrestrial television (DTT) and over-the-top (OTT) solutions enable the business to stay relevant and aligned to changing consumer habits while capturing new markets.

Content is at the very core of the business. MCG aims to deliver quality content anywhere, anytime and on any device through a comprehensive video entertainment offering at different price points. As pioneers in African video entertainment, MCG plays an important role in making information and entertainment easily accessible to Africans.

MCG aims to secure content rights in a manner that is cost-effective and reflective of the diversity of its audiences. Its substantial portfolio includes award-winning local content (a key differentiator in its service offering), a leading sport offering (including production capabilities) and access to international content, which is all shared on the group’s platforms: DStv, GOtv, Showmax, M-Net and SuperSport.

MCG has superior technology capability through the security solutions that Irdeto, its technology company, brings to the group. These solutions enable MultiChoice to protect its investment, create new offerings and combat cybercrime. With 50 years’ expertise in software security, Irdeto’s software security solutions and cyber services protect over 5bn devices and applications for some of the world’s best brands.

SOURCE
MultiChoice Group

Monday, September 19, 2011

IBM Boosts Africa Expansion With New Angola Office



19 Sep 2011 11:00 Africa/Lagos


IBM Boosts Africa Expansion With New Angola Office
New subsidiary demonstrates company's increased footprint in key growth markets

PR Newswire

LUANDA, Angola, Sept. 19, 2011

LUANDA, Angola, Sept. 19, 2011 /PRNewswire/ -- IBM (NYSE: IBM) has announced the opening of a new branch office in Luanda, as part of the company's continued geographic expansion to increase its presence in key growth markets in support of its global strategy.

(Photo: http://photos.prnewswire.com/prnh/20110919/NY69873-a )

(Photo: http://photos.prnewswire.com/prnh/20110919/NY69873-b )

(Logo: http://photos.prnewswire.com/prnh/20090416/IBMLOGO )

The Angolan arm is part of a broad programme of investment that IBM is making in Africa and follows the recent opening of new locations in Dakar, Senegal and Dar es Salaam, Tanzania. This gives IBM a direct presence in more than 20 African countries, including South Africa, Ghana, Nigeria, Kenya, Morocco, Egypt, Tunisia and Algeria.



The expanded presence in Angola will enable IBM to increase its level of service to clients and partners across the Central African region and deliver more advanced and high-value solutions across many industries.

IBM already serves a number of key clients in Central Africa, spanning sectors including telecommunications, oil & gas, finance and government. For example in Angola, IBM is working with one of the country's major banks to help transform the institution's core banking technology infrastructure and support business growth. With a new system based on IBM Power servers and software technologies, the bank has been able to upgrade its banking services.

IBM is also working closely with other local financial institutions and oil & gas companies in Angola to improve the accuracy and security of information in the country.

"Expanding into Angola offers IBM an important business opportunity as we expand our presence throughout the African continent," said Bruno Di Leo, General Manager, IBM Growth Markets. "This demonstrates IBM's commitment to expand into new markets to provide innovative solutions for our clients and partners. Luanda is one of more than 230 IBM branch offices across 55 growth market countries."

IBM is also engaged in an active programme of corporate citizenship across Africa. Since 2008, IBM has deployed 250 of its most talented employees on projects in Tanzania, Kenya, Nigeria, Ghana, South Africa, Morocco and Egypt helping to solve local problems with the aim of fostering economic development and job creation.

"By opening a direct presence in Angola and many other markets on the African continent, IBM overcomes one of the biggest barriers to entry in Africa, namely being able to offer local support and insights to their clients and business partners," says Hannes Fourie, Senior Analyst IDC, Middle East and Africa.

The Luanda office is part of IBM's Central Africa operations and will complement IBM's other branch offices in the region. IBM has supplied products and solutions to Central Africa since the 1940's, and IBM equipment was installed in Angola by the company known as Benguela Railways in 1955.

The new office was inaugurated this week at a ceremony for customers, business partners and government officials in Luanda.

About IBM
For more information on IBM, please visit:
http://asmarterplanet.com/blog/2011/06/ibm-in-africa.html

Contacts:
Arlene Wainstein
IBM External Relations, Middle East & Africa
33 (0) 1 5875-5951
Mobile: 33 (0) 672 759574
arlenewainstein@fr.ibm.com

Marie-Anne (Kui) Kinyanjui
IBM External Relations, Growth Markets Unit
254 20 283 4000
Mobile: 254 721 676 543
mariekin@ke.ibm.com

SOURCE IBM

Web Site: http://www.ibm.com




Wednesday, May 5, 2010

Call for Action to Thwart Bid by Libya, and other notorious human rights abusers, to join UN Human Rights Council

5 May 2010 13:15 Africa/Lagos


Call for Action to Thwart Bid by Libya, and other notorious human rights abusers, to join UN Human Rights Council


WASHINGTON, May 5, 2010/African Press Organization (APO)/ -- Two UN watchdog organizations today urged the United Nations General Assembly to reject five candidates for the United Nations Human Rights Council- Libya, as well as Angola, Malaysia, Mauritania, and Qatar.


In a May 13 election among the UN General Assembly membership, 14 of the 47 seats on the Council will be filled as part of the annual rotation of membership. Member States must receive at least 97 affirmative votes in order to be elected. Each regional group is allotted a number of spaces, and individual countries in those groups can declare themselves to be candidates for those seats.


In a report issued today at the United Nations in New York, UN Watch and Freedom House express particular concern for the lack of qualified candidates from the Africa regional group. "At a time when the ranks of African democracies are growing, it sends a terrible message to the world that a notorious human rights abuser such as Libya appears uncontested on the ballot." said Thomas O. Melia, deputy executive director of Freedom House. "Africa's positive political trajectory over the past decade can be better represented than by the current list of candidates, which includes such distinctly non-democratic states such as Angola and Mauritania."


Candidates considered "not qualified" have sub-par human rights records at home and also have consistently voted against or abstained from resolutions condemning serious human rights violations, including those of North Korea, Sudan and Iran. Two other candidate states deemed "not qualified," both in the Asian region, are Malaysia and Qatar.


"Freedom House and UN Watch urge all UN General Assembly members not to write in the name of Libya or other unqualified states when filling out the slots on their secret ballot," said Hillel Neuer, executive director, UN Watch. "They should instead write in the names of countries with far greater qualifications."


Countries in the Africa regional group deemed "qualified" by the two organizations and could be written in include Cape Verde, Botswana, Mali and Tanzania. Countries in the Asia regional group deemed "qualified" include Papua New Guinea and Micronesia.


"It is our hope that better qualified countries in the Africa and Asia groups would formally declare their candidacies before May 13 - and be encouraged to do so by the United States, the European Union, and the rest of the global community that respects human rights," said Melia, of Freedom House. "Member states should write in any of these better alternatives instead of the notorious regime of Colonel Qaddafi."


According to the report, of the 14 candidates announced to date, only 5 are considered to be "qualified" to serve on the Council, including Poland, Spain, Switzerland, Guatemala and Maldives. Additionally, 4 candidates are identified as having "questionable" records, including Moldova, Ecuador, Uganda and Thailand.


Freedom House is an independent watchdog organization that supports democratic change, monitors the status of freedom around the world, and advocates for democracy and human rights.


Source: Freedom House


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