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Under the terms of the Loan, all funds to be dis- Finance team will help support ADM as we pro- was briefed by the Minister and the Director on
bursed are to be utilised for the purpose of the gress our strategy to increase the Company’s immediate and near-term plans by the Ministry.
establishment of commercial activities in Africa, oil and gas reserves and production through Equatorial Guinea has moved its Year of
specifically in the Republic of Congo and the the acquisition of undervalued assets. We have Investment programme to 2021, with plans
broader West Africa region. identified several investment opportunities and to add many more investments opportunities
Andrea Cattaneo, Chief Executive Officer look forward to progressing any potential deals and projects, while taking into consideration
of Zenith, commented: “We are pleased to have with the support of REYL Structured Finance the challenges of COVID-19. For instance, the
received approval for this Loan, which has very and Trafigura.” Ministry is continuing its mining drive-in with
favourable conditions and will be used to further ADM Energy, July 31 2020 a strong focus on the mainland and expects to
increase our investment in Africa at this time, drive new mining programmes in 2021.
specifically in the Congo and the broader West The Minister agreed with the Chamber that
Africa region. Indeed, as publicly announced on COMPANIES COVID-19 has been a great disruptor to the
June 16, 2020, we are currently in negotiations energy sector. The Chamber urges the Equato-
with two pan-African financial institutions for a Sonatrach signs MoUs rial Guinean government to continue working
loan facility that will be used to fund the acquisi- with oil and gas operators to find ways to ensure
tion and development of Zenith’s growing port- with OMV and CEPSA operations continue.
folio in West Africa. I look forward to updating The Minister advised the Chamber that the
shareholders on progress in due course.” Sonatrach and OMV signed a Memorandum rapid development of the Alen unitisation pro-
Zenith Energy, July 31 2020 of Understanding to initiate discussions with a ject operated by Noble Energy will be delayed
view to identifying the possibilities for both par- until 2021. This is liquid-rich gas and conden-
ADM Energy reports on ties to jointly invest in exploration, development sate field is located in Block O, about 32km off
the east coast of Bioko Island, in Equatorial
and production of hydrocarbons in Algeria.
appointment of REYL Group the interest of both parties in assessing oppor- into EGLNG remains on track, with the project
The Memorandum of Understanding shows Guinea. However, the Alen backfill gas project
ADM Energy, a natural resources investing com- tunities for collaboration following the recent scheduled to come online in the first quarter of
pany, is pleased to announce the appointment promulgation of the new hydrocarbons law. 2021.
with REYL Group, an independent banking Sonatrach has also signed a Memorandum of When pressed on the rapid approval of Chev-
group providing financial advisory services and Understanding with CEPSA in order to examine ron’s acquisition of Noble Energy, the Minister
investment solutions to private and institutional the possibilities of joint investment in the fields advised the Chamber that the Ministry is cur-
clients, to support ADM with the development of exploration, development and production of rently studying the transaction as it pertains
and financing of energy projects in Nigeria and hydrocarbons in Algeria. and internationally. to Equatorial Guinea and will respond in due
West Africa. The signing of this protocol will also allow course taking into consideration compliance
REYL Group is a Geneva-based bank- Sonatrach and CEPSA to consolidate their with the laws and regulations of the country as
ing group that manages assets in excess of existing partnership, through the search for new well as binding legal instruments like the Pro-
CHF13.5bn. It will advise ADM on, inter alia, cooperation opportunities. duction Sharing Contract.
financing structures for future projects including Through the conclusion of this Memoran- On the Gas Mega Hub, the Chamber was
the acquisition of the interest in OML 113 from dum, Sonatrach confirms its desire to consoli- informed that Equatorial Guinea has contracted
EER (Colobus) Nigeria, announced on Febru- date its partnership policy, particularly within UK-based firm Gas Strategies to continue work-
ary 24, 2020, and any follow-on agreements the framework of the provisions of the Law on ing on a revised Gas Master Plan as the Minis-
with Trafigura pursuant to the memorandum of Hydrocarbon Activities, which aim in particular ter believes it is an important step towards the
understanding (MoU) signed with Trafigura on to increase hydrocarbon reserves and produc- country developing a timely, economic and equi-
February 03, 2020. Under the terms of the MoU, tion levels. table plan for to monetise gas, and with a clear
it is the intention of ADM and Trafigura to cre- Sonatrach, July 30 2020 vision towards having a Gas Mega Hub anchored
ate a strategic alliance where ADM will act as around Punta Europa.
the sponsor for investment opportunities in the The Chamber commends the development
African energy sector which will be presented to POLICY of gas, as LNG stands to be a game changer in
Trafigura for consideration as a trading counter- the local, regional and international energy mar-
party, or financing provider. Equatorial Guinea holds kets. It also puts Equatorial Guinea in line with
Osamede Okhomina, CEO of ADM, said: other members of the Gas Exporting Countries
“The agreement with REYL Group’s Structured discussions with African Forum, of which Equatorial Guinea is a member,
when it comes to monetising gas.
Energy Chamber ity is still ongoing in the country, with Kosmos
The Minister advised that exploration activ-
Last week, the African Energy Chamber held a Energy likely to proceed with a drilling campaign
bilateral discussion with the Ministry of Mines in 2022. Furthermore, Trident Energy started a
and Hydrocarbons of Equatorial Guinea, led 4D seismic survey over its Block G assets, which
by Gabriel Mbaga Obiang Lima, alongside the contain the Ceiba and Okume fields offshore
Director of Hydrocarbons, Robustiano Eyegue with a potential to drill three wells in 2021.
Ndong and NJ Ayuk, the Executive Chairman of Finally, the Ministry is engaged in discussions
the African Energy Chamber. with Venezuelan state company PdVSA on the
The Chamber sought to understand the state upstream and the downstream sector.
of the hydrocarbon sector in the country and African Energy Chamber, August 03 2020

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