Moneda Invest Africa and Namcor Partner on Local Content Development and Energy Financing at AEW 2022

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  • Moneda Invest Africa and Namcor Partner on Local Content Development and Energy Financing at AEW 2022

An agreement signed by Moneda Invest Africa and Namcor at AEW 2022 to unlock massive investment and boost knowledge sharing and skills development across the Namibian oil and gas industry.

Nigerian financial institution, Moneda Invest Africa and the National Oil Company (NOC) of Namibia (Namcor) signed a Memorandum of Understanding (MoU) to cooperate on accelerating developments and boosting the growth of Namibia’s oil and gas industry on October 21 during the 2022 edition of the African Energy Week (AEW) conference and exhibition – Africa’s premier event for the energy sector.

Considering the recent significant oil and gas discoveries made by TotalEnergies and Shell in the hydrocarbon-rich Orange basin, coupled with a wide range of exploration campaigns underway – Moneda Investment will support Namcor in advancing the country’s energy sector growth through the provision of local content development and financial aid as part of the MoU.

The three-year partnership, signed in the presence of NJ Ayuk, the Executive Chairman of the African Energy Chamber (AEC), will see Moneda Invest Africa providing access to capital to at least ten local companies selected by Namcor with the aim of maximizing services across Namibia’s various oil and gas segments including marine logistics; equipment procurement; petroleum products supply, drilling and well services; fabric maintenance; health, safety, security; environment, training; land and offshore seismic surveys; construction and fabrication services; and reservoir engineering.

In addition, Moneda Invest Africa will facilitate cooperation between Namibian entities with experienced African energy companies on skills, knowledge and expertise sharing, development and implementation. Namcor will also leverage Moneda Investment’s advisory and financial support to drive its on-going and new industrialization efforts across the Namibian economy.

Meanwhile, Namcor will provide Moneda Invest Africa with regulatory and administrative support to conduct its activities across the southern African country’s burgeoning oil and gas industry.

With Namibia seeking to fast track the development of its vast hydrocarbon reserves, the partnership between Namcor and Moneda Invest Africa will be crucial to unlock the massive capital required to maximize upstream, midstream and downstream activities. Moneda Invest Africa’s vast experience in local content and competitive markets development, and financing in Africa – having served energy giants such as Chevron, TotalEnergies, Shell and the Nigerian Petroleum Development Company Limited – will be a game changer in unlocking the full potential of Namibia’s entire oil and gas value chain.

The AEC, as the voice of the African energy sector, strongly supports collaborations such as Moneda Invest Africa and Namcor to drive Africa’s energy industry growth and to make energy poverty history across the continent by 2030.

“The Chamber is honored to facilitate and be part of the collaboration between Namcor and Moneda Invest Africa. We believe indigenous companies and intra-Africa trade is key for the sustainable development, exploitation and monetization of Namibia and Africa’s massive oil and gas resources to support energy security and economic growth. With deals such as this, we are happy to announce that AEW 2022 was a success and we expect more deals to be signed through to and at AEW 2023,” stated Ayuk.

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