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Tetracore Energy Group, a prominent player in Africa’s energy sector, is partnering with the Africa Prosperity Dialogues 2024 (APD 2024) in Ghana ahead of its opening of the country’s first compressed natural gas (CNG) mother station in the West African country later this year. The Nigerian company will be gold sponsor of the 3-day annual summit organised by the Africa Prosperity Network (APN), under the auspices of the President of the Republic of Ghana, H.E. Nana Addo Dankwa Akufo-Addo. It will shape a critical dialogue on the type of inclusive strategies that can deliver prosperity in Africa by promoting regional and continental integration, prioritizing marginalized populations, women, and youth, and providing a platform for sharing best practices and innovative solutions that can be scaled up across the continent. The APD 2024 will be held at the Peduase Presidential Lodge, Aburi Hills, Ghana, from January 25 to January 27, 2024. The event themed ‘Delivering Prosperity in Africa – Produce, Add Value, Trade,’ is designed to facilitate a comprehensive dialogue among key stakeholders from government, business, civil society, and academia and unlock additional regional cooperation. Expressing the significance of Tetracore’s strategic collaboration with Africa Prosperity Network, the Program Executive, Tetracore Energy Group, Oladayo Williams stated “our sponsorship of the Africa Prosperity Dialogues 2024 underscores our commitment to fostering sustainable development and energy security across the continent. We believe in the transformative power of collaborative dialogues, and the APD provides a unique opportunity to engage with thought leaders and shape the trajectory of Africa’s prosperity with the overarching goal of contributing to economic growth and prosperity in Africa, aligning with the AU Agenda 2063.” Later this year, Tetracore Energy Group ambitions to commission Ghana’s first virtual gas pipeline network and first CNG mother station. In doing so, it will bring its expertise of developing gas-to-industry and gas distribution networks in Nigeria to the rest of the region, with a focus on supporting African industries with cheap, affordable and sustainable energy solutions. Aligned with Tetracore in this strategic partnership, the Chairman and Founder, Africa Prosperity Network (APN), Gabby Asare Otchere-Darko, emphasized “Africa needs a paradigm shift and this transformation hinges on dedicated leadership, strategic investments in vital sectors, one single African Market, innovations, and a steadfast commitment to fostering trade and investment to unlocking the continent’s immense potential on the global stage. This is the second edition of the Africa Prosperity Dialogue, so when we have these meetings where political and business leaders meet, we think, plan and work together on how we can accelerate, deepen and expand the implementation of the single market project and present this to the assembly of heads of states and governments for the African Union to adopt.” Tetracore’s sponsorship reflects the company’s dedication to corporate responsibility, and sustainability, and its role as a catalyst for positive change, alongside other strategic partners for ADP 2024 including the African Continental Free Trade Area (AfCFTA) Secretariat, United Nations Development Programme (UNDP) Africa, African Development Bank (AfDB), African Export-Import Bank (Afreximbank), United Nations Economic Forum for Africa (UNECA), Africa Business Council (AfBC), Africa America Institute (AAI), Arab Bank for Economic Development in Africa (BADEA), Africa Soft Power, and Ghana Investment Promotion Centre (GIPC). To register for the Africa Prosperity Dialogues 2024 (APD 2024), visit www.africaprosperitynetwork.com for more information.
Shell has announced today the sale of its onshore Nigerian subsidiary, the Shell Petroleum Development Company (SPDC), to the Renaissance Africa Energy Company comprised of ND Western, Aradel Energy (former Niger Delta E&P), First E&P, Waltersmith and Petrolin. The deal is still subject to approvals by the Nigerian government and, if completed, would represent the biggest M&A for the country’s oil & gas sector. While many will see it as yet another exit by a major IOC from the Niger Delta, the transaction is a win for Africa’s local content development. The Renaissance consortium comprises some of Nigeria’s most respected upstream companies with a demonstrated track record of redeveloping mature assets in the Niger Delta. The group already successfully came together in 2011 to incorporate ND Western and acquire SPDC’s 45% interest in OML 34. Individually, each of Renaissance’s shareholders have also demonstrated an ability to operate in Nigeria and maximise domestic value creation. Aradel Holdings has grown an integrated oil, gas and refining business around Ogbele that has continued to expand over the years. Waltersmith follows a similar pattern as operator of the producing Ibigwe marginal field and the Ibigwe modular refinery. First E&P successfully commissioned the Anyala-Madu shallow water hub in 2020 and is working with Dangote on achieving first oil at the Kalaekule Field soon. The transaction also includes continued support from Shell – operationally and financially – through the transition. This is critical to prevent past errors made during divestments in Nigeria with too little attention given to financial resources allocated to assets operations and redevelopment post completion of the deals. Last but not least, Renaissance is set to become a critical player in Nigeria’s energy transition journey as it takes over some of the country’s biggest gas upstream and midstream assets. Nigeria is currently faced with a gas supply shortage that must be addressed to meet the objectives of the Decade of Gas which seeks to grow gas penetration and develop a gas-based economy that is more sustainable and spurs industrialization. As Nigeria seeks to grow gas production, processing, and distribution, Renaissance will become a pillar of the country’s gas monetization strategy and a critical partner to the public and private sector players seeking to expand the country’s gas value-chain. In that regard, the appointment of Tony Attah, former Shell executive and Managing Director/CEO of Nigeria LNG for more than five years, to be Renaissance’s first MD/CEO is not insignificant.
