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Namibia Kickstarts Oil Boom with Sizeable 2022 Discoveries

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Namibia Energy

Namibia has emerged as a continental energy hub owing to increased activities in oil and gas exploration as the government seeks to leverage its hydrocarbon reserves to address energy poverty whilst boosting the economy

WINDHOEK, Namibia, April 19, 2022/APO Group/ — 

Namibia’s vast natural resources are estimated at 11 billion barrels of oil and 2.2 trillion cubic feet of natural gas reserves. Representing one of Africa’s final frontiers for oil and gas exploration, Namibia’s rich offshore basins are spurring the appetite of regional and international oil companies (IOC) alike, leading to a succession of sizeable oil and gas discoveries that will usher in a new era of enhanced exploration and production for the southern African country.

Shell’s Graff-1 Discovery

The National Petroleum Corporation of Namibia (NAMCOR) – alongside partners Shell Namibia Upstream B.V. and Qatar Energy – announced the discovery of sizeable quantities of light oil in both primary and secondary targets at the Graff-1 well offshore Namibia late February 2022, ushering in a new era of hydrocarbon exploration and production for the country. This discovery, coupled with the country’s favorable regulatory environment, is set to create an influx in new investment, while further positioning Namibia as a highly competitive and increasingly lucrative upstream destination.

TotalEnergies Orange Basin Discovery

International oil major TotalEnergies has also been embarking on a series of exploration activities in Namibia. Only a few weeks after Shell announced its discovery, the French multinational made a significant discovery of light oil with associated gas on the Venus prospect, which is located in Block 2913B in the Orange Basin offshore southern Namibia. Both Shell and TotalEnergies’ discoveries have not only demonstrated the significant potential of Namibia’s offshore basins but are expected to spark even more international and regional interest in Namibia’s upstream market while making a strong case for oil and gas exploration in Africa in 2022 and beyond.  

The discovery will serve as a catalyst for enhanced economic growth in the southern African nation through job creation across the entire value chain

ReconAfrica’s Participating Interest Expansion

Canadian independent exploration company, Reconnaissance Energy Africa (ReconAfrica), has entered into an agreement with the National Petroleum Company of Namibia (NAMCOR) to increase its participating interest in the Kavango Basin, enabling the company to expand exploration in the high potential market. Having signed a Letter of Intent, whereby ReconAfrica will acquire 5% of NAMCOR’s carried participating interest, the Canadian independent is committed to exploring Namibia’s 6.3-million-acre petroleum exploration license.

In 2021, the company commenced with the drilling of three conventional exploratory stratigraphic wells, announcing preliminary results in April 2021 that revealed the discovery of a working petroleum system in the Kavango Basin. Similarly, in June 2021, ReconAfrica drilled the second well, which showed similar characteristics to that of the first. Thereafter, the company has progressed with the drilling of wells three and four as well as 2D seismic surveying, as it hopes to discover significant resources in the high opportune basin.

So what will these discoveries mean for Namibia and its people? Firstly, regarding the country’s energy future, the discovery is set to usher in a wave of new investment across the entire energy value chain. With the country’s energy sector considerably undeveloped, capital injections in key industries such as infrastructure, power generation and distribution and production will soon follow as investors turn an eye to this high potential market. Secondly, once developed, discoveries will significantly improve energy security in a nation that relies heavily on petroleum imports and intermittent hydropower.

What’s more, the discovery will serve as a catalyst for enhanced economic growth in the southern African nation through job creation across the entire value chain; the creation and establishment of various domestic companies; while initiating growth across various sub-sectors of the economy, including but not limited to transportation, education. This will be critical for the country as it pursues an economic recovery in a post-COVID-19 landscape.

“Namibia has already made a strong play for investment at continental energy conferences such as African Energy Week (AEW) 2021. Now, backed by these exciting discoveries, the country is well positioned to drive new investment and development across its energy landscape. As stakeholders meet to discuss Namibia’s energy future at the Namibian International Energy Conference this week in Windhoek, the entire energy value chain will be dissected. Namibia has a lot to offer investors and with opportunities across the hydrocarbon, green hydrogen, renewables and power sectors, the country has emerged as a competitive investment destination in 2022. I look forward to the conversations that will be held in Namibia this week as well as the continuity of these discussions at AEW 2022 in Cape Town in October,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).

At the second edition of AEW in Cape Town on the 18-21of October 2022, Namibia will take a leading role in hydrocarbon dialogue, promoting the country’s rich resources, upstream potential, and competitive edge. AEW 2022 remains focused on alleviating energy poverty, recognizing the role oil and gas will play in achieving this objective. As international hydrocarbon explorers and producers make their way towards lucrative frontier markets such as Namibia, AEW 2022 will be the platform to sign deals, form partnerships, and network and engage with a number of global and African stakeholders.

Distributed by APO Group on behalf of African Energy Chamber.

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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