Musings From Abroad

North Africa to become Italy’s major gas source— Eni

Published

3 weeks ago

September 12, 2023

Italy-based energy multinational, Eni has hinted that Northern African countries would be Italy’s main gas suppliers for the next few years.

Eni’s head of natural resources, Guido Brusco told journalists on Tuesday that the firm would invest heavily in Africa both in exploration and in new low-carbon projects.

According to Brusco, the company anticipates that Algeria and Egypt will play a larger role over the coming years in addition to Libya and many sub-Saharan nations like the Republic of Congo and Angola.

Eni is making multi-billion dollar investments in this situation to ensure exports to Italy serve the African market, and prepare to send additional gas to Europe.

“Fields are declining but 80% of global energy demand is still based on fossils, so while cleaner sources are being developed it’s necessary to manage oil and gas reduction… particularly in Africa where the population is growing and development is accelerating,” Brusco said.

Eni will invest roughly $3.5 billion over the course of four years in Egypt, where its production last year averaged 346-kilo barrels of oil equivalent per day(KBOED), Brusco said, dismissing concerns about production problems at the Zohr field.

Eni’s production in Algeria increased from 95 KBOED to over 120 KBOED this year, with the field performing better than other larger fields in Russia. The energy firm anticipates investing $8 billion in Libya, where 165 KBOED was generated last year.

With regards to sub-Saharan Africa, Brusco is focusing the Baleine project in the Ivory Coast, a flagship project for Eni that aims to build the first gas and oil field with net zero emissions on the whole continent.

“The production started last month, less than two years after the discovery, and is going very well,” he said.

Eni is the continent’s largest foreign petrol producer, with more than 90% of the fuel the company mined in 2022 sold on the African market.

Musings From Abroad

Germany to support ECOWAS with $86 million

Published

2 days ago

October 1, 2023

Ifeoluwa Dada

The Economic Community of West African States (ECOWAS) will receive 81 million euros ($85.9 million) in support from Germany’s Development Ministry for peacekeeping and economic growth.

“The crises in West Africa require regional solutions. In addition to actively mediating in crises, ECOWAS also actively works to prevent crises, according to Development Minister, Svenja Schulze, who met with an ECOWAS delegation on Friday in Berlin.

Germany enjoys a positive reputation in many African countries thanks to its long-standing alliance with nations like Niger and Nigeria, although it has fallen out with the Malian government, which is notorious for its counter-posture to the West. Hundreds of German soldiers are also on missions across the West African sub-region, which has now become a breeding ground for terrorists.

But the case is different when it comes to economic relations. In 2021, German companies invested around $1.6 billion (€1.68 billion) in Africa, which was “encouraging but still far from enough.” In terms of Germany’s total direct foreign investment around the globe, only around 1% ends up in Africa.

China has led the chart for investment into the continent in recent years. While Chinese investment shows the fastest growth, and expanding, the significance of German enterprises for African economies is shrinking.

Musings From Abroad

UN Security Council approves funding of regional force, EACRF

Published

4 days ago

September 28, 2023

Ifeoluwa Dada

A proposal to fund the East African Community Regional Force (EACRF) in the Democratic Republic of the Congo (DRC) has received official approval from the UN Security Council.

The EAC Secretary General, Dr Peter Mathuki, while speaking after a meeting with the Security Council during the 78th session of the UN General Assembly in New York, said the deal would be finalized soon after Monusco finally withdrew from the DRC by December this year.

“What has happened is that the UN Security Council is very keen and appreciative of the role of the EAC in supporting the security of the eastern DRC,” said Dr Mathuki.

“They have agreed to work a mechanism that will support our troops in DRC, and they said as Monusco closes down, and reduces their numbers in DRC, they will wish to strengthen the EACRF.”

Dr. Mathuki stated that he had asked the Security Council to assist in funding the EACRF, which at the moment has more than 4,000 soldiers from Kenya, Uganda, Burundi, and South Sudan, as they prepare to scale down Monusco.

“We have proposed funding the EACRF, and the UN Security Council said they are meeting in December which we will be able to determine how much they can draw down from Monusco and how much they will be able to get to fund the EACRF,” Dr Mathuki said.

Last week, DRC President, Felix Tshisekedi, in his address at the UN General Assembly, argued that Monusco’s withdrawal was crucial to ending the conflict between the Congolese people and the mission.

“The acceleration of the withdrawal of the Monusco becomes an imperative necessity to ease tensions between the latter and our fellow citizens,” he said.

Meanwhile, there seems to be a rising tide of anti-UN peacekeeping forces in some African nations. Mail had earlier requested that the UN end its mission in the country and withdraw, and the UN complied, ending the MINUSMA mission there.