Mozambique’s President Nyusi Joins Namibian, Ugandan, Senegalese Presidents, Nigerian Former President at African Energy Week (AEW) 2023 to Discuss Africa’s Sustainable Future

 

PRESS RELEASE

Mozambique’s President Nyusi Joins Namibian, Ugandan, Senegalese Presidents, Nigerian Former President at African Energy Week (AEW) 2023 to Discuss Africa’s Sustainable Future

Marking his return to the African Energy Week conference in Cape Town, Mozambique’s President Filipe Nyusi will once again address delegates at the important gathering, engaging with the respective Presidents of Namibia, Uganda and Senegal and the former President of Nigeria as they chart a pathway towards a sustainable energy future

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JOHANNESBURG, South Africa, October 8, 2023/ -- Mozambique’s President Filipe Nyusi has been at the forefront of a series of industry-advancing developments in the country. Under his leadership, the country has seen noteworthy success across its energy sector, with a strong slate of foreign companies driving several large-scale projects in close collaboration with the National Oil Company Empresa Nacional de Hidrocarbonetos (ENH). Under efforts to drive the southern African region into a new era of security, President Nyusi continues to showcase resilience and a commitment to a just and inclusive energy transition in Africa. In line with the event mandate to make energy poverty history by 2030, the African Energy Chamber (AEC) is proud to announce that President Nyusi will once again address delegates at the African Energy Week (AEW) conference in Cape Town. Taking place from October 16-20, President Nyusi’s address marks his return to this highly important event. President Nyusi joins regional Presidents in Cape Town to discuss the pathway towards a sustainable and secure energy future in Africa, including Senegalese President Macky Sall; Namibian President Hage Geingob; Ugandan President Yoweri Museveni; and Nigeria’s former President Olusegun Obasanjo. Mozambique stands at the intersection of Africa’s energy security and transition agenda, serving as a strong example of how natural gas can accelerate both accessibility and sustainability goals. The country already represents a major green energy producer, with projects such as the 2,075 MW Cabora Bassa Hydropower project providing power to the regional community. In tandem with renewable expansion plans – the country is targeting a wave of solar, hydro and power investments – Mozambique is advancing its oil and gas developments with the aim of electrifying and growing the southern African economy. The country has been monetizing onshore gas from the Pande and Temane fields for several years, with South Africa’s Sasol importing via the ROMPCO pipeline. Offshore, major projects are making headway, all of which are poised to transform the country. These include the $20 billion TotalEnergies-led Mozambique Liquefied Natural Gas (LNG), with a capacity of 43 million tons per annum (mtpa); the ExxonMobil-led Rovuma Area 4 LNG Trains 1 & 2, with a capacity of 18 mtpa; and the Eni-led Coral Sul Floating LNG project, with a capacity of 3.4 mtpa. Coral Sul achieved first LNG export in late 2022, marking a major milestone for the country. These billion-dollar initiatives have showcased the potential for large-scale offshore investments, and with most of the country’s resources largely untapped, opportunities for E&P players remain prevalent. Mozambique’s proven natural gas resources are measured at 100 trillion cubic feet (tcf), with proven plays across both onshore and offshore acreage. Other energy companies such as Galp, Shell, Kogas and more are active in the country, but opportunities continue to grow for both regional and international firms. On the oil side, the untapped oil-rich basins of Angoche and Zambezi have enticed the participation of players such as Eni, Sasol, Delonex Energy and ExxonMobil, and yet further opportunities lie awaiting investment. Strategically located in close proximity to high-demand regional markets as well as international consumers, the country’s gas resources will remain of central value for years to come. President Nyusi believes that Mozambican energy will be instrumental for making energy poverty history in southern Africa. Speaking during last year’s edition of the conference, President Nyusi stated that, “the suffocation that Africa is facing is not due to a lack of resources. Africa is home to 850 tcf of gas in addition to other resources which can play an important role in addressing energy poverty. It is critical to continue reforming the regulatory environment in order to attract more investment.” “President Nyusi has been at the helm of some of Africa’s biggest natural gas developments,” stated NJ Ayuk, Executive Chairman of the AEC. “While faced with challenges regarding project developments, President Nyusi has shown dedication to engaging with both foreign companies and local communities under efforts to advance energy projects and unlock the full potential of Mozambique’s offshore gas resources. As Africa moves to advance a just and inclusive energy transition, Mozambique’s resources and leaders such as President Nyusi will be of strategic importance.” AEW 2023 features the most comprehensive lineup of African energy and petroleum ministers as well as Presidents, all of whom have joined the conference with the objective of alleviating energy poverty and industrializing the continent. Centered on signing deals and advancing dialogue around Africa’s position in global energy affairs, AEW 2023 serves as a form of prelude to COP28 discussions about Africa’s energy transition. Leading this dialogue will be President Nyusi among other regional government heads. Join the AEW 2023 conference and take part in the discussions about Africa’s energy renaissance.  Distributed by APO Group on behalf of African Energy Chamber.   About Africa Energy Week: AEW is the AEC’s annual conference, exhibition and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit www.AECWeek.com.  SOURCE African Energy Chamber

