Page 16 - AfrOil Week 34 2021

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Delivering the keynote address, the Executive would be held in rural oil and gas producing operating blocks are up for sale.
Secretary of NCDMB, Simbi Kesiye Wabote, communities. The vision for a “Sonangol of the future,” as
represented by the General Manager, Corpo- NCDMB, August 18 2021 set forth by the leadership of the company, is one
rate Communication and Zonal Co-ordination, that will refocus its efforts on running together
Ginah O. Ginah explained that the workshops with its international partners and current oper-
were targeted at exposing the host communities FINANCE ating assets in the most efficient manner pos-
to the opportunities in the industry and increas- sible, while at the same time investing in new
ing their participation in oil and gas operations. Sonangol explores novel exploration projects onshore and in Angola’s
“We are now going round the host commu- traditionally prolific offshore basins.
nities in Nigeria to sensitise them on the Com- financing solutions Sonangol’s restructuring also includes grow-
munity Content Guidelines, so they can easily ing investments in the production of renew-
identify the roles they have to play as host com- in response to energy able energy. Together with oil majors Eni and
munities and refer to the sections of the Guide- TotalEnergies, the Angolan NOC has embarked
lines while communicating with the oil and gas transition on solar energy projects expected to come online
industry in their communities,” Ginah said. in 2022, with an initial output target of over 60
He further revealed that the Guidelines indi- Angola’s National Oil Company (NOC) Sonan- MW. Initial studies to access the potential of
cate that indigenes of host communities can be gol has responded to the changing global finan- Green Hydrogen production in Angola is also
employed for certain kinds of jobs as well get cial landscape by accelerating its restructuring underway.
opportunities to deliver certain projects. They programme and exploring new financial solu- African Energy Chamber, August 24 2021
can also be gainfully employed, and their com- tions that meet the requirements of today’s
petencies can be developed through relevant international debt market. Today’s market is
training opportunities. He added that thou- significantly impacted by considerations about POLICY
sands of young Nigerians have been trained and energy transition, which has become a defining
attached to various ongoing projects in the oil factor for most major oil and gas sector lenders. Barkindo: “Africa needs
and gas industry, which had enabled them gain As the international community seeks con-
requisite industry experience and permanent sensus about how to drive energy transition glob- to combat energy poverty
employment. ally, major international banks – including many
While responding to questions from partic- that are prominently involved in the financing as a priority”
ipants, the General Manager stressed that the of oil and gas projects – have responded by
Nigerian Content policy is about domiciliation entering into several agreements, committing to Mohammed Barkindo, Secretary General of
of industry operations and development of local solely finance projects that will attain net-zero OPEC has urged African oil-producing coun-
capacities. He charged participants to register emissions between 2030 and 2050. One such tries to continue developing their energy sector
on the Board’s NOGICJQS database so they agreement is the United Nation’s backed Net- activities and reassured that OPEC will continue
can benefit from the Nigerian Content Human Zero Banking Alliance, which represents some to serve as a viable partner and “assist [them] in
Capacity Development Initiatives. of the world’s largest banks from 27 countries whatever way possible.”
Also speaking in her presentation, the Man- with assets of more than $37 trillion. The Net- Speaking during a meeting at the Republic
ager, Nigerian Content Development Fund Zero Banking Alliance requires its members to of the Congo’s national oil company, Société
(NCDF), Fateemah Mohammed educated the curtail lending to the oil and gas sector within Nationale des Pétroles du Congo (SNPC), as
participants on how they can access the Nige- the next 36 months, ultimately restricting access part of a historic three day OPEC and African
rian Content Intervention Funds (NCIF) for to finance for companies like Sonangol. Energy Chamber delegation to the country on
community contractors. She further explained Financing challenges are not unique to Monday, he highlighted the role of oil and gas in
that the fund is a loan facility introduced to boost Sonangol, especially as the entire sector emerges the development of Africa’s energy industry, as
local capacities and competencies to provide the from a post COVID-19 slump in 2020 which well as global energy security. Barkindo further
needed manpower for local participation in the saw demand and oil prices reach historic lows, pointed out that while improvements in renew-
oil and gas industry. including dropping below $$20/barrel in April able energy technologies have been made, the oil
The Zonal Coordinator, Delta/Edo Zonal 2020. In the U.S. for example, over 107 oil and and gas industry remains the primary road out
Office, NCDMB, Isaac Akpan thanked the dele- gas companies filed for bankruptcy, requiring of widespread energy and economic deprivation.
gates for their participation and assured that sub- the courts to oversee debt restructuring totalling “OPEC categorially rejects the narrative that
sequent editions of the sensitisation workshops $$98bn under Chapter 11 bankruptcy rules. the energy transition is from hydrocarbons to
Under the leadership of its Chairman and renewables,” said Barkindo, adding that “all
CEO, industry veteran Mr. Sebastião Gaspar sources of energy are required today in order to
Martins, Sonangol has accelerated its divest- meet the challenges of climate change and the
ment programme which it is hoped, will bring future demand for energy.”
in billions of dollars in much needed financ- Given that the global population is said to
ing through the sale of non-core assets. Reve- increase by 1.7bn people by 2045 with the major-
nue from the sale is expected to strengthen the ity coming from Africa, it remains crucial that
balance sheet of a much leaner and focused countries like the Congo strengthen their energy
exploration and production entity. Over 70 industries to respond efficiently to current and
shareholdings held by sonangol in companies future challenges. Congo’s efforts to boost its oil
across the world, including in real estate, oil and and gas sector, as well as SNCP’s activities have
gas services, financial services, tourism, logis- been praised by the Secretary General.
tics, telecommunications, aviation and some Energy Capital & Power, August 24 2021

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