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African Energy Chamber (AEC) Promotes Attractive African Oil & Gas (O&G) Prospects and Regulations at AAPG

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African Energy Chamber

African Energy Week: Invest in African Energy 2024 will showcase Africa’s changing regulatory environment and lucrative investment opportunities available for American and global geologists and investors

JOHANNESBURG, South Africa, September 3, 2024/APO Group/ — 

African nations rich in hydrocarbon resources are revamping regulatory frameworks and introducing new licensing rounds, creating a more favorable environment for global oil and gas firms seeking high-return investments. State-owned energy company the Egyptian Natural Gas Holding Company launched an international bid round offering 12 blocks for exploration to boost reserves and hydrocarbon production in August 2024. Similarly, Zanzibar extended the deadline for its first offshore licensing round – offering eight oil and gas blocks – until September 2024 while Nigeria unveiled a licensing round in May 2024, featuring 12 deep offshore and shallow water blocks. 

To showcase the diverse opportunities and regulatory changes advancing the growth of Africa’s energy industry, the African Energy Chamber (AEC) – serving as the voice of the African energy sector – participated in the American Association of Petroleum Geologists (AAPG) annual conference in Houston last week. Led by Verner Ayukegba, Senior Vice President of the AEC, the Chamber delivered a presentation titled Africa Energy Diversity of Opportunity and the Regulatory Attractions for Investors, showcasing burgeoning opportunities within Africa’s upstream sector. 

Licensing Rounds and Growing Prospects 
Several new licensing rounds are scheduled for 2024 and beyond in Africa, all of which aim to significantly increase commercial prospects for American firms operating across Africa. Notably, Libya’s National Oil Corporation (NOC) is set to launch a licensing round offering blocks in the Murzuq, Ghadames and Sirte basins towards the end of 2024 and early 2025. Algeria will also offer between 10 and 12 onshore blocks in its 2024 Bid Round to bolster its gas and LNG production while Angola plans to launch its 2025 Bid Round in the first quarter of 2025, offering 10 offshore blocks in the Kwanza and Benguela basins. With oil and gas projected to comprise over 50% of global energy consumption by 2050 – according to a report distributed by energy major ExxonMobil -, Africa’s vast and largely untapped resources offer a significant opportunity to enhance U.S.-Africa energy cooperation to meet this growing demand. 

Regulatory Revamps and Africa-US Collaboration 
During his presentation, Ayukegba underscored Africa’s improved operating environment and the opportunities emerging for American geologists, explorers and investors in the upstream sector. Nigeria, for example, enacted the Petroleum Industry Act in 2021, leading to the creation of specialized regulators – including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) – as well as greater fiscals that have significantly improved the industry environment for investors. Angola has also embarked on continuous reforms to maintain its competitive edge, creating the National Oil, Gas and Biofuels Agency in 2019 which simplified the process of awarding new licenses through multi-year bid rounds. With Africa’s policy and upstream environments rapidly improving, American geologists and companies stand to play an even greater role in advancing exploration and kickstarting industry-changing projects.  

Beyond seismic firms, U.S.-based E&P companies are making great strides towards maximizing Africa’s oil and gas resources through frontier exploration and incremental production. ExxonMobil, for example, drilled the Likembe-01 research well in Angola’s Block 15 in May 2024, discovering hydrocarbons as part of a broader multi-well program aimed at increasing reserves and production. The company announced that it could invest up to $15 billion in exploration and production in Angola’s Namibe basin through 2030 following commercial success at ongoing drilling campaigns. The find follows another discovery made by the company at the Bavuca Sul-1 exploration well in November 2022. 

Meanwhile, Chevron signed contracts for ultra-deepwater Blocks 49 and 50 in Angola’s Lower Congo basin in June 2024 and entered into production sharing agreements for offshore Blocks EG-06 and EG-11 with Equatorial Guinea’s National Oil Company GEPetrol. In May 2024, Chevron acquired an 80% operating working interest in the PEL 82 exploration license offshore Namibia, aligning with its efforts to expand its presence in the highly prospective Namibian basin. Additionally, Chevron is conducting its first oil and gas exploration well in the Red Sea concession area offshore Egypt as part of a $50 million capital injection this year. In Nigeria, Chevron is engaged in a $1.4 billion exploration campaign with the Nigerian National Petroleum Company, drilling 37 wells in the offshore and onshore Escravos area of the Niger Delta from 2022 through 2026. 

These are just some of the examples of U.S.-based energy companies advancing oil and gas development in Africa. The AECs participation at the AAPG event comes ahead of the African Energy Week (AEW): Invest in African Energy conference – taking place November 4-8 in Cape Town. As African hydrocarbon markets enhance their respective regulatory frameworks, the AEW: Invest in African Energy will connect African energy regulators, industry leaders and American and global investors to facilitate deal signings and strategic partnerships.  

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event. 

Distributed by APO Group on behalf of African Energy Chamber.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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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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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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