Energy Capital Power
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Energy Capital Power
Oando Secures $375M Refinancing Deal With AfreximbankNigerian energy company Oando announced that its upstream subsidiary Oando Oil Ltd. has increased its reserve-based loan facility to $375 million.
The refinancing – led by pan-African financial institution Afreximbank, with support from oil and gas company Mercuria Asia Resources – will support Oando’s ambition to achieve production levels of 100,000 barrels of oil per day and 1.5 billion cubic feet of gas per day by 2029.
“Our [Nigerian] Joint Venture holds extensive reserves with the potential to generate over $11 billion in net cashflows to Oando over the assets’ life. This working capital facility is a critical enabler towards efficiently extracting and monetizing these resources,” stated Wale Tinubu, Group Chief Executive, Oando.
Operating one of the largest upstream asset portfolios in Nigeria, Oando holds a 20% interest in OMLs 60-62 and has a reserve base of approximately one billion barrels of oil equivalent. The company also boasts an infrastructure network comprising 40 discovered fields, 24 producing fields, over 1,250km of pipelines, multiple flow stations, three gas processing facilities, an export terminal and two power plants with a combined capacity of 1 GW.
The refinancing follows a prior reserve-based loan facility initiated at $525 million in 2019, which was paid down to $100 million by the end of 2024.oil-gas
Jun 10, 2025
Energy Capital Power
Shell Loads First Crude From Nigeria’S New $400M Otakikpo TerminalEnergy major Shell has loaded the first crude cargo from Nigeria’s new Otakikpo terminal.
Operated by indigenous energy company Green Energy International, the $400 million facility is situated in OML 11, near Port Harcourt. The terminal boasts a maximum export capacity of 360,000 barrels per day (bpd).
Last month, Green Energy International received regulatory approval to boost production from the terminal to 30,000 bpd under a revied field development plant. The company is also planning to expand current storage capacity from 750,000 barrels to 3 million barrels, with tank additions expected within nine months.
The first crude cargo was loaded by Shell aboard the Afrimax tanker Lipari.oil-gas
Jun 06, 2025
Energy Capital Power
Nigeria Seeks $25B To Develop Nigeria-Morocco Gas PipelineNigeria is seeking $25 billion to develop the Nigeria-Morocco Gas Pipeline. Connecting Nigeria’s gas fields with European markets via Morocco, the pipeline will traverse the coastline of 13 West African countries, providing a direct export route for Nigerian gas resources.
With production planned for 2029, Nigeria is appealing to global investors to support the project’s development. Spanning 5,660 km, the pipeline will have a capacity of 30 billion m³. In addition to financing, the country is seeking technical expertise by private companies.
Speaking in a meeting with energy and commodity trader Vitol this week, Kashim Shettima, Vice President of Nigeria, stated that the country is “seriously exploring the option of taking our gas to Europe. It is an expensive venture requiring about $25 billion, and of course, the technical expertise. Gas supply stability counts: that is why we are exploring the option of an undersea gas pipeline.”
Countries have already expressed interest in financing the pipeline. In May 2025, the UAE agreed to help financing the project. The pipeline is also anticipated to receive funding from various lenders, including the European Investment Bank, the Islamic Development Bank and the OPEC Fund.oil-gas
Jun 04, 2025
Energy Capital Power
Eib Evaluates €113M Loan For Mauritania Railway ExpansionThe European Investment Bank (EIB) has launched an evaluation for a €113 million loan to support a major railway expansion project in Mauritania.
The initiative aims to enhance iron ore exports by improving the rail link between the mining town of Zouérat and the port city of Nouadhibou. The total cost of the project is estimated at €461 million and includes the purchase of new locomotives and freight wagons, as well as infrastructure upgrades.
The project, led by state-owned mining company SNIM, involves laying additional tracks, extending the rail network to new mining areas and acquiring maintenance equipment to ensure operational reliability.
The objective is to strengthen the country’s logistics network, prevent the diversion of freight transport to roads and maintain the efficiency of bulk mineral exports by rail.
The improved railway system will help reinforce the country’s position in the global raw materials market while generating employment and enhancing transport resilience in the region.oil-gas
Jun 04, 2025
Energy Capital Power
Ghana Gold Board Reports $4 Billion In Revenue From Asm Sector In Four-Month PeriodGhana purchased and exported $4 billion worth of gold from the artisanal and small-scale mining (ASM) sector between February and May 2025, according to Sammy Gyamfi, Managing Director, Ghana Gold Board.
Speaking at the Mining in Motion 2025 Summit on Tuesday, Gyamfi said gold purchasing and exportation was made through the newly established Ghana Gold Board, aimed at curbing illicit gold trading in Ghana.
“Gold exports from ASM players have exceeded exports from the large-scale sector for the first time. Total gold exported from the ASM sector between February and May reached a new record of 41 tons,” he stated.
According to Gyamfi, the milestone has increased foreign currency contributed by the ASM sector for the government with in May 2025 alone the sector producing and exporting 11 tons of gold worth up to $1,172 billion in export revenue.
“The data shows the potential of the ASM if properly annexed,” he added.
He also announced various upcoming initiatives aimed at empowering the ASM sector and its contribution gold sector expansion while addressing illicit mining. These include launching an ASM skills training program in September 2025 and investments in the Community Mining Scheme operated by the Ministry of Lands and Mineral Resources.
The Ghana Gold Board will also launch an Anti-Smuggling Taskforce to address illicit export of gold and a gold tokenization facility to maximize traceability of Ghanaian resources.