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

OPINION PIECE

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

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

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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

The United Nations and Loots from African Rulers

The United Nations and Loots from African Rulers


What Kept me guessing is how the Western world, including Australia and some Asian countries keep on being the custodians of the ill-gotten loots of many African rulers (both current and past). We Africans will only know about the loots when there is political crisis such as the uprisings in North Africa, if one of them is overthrown or suddenly died.



Muammar Gaddafi speaking at the United Nations Assembly


Though we still see the loots with our very eyes; having oil wells, private universities, 5 star hotels, directors of many corporate organizations where they invested their loots. One other thing is that the Muslim heads of state of the troubled countries are more corrupt than ever; stealing in the name of Allah, deceiving their people or are they just kleptomaniacs?



President Robert Mugabe of Zimbabwe


How on earth can an Africa ruler be the richest man in the world by just being the President of his country and stashing away his country’s wealth worth $70 billion; and the United Nations is aware of this wickedness meant to his country and they condoned this loots and continue to dine and wine with him. If Mubarak is worth this, what about others?



Hosni Mubarak of Egypt


Now Gaddafi of Libya is another monster that must be stopped by all means. Since I came into this world all I know about Libyan history from my secondary to university education is Gaddafi and because of this crisis we now know the loot he has acquired over the years. What is left to do is change the name Libya to Gaddafi. There is this adage that says “he who protects and hides a thief is also a thief”. Since these countries in Europe, the Americas, Asia, Australia and the Middle East in the United Nations and members of the Commonwealth are part of this conspiracy of keeping the loots, they should use their tongue to count their teeth. No wonder the late Afro Beat King Fela Anikulapo Kuti call it "Disunited Nations". Can United States of America be honest to African Countries by telling us who and who is having our African money dumped in the banks in their country. In my country we know that banks look for deposits, with $70 billion in America banks including others yet to be mentioned why America economy won’t recover fast after the financial crisis. International Monetary Fund IMF will continue to tell African Countries to devalue her currencies I think the IMF is lending to African Countries the loots of our rulers most of the banks are hiding especially the notorious “Swiss banks. “Why will United Nation and Common Wealth not address this man’s inhumanity to man. Suspend them from league of civilized people and isolate them, and return the loots back to Africa instead of enslaving us more with borrowed funds from IMF.



Demonstrators trampling on the poster of Libyan leader Muammar Gaddafi


In African countries after being an ex this or that they will become multi millionaires and receive awards of best looters and diversion of public funds, this have been the bane of African development over the years. United Nation, don’t wait to give us relief fund, no fly zones and humanitarian activities but refuse and impose sanctions on any bank that indulge in keeping this loots



Nelson Mandela


We have had leaders in Africa like Julius Nyerere of Tanzania of blessed memory, Joaquin Chissano of Mozambique and Madiba Nelson Mandela, I don’t know about others.



~ By Hope Obioma Opara