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Showing posts with label fiscal. Show all posts
Showing posts with label fiscal. Show all posts

Tuesday, December 3, 2019

Energy Chambers demands better fiscal terms, incentives to encourage exploration - NaijaAgroNet

The African Energy Chamber has called for sustained fiscal reforms to attract capital and technology into exploration in the continent, reports NaijaAgroNet.

The chambers in its African Energy Outlook 2020 available to NaijaAgroNet, showed that hundreds of blocks and acreages will be up for grab across Africa, from Senegal to Nigeria to Somalia. Competition will be fierce to attract capital from a diversifying basket of explorers now coming from North America, Europe, Russia, China, India, South East Asia and the Middle East.

In 2019, several African countries revised their legal and fiscal framework to incentivize exploration, as new world-class discoveries were yet again made on the continent. With the signing of no less than 9 PSCs in 2019 following the passing of its brand new Hydrocarbons Code, Gabon has shown that investors are ready to keep betting on Africa providing that the right legislation and framework are put in place.

In its Energy Outlook 2020, the Chamber notably stresses investors’ concerns over uncertain fiscal terms in sub-Saharan Africa, and calls on governments to find better ways to reconcile their expectations of short-term tax gains with the need for sustainable and long-term investment in exploration.

The importance of increasing exploration efforts cannot be under-estimated in Africa. The continent is the world’s hottest exploration frontier, with several discoveries made over the past few years. The world’s largest discovery this year was made off the coast of Mauritania by Kosmos Energy. It adds up to other large discoveries made this year by Noble Energy in Equatorial Guinea, or the Springfield Group in Ghana for instance.

“2020 needs to be a drilling year,” declared Nj Ayuk, Executive Chairman of the African Energy Chamber and CEO of the Centurion Law Group. “Africa has the highest exploration success rates in the world. In basins like the MSGBC, international explorers like Kosmos Energy have even had a 100 percent success rate from all their exploratory drilling,” he added. “It is up to African governments and legislators to provide the right framework to keep attracting these kind of players ready to take risks and bet on our continent’s potential.”

Promoting and supporting exploration efforts across the continent is a key goal of the Chamber in 2020, as stated in its latest outlook for the sector.

Isaac Oyimah/Editor

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Wednesday, August 17, 2016

UN, Japan, Belgium, EU, CERF raise $4.9m for Northeast farmers return to land

The United Nations agency known as Food and Agriculture Organisation (FAO) has drummed fiscal support worth $4.9m, about N1,569,225,000 billion for its programme in northeast Nigeria, reports NaijaAgroNet.

This is coming as FAO informed NaijaAgroNet that the fund so far was contributed from its internal special emergency fund alongside the Japan, Belgium, the European Commission (ECHO) and the United Nations Central Emergency Fund (CERF).

The agency also said its currently targeting an additional 85,000 people with horticulture packages to prepare for the upcoming irrigated season.

FAO's Emergency and Response Manager in Nigeria, Mr. Tim Vaessen, lamented that by growing their own healthy and nutritious food would reduce need for future external food assistance.

“Families who have access to land and are ready to farm can harvest in six to eight weeks," Vaessen said.

FAO's activities in Nigeria, he said, remained constrained by a serious lack of funding, but pointed out that till-date, FAO has received just $ 4.9 million, of which almost 20 per cent came from FAO's own Special Fund for Emergency and Rehabilitation Activities.

Whereas, FAO's programme in northeast Nigeria is also funded by Japan, Belgium, the European Commission (ECHO) and the United Nations Central Emergency Fund (CERF).

Ugo Nwocha/GEE

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