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Namibia Kickstarts Oil Boom with Sizeable 2022 Discoveries

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4 years ago

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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.

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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3 hours ago

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October 9, 2026

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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Nigeria Mining Week 2026 sets the agenda for the sector’s next decade

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3 hours ago

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October 9, 2026

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Nigeria Mining Week

International Lithium Association and Mercuria Energy Trading NG join Nigeria Mining Week 2026 ahead of its opening in Abuja on 12 October

Nigeria has the mineral endowment to play a growing role in global supply chains, including critical minerals

CAPE TOWN, South Africa, October 8, 2026/APO Group/ —Programme and delegate passes: www.NigeriaMiningWeek.com

With less than a week to go, Nigeria Mining Week 2026 has added a global commodity trader and the world’s lithium trade association to its programme. Mercuria Energy Trading NG has signed as a Gold Sponsor, and the International Lithium Association (ILiA) has joined as a Supporting Association.

 




 
 

They join Nigeria’s mining leaders, investors and operators in Abuja from 12 to 14 October for three days on the questions that will define the sector’s next decade: who finances Nigerian projects, who buys their output, and how much of it is processed in Nigeria.

Now in its 11th edition, the event takes place at the Abuja Continental Hotel under the theme “Unlocking Investment and Growth through Partnerships”. More than 3,080 attendees and more than 90 sponsors and exhibitors are expected across seven strategic forums.

The decisions made on processing, financing and market access over the next few years will shape Nigerian mining for the decade ahead. Nigeria Mining Week puts the people making those decisions in the same room.

On the agenda

The programme follows six content pillars: exploration and geological data; financing and investment; industrialisation and processing; infrastructure and power; ESG, transparency and community development; and international and regional collaboration.

  • 12 October: pre-conference and roundtables on geological data, financing for junior miners, compliance and enforcement, and power and infrastructure.

Available to conference attendees only.

  • 13 October: conference and exhibition opening, the new Critical Minerals Forum, the Women in Extractive Industries Forum and technical workshops
  • 14 October: Gold Day, sessions on steel and industrial minerals, the Deal Room and further technical workshops

The Deal Room is a curated space for one-on-one meetings between mining projects and financiers, off-takers and strategic partners. Projects seeking offtake or financing can apply to take part.

International Lithium Association joins as Supporting Association

ILiA, the global trade association for the lithium industry, will take part in the Critical Minerals Forum on 13 October. Astrid Karamira, EMEA Representative Director at ILiA, joins the panel “Building Reliable Pathways from Nigeria to Global Battery, Magnet & EV Markets”.

The session looks at what Nigerian projects must do to reach international battery markets: technical and quality standards, traceability and responsible sourcing, export readiness, and the step from exploration success to commercial operation.

“Global buyers are asking more of their suppliers on quality, traceability and responsible sourcing than ever before. Nigeria Mining Week is an opportunity to discuss openly what those expectations mean in practice, and how Nigerian projects can meet them.”

Mercuria Energy Trading NG signs as Gold Sponsor

Mercuria Energy Trading NG is the Nigerian subsidiary of Mercuria, one of the world’s leading independent energy and commodity groups. It brings a buyer and offtaker perspective to the programme.

For many Nigerian projects, a credible buyer is the gap between a promising deposit and a financed mine. Mercuria will contribute to discussions on commodity trading and offtake partnerships, critical minerals supply chains, and infrastructure and logistics.

“Nigeria has the mineral endowment to play a growing role in global supply chains, including critical minerals. We look forward to sharing how trading, offtake and logistics partnerships can help Nigerian projects reach global markets.”

Event details

The programme is subject to change.

Distributed by APO Group on behalf of Nigeria Mining Week.

 

 




 

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Global advertising spend surges 11.9% to $1.34trn this year despite consumer caution

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23 hours ago

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October 8, 2026

By

WARC

Social media is expected to record the strongest growth up 21.3% to $394.6bn
VOD (15.1%), retail media (14.3%), search (14.2%) and digital OOH (13.7%) are all set for double-digit increases
Technology and electronics (20.7%), travel and transport (19.3%) and automotive (17.8%) to be fastest growing product categories
Ad spend growth in 2027 expected to moderate (8.4%) to $1.46trn

WARC Media Global Ad Spend Forecast Q3 2026 update

8 October 2026 – Global ad spend is forecast to grow 11.9% to $1.34trn in 2026, according to the latest data from WARC Media. This comes on the back of strong 10.0% growth in 2024 and 2025.

 




 
 

Advertising investment continues to grow despite consumer pressure and geopolitical uncertainty, fueled by significant corporate AI investment and major events including the Olympics, FIFA World Cup, and US mid-term elections. While the economy has remained resilient to date, further escalations of global tensions pose potential downside risks.

Suzy Young, Head of WARC Media Data, says: “These are unusual times for advertising. Investment is accelerating even as many consumers face cost-of-living pressures and become more cautious with spending. This apparent contradiction reflects an increasingly uneven economy, where growth – particularly from the AI boom – is benefiting some companies, sectors and consumers more than others.”

Performance priority

Social media, search and retail media are three of the biggest channels for ad investment. Altogether they are expected to account for 66.4% of total global ad spend in 2026, rising to 70.0% in 2028.

Social media is set to register the strongest growth in ad spend this year, up 21.3% to $394.6bn, and is on course to exceed $500bn in 2028. Video on-demand (15.1% to $48.4bn), retail media (14.3% to $202.1bn), search (14.2% to $295.7bn) and digital OOH (13.7% to $21.7bn) will also see double-digit increases this year. Performance channels, which can adapt quickly to changing conditions, continue to benefit as uncertainty becomes the new norm.

Technology and electronics is forecast to be the fastest growing product category this year, rising 20.7% compared with 2025, followed by travel and transport (19.3%) and automotive (17.8%). Social media is expected to account for 40.2% of all tech and electronics spend in 2026.

2027 and 2028 ad spend outlook

Ad spend growth is expected to moderate in 2027, rising 8.4% to $1.46trn, reflecting tougher comparables and a normalisation from the exceptionally strong growth seen in recent years.

In 2028, ad spend will increase by a further 7.9% to $1.57trn – putting the market on course to be 2.3 times larger than it was a decade ago in 2019.

New AI destinations emerge

AI is driving advertising growth from multiple angles. New tech businesses are investing to acquire customers and build brands, while established companies spend heavily to compete in an increasingly crowded market. Simultaneously, AI tools are enhancing targeting, asset creation, and campaign optimisation – boosting ROI and fueling further investment.

AI is also opening new destinations for advertising. As generative search and AI assistants become gateways to product discovery and purchasing, ad dollars will follow – fundamentally reshaping where consumers encounter brands and where advertisers invest.

AI fuels ad triopoly

Alphabet, Amazon and Meta are set to take a combined market share of 59.7% of global ad spend (excluding China) this year – equivalent to $659.6bn. This is predicted to rise to 61.5%, or $804.1bn, in 2028.

Ad spend signals opportunity

Ad spend per capita vries dramatically across global markets. Developed economies like the US ($1395 per capita forecast for 2026), UK ($935), Austria ($850), and Switzerland ($825) show significantly higher advertising intensity, while China ($170), Brazil ($110), and India ($13) combine lower per-capita spending with massive consumer populations – highlighting substantial growth potential as these emerging markets mature.

WARC Media subscribers can read WARC’s global ad spend Q3 2026 update report in full.
 




 

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