Taking place at AEW: Invest in African Energy on November 4, the African Farmout Forum provides a platform for independent exploration and production companies, IOCs and NOCs to pitch their projects to potential investors and partners. The forum will feature 7-minute deal pitches, a wall of farmouts and networking opportunities whilst also allowing participants to initiate conversations and relationships that can be further explored throughout the conference week.
Led by global energy advisor Moyes&Co; independent acquisition and divestment advisor Envoi Limited; and oil and gas asset deals platform FarmoutAngel, the African Farmout Forum builds on the success of the 2023 edition, where 28 farmouts were promoted.
Companies interested in pitching their farmout or deal should contact Envoi Limited at deliver@envoi.co.uk; Moyes&co at cmoyes@moyesco.com and ore.onagbesan@energychamber.org.
African Energy Week (AEW): Invest in African Energy conference:
The largest event of its kind in Africa AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.
As one of the final frontiers for oil and gas exploration worldwide, Africa offers a wealth of opportunities for exploration and production companies alike. In recent months, the continent has witnessed a robust mix of M&A activity as companies move to unlock new basins and strengthen production in mature markets.
According to the African Energy Chamber’s (AEC) 2024 State of African Energy Outlook, M&A activity in Africa in 2023 reached a total transaction value exceeding $3.2 billion in deals either announced or closed. Notable deals include Maurel&Prom’s acquisition of Assala Energy for $730 million and energy major Eni’s divestment of its Nigerian onshore blocks to Nigerian oil and gas company Oando Petroleum. Exploration farm-in activity in Egypt’s offshore Mediterranean sector saw notable partnerships in 2023 between international energy companies ExxonMobil, Woodside Energy and Chevron.
In recent upstream acquisition activity across African hotspots, notable developments underscore the increasing interest of international companies in securing stakes in promising assets. Recently, Angolan independent energy firm Azule Energy acquired a 42.5% stake in Block 2914A in Namibia’s Orange Basin through a farm-in agreement with exploration company Rhino Resources Namibia. Similarly, Chevron Namibia Exploration Limited secured an 80% working interest in PEL 82 offshore Namibia, with Namibian NOC Namcor and local firm Custos Energy retaining a 10% carried interest. In the Republic of the Congo, Trident Energy signed agreements with Chevron and TotalEnergies to acquire interests in operational fields including Moho-Bilondo, Nkossa, Nsoko II and the Lianzi fields.
In addition to partnership opportunities, Africa expects a slate of licensing rounds to be launched in 2024/2025, enabling exploration and production companies to tap into undeveloped acreage. Nigeria recently launched its 2024 Deepwater Bid Round, offering 19 oil and gas blocks – including new and deep offshore assets – while the Democratic Republic of the Congo is evaluating applications for its 2022 Bid Round, offering 24 onshore blocks. Tanzania, Uganda, Somalia and Kenya are also preparing for their respective licensing rounds, while Angola will offer up to 10 blocks in its 2025 Limited Public Tender, aiming to increase oil and gas production to over 1.1 million barrels per day.
Egypt is also set to launch an international bid round in the coming months, while Libya’s National Oil Corporation is preparing for a licensing round to ramp up oil production. Additionally, Algeria is anticipated to launch its 2024 Bid Round, offering onshore blocks as part of its strategy to maximize its gas and LNG potential.
“The African Farmout Forum at AEW: Invest in African Energy 2024 is not merely a transactional platform; it represents a catalyst for reshaping the African energy sector. By uniting key industry players and facilitating dynamic interactions, it sets the stage for investments and partnerships. Against the backdrop of increased M&A activity and the initiation of licensing rounds across Africa, this forum emerges as a pivotal space for forging strategic alliances, assessing investment opportunities and fostering transformative growth in the region’s energy landscape,” states NJ Ayuk Executive Chairman of the AEC.
To secure a pitching slot, please email speaker@aecweek.com
Distributed by APO Group on behalf of African Energy Chamber.