Namcor pens deal with Nigerian institution

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Namcor pens deal with Nigerian institution

The National Petroleum Corporation of Namibia (Namcor) confirmed it has entered into a non-binding agreement with a Nigerian financial institution, Moneda Invest Africa. The agreement, signed during the Africa Energy Week 2022 (AEW), which took place from 18 to 21 October in South Africa, aims to enable Namcor to unlock large investment opportunities and boost knowledge sharing and skills development across the Namibian oil and gas value chain. The three-year partnership is projected to accelerate the full potential of Namibia’s oil and gas industry. 

“This deal will accelerate developments and boost growth in the Namibian oil and gas space. Considering the recent oil discoveries in our hydrocarbon rich Orange basin, coupled with our 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 provide financial aid as per the agreement stipulated in the agreement,” said Namcor spokesperson, Paulo Coelho. 

He further noted that Moneda Invest Africa is expected to 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 industrialisation efforts across the Namibian economy,” Coelho stated in response to New Era queries. 

The agreement, signed in the presence of NJ Ayuk, executive chairman of the African Energy Chamber, comes as Namibia seeks to accelerate development of its recently discovered hydrocarbon reserves. As such, Namcor pins its hopes on the fact that Moneda Invest Africa could be instrumental in securing much-needed funding to develop upstream, midstream and downstream activities. 

In return, Namcor is expected to deliver regulatory and administrative support to ensure a seamless operation for Moneda across Namibia’s oil and gas industry. 

“Moneda is proud to be part of an elite list of companies bringing African solutions to African problems. Working with partners like the African Energy Chamber, the markets can be assured that there will be more to come,” said Moneda CEO Ejike Egbuagu. 

Moneda Invest Africa boasts experience in local content and competitive markets development and financing in Africa, with an impressive portfolio consisting of major energy players such as TotalEnergies, Shell, Chevron and the Nigerian Petroleum Development Company Limited. 

Through the partnership with Namcor, Moneda will provide at least 10 companies (selected by Namcor) access to capital with the sole objective of supporting various oil and gas segments in Namibia. These segments include petroleum products supply, drilling and well services, health and safety, marine logistics, reservoir engineering, land and offshore seismic surveys as well as training, amongst others.

“Undisputedly, the African Energy Chamber is in support of collaborations such as this geared towards the growth of the African energy industry and we at Moneda Invest Africa strongly believe that this partnership is just the beginning of a complete evolution of the continent’s energy industry and we look forward to signing more deals in the future that will position Africa to be the leading continent for energy industry innovations,” read a statement from Moneda.