The Africa Energy Bank (AEB), a collaborative project between the Africa Petroleum Producers Organization (APPO) and the Afreximbank, is nearing its launch.
The bank will focus on investing in oil and gas projects across Africa, with Ghana being considered as a potential host country for its headquarters.
Dr. Omar Farouk Ibrahim, APPO’s Secretary General, announced that the bank is expected to commence operations before the end of the third quarter of 2024.
Speaking at the APPO Roundtable conference in Accra, Dr. Ibrahim revealed that an inspection team had visited Ghana to assess its proposed headquarters building, and would also inspect other potential locations in Nigeria, Benin, and Algeria.
He added that a closeout meeting had been held to finalize the bank’s founding documents, including the Establishment Agreement, Charter, and Draft Host Country Agreement.
Dr. Ibrahim expressed confidence in the bank’s prospects, stating that several member countries had already made payments towards its establishment, and that interest from external investors had also been expressed.
The roundtable conference brought together oil and gas operators and regulators from APPO member countries to share experiences and best practices in addressing gas flaring and fugitive methane emissions.
The event, hosted by the Petroleum Commission Ghana, aimed to enhance understanding of how to tackle these challenges and reduce emissions in the oil and gas industry.
Dr. Ibrahim emphasized the significance of the subject, citing the need to address climate change and energy access in the African oil and gas industry.
Mr. Egbert Faibille Jnr, CEO of the Petroleum Commission, Ghana, highlighted the global attention on reducing greenhouse gas emissions and the need for the petroleum industry in Africa to minimize gas flaring and methane emissions to meet climate targets and attract sustainable investments.
Gas flaring and methane emissions, which account for 12% of global energy sector greenhouse gases, must be addressed through policy measures, technology, and investments, Mr. Faibille Jnr stressed.
He commended APPO member countries for their efforts to reduce global emissions and encouraged continued collaboration to reduce the carbon footprint of petroleum operations.
Deputy Minister for Energy, John Aboah Sanie, commended APPO members for their commitment to reducing emissions and encouraged Ghana’s efforts to promote gas utilization and reduce flaring.
He expressed hope that the conference would pave the way for APPO member countries to reduce emissions, identify productive uses of natural gas, and enhance investments in the petroleum sector.
As part of the conference, the Petroleum Commission organized a tour for delegates to the Sunon Asogli Power Plant and the Tema Oil Refinery to showcase oil and gas flaring processes and technologies deployed to reduce flaring and methane emissions.