The board also plans to establish an international standardization facility in the country by 2026 to ensure responsible sourcing and sustainability across the entire gold value chain.oil-gas
Jun 03, 2025
Energy Capital Power
Egypt, Germany Sign €118 Million Energy, Education DealEgypt and Germany have signed a €118 million financial cooperation agreement to support wind energy development and inclusive technical education.
The agreement allocates €86 million towards the interconnection of the ACWA Power 1 and 2 wind farms. Meanwhile, €32 million in grants will be directed towards establishing 25 Centers of Excellence and applied technology schools and training centers in Egypt.
The ACWA Power 1 and 2 wind farms – supported by €54 million in concessional financing and €32 million in additional grant support – will deliver 1,100 MW of electricity as part of Egypt’s Noufi green investment initiative.
Meanwhile, the education centers aim to improve workforce skills in areas aligned with Egypt’s key economic priorities.
A new debt swap agreement between the Central Bank of Egypt, Egypt’s Ministry of Electricity and Renewable Energy, and the German government was also signed – bringing the total value of German-Egyptian debt swap deals to €297 million.oil-gas
May 30, 2025
Energy Capital Power
Morocco, Uae Sign $14B Infrastructure DealMorocco and the UAE have signed a $14 billion investment deal – the largest in Moroccan history – aimed at transforming the country’s water and energy infrastructure by 2030.
The agreement, signed on May 20, outlines major infrastructure projects including a 1,400-km high-voltage transmission line, four desalination plants and a gas-fired power plant.
The transmission line will connect Daklha – in southern Morocco – to Casablanca, transmitting 3,000 MW of energy generated from 1,200 MW of new solar and wind capacity in the country’s southern provinces.
The four desalination plants – in Tanger (50 million m3/year), Nador (300 million m3/year), Tiznit (350 million m3/year) and Tan-Tan (100 million m3/year) – will collectively produce 900 million m3 of water annually. These facilities will run entirely on renewable energy.
The Tahaddart gas-fired power plant will also see a major upgrade, quadrupling its capacity to 1,500 MW through new combined-cycle units to stabilize Morocco’s growing renewable-powered grid.
The projects are expected to create over 25,000 jobs, including 10,000 permanent roles, and foster local expertise in desalination and renewable energy through education and training.
The project will be jointly financed and developed by a public-private consortium comprising the Mohammed VI Investment Fund, utility TAQA Morocco and energy company Nareva. TAQA Morocco and Nareva are expected to lead the project under the oversight of Morocco’s National Office of Electricity and Drinking Water.oil-gas
May 26, 2025
Energy Capital Power
Wärtsilä To Deliver Power Equipment For 30 Gw Gas Plant In LagosEnergy technology manufacturer Wärtsilä has been awarded a contract to supply power generation equipment for a new 30 GW natural gas power plant on Victoria Island, Lagos.
The plant is being developed by Victoria Island Power Ltd. (VIPL); a special purpose company formed by energy supplier Elektron Energy.
“This pioneering project relies on reciprocating engine technology that delivers clean, flexible and reliable electricity to our customers,” stated Deen Solebo, Co-CEO, Elektron Energy.
Wärtsilä will operate and maintain the facility for five years, ensuring long-term reliability for consumers served by electric utility Eko Electricity Distribution Company. The plant will use three Wärtsilä 34SG gas engines, with room to expand by one additional unit.
“Wärtsilä’s expertise and local presence gives developers and financiers the confidence to invest, while assuring end-users of long-term power stability,” stated Marc Thiriet, Energy Business Director-Africa, Wärtsilä.
VIPL has secured power purchase agreements with customers on a service-based tariff model, aligning reliable supply with long-term demand.
The equipment contract was secured by Wärtsilä in Q4 2024.oil-gas
May 23, 2025
Energy Capital Power
Nigeria, Morocco Advance $25B Gas Pipeline ProjectMorocco’s Ministry of Energy Transition and Sustainable Development has announced the feasibility and preliminary engineering studies for the Nigeria-Morocco Gas Pipeline have been completed.
Addressing Morocco’s House of Councilors, Leila Benali, Morocco’s Minister of Energy Transition and Sustainable Development also announced the participating countries have determined the optimal route for the pipeline and approved a host country agreement and intergovernmental agreement.
Meanwhile, plans are underway to establish a joint special-purpose company between Morocco and Nigeria to manage project implementation.
The final investment decision for the project is expected by the end of 2025.
The pipeline, which will span approximately 6,000km, aims to deliver 15 to 30 billion cubic meters of natural gas across 13 West African countries, eventually linking to European markets.oil-gas
May 19, 2025
Energy Capital Power
Kosmos Energy Pledges $2B To Expand Ghana’S Oil SectorUpstream oil company Kosmos Energy has pledged a $2 billion investment in upstream operations in Ghana.
Announced by John Abdulai Jinapor, Minister of Energy and Green Transition for Ghana, the funding is expected to be allocated to expanding exploration, improving infrastructure and driving technology development to boost efficiency in the country’s upstream sector.
“This investment marks a turning point for Ghana’s energy landscape,” Minister Jinapor stated, adding, “We’re building an environment where energy companies can thrive while strengthening regional energy security.”
The investment aligns with Ghana’s recent market-friendly reforms and the government’s emphasis on leveraging the energy sector to stimulate economic growth.
Kosmos Energy is a key player in the Jubilee Field and TEN fields, offshore Ghana, where the company produced approximately 83,500 barrels of oil per day in Q1 2025.oil-gas
May 16, 2025