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African Energy Week (AEW) 2024 to Foster Investment and Collaboration with Organization of the Petroleum Exporting Countries (OPEC)-Africa Roundtable

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African Energy Week

The OPEC-Africa Roundtable will showcase Africa’s readiness for new ventures with international investors to unlock the full potential of its oil industry for global energy security

CAPE TOWN, South Africa, July 23, 2024/APO Group/ — 

The upcoming African Energy Week (AEW): Invest in African Energy conference – Africa’s premier event for the energy sector, taking place from 4–8 November in Cape Town – will host an OPEC-Africa Roundtable, uniting key stakeholders from OPEC and African oil producers to engage in collaboration and strategic dialogue on best practices to stabilize the global oil market. The return of the OPEC-Africa Roundtable at this year’s event underscores the strengthening ties between OPEC and Africa and is underpinned by Africa’s growing importance in global market dynamics.

This June, OPEC and its allies, including African producers such as the Republic of the Congo, Equatorial Guinea, Algeria, Libya, Gabon and Nigeria, agreed to extend oil production cuts through to September 2025. The production cuts are designed to avoid oversupplying the global oil market, stabilize barrel prices, foster investment in both existing and new projects, and ensure revenue generation for producing countries. Efforts to maximize the stability of the global oil market by leveraging Africa’s 125 billion barrels of crude reserves will be unpacked during the roundtable.

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 www.AECWeek.com for more information about this exciting event.

Global oil demand is expected to reach 116 million barrels per day (bpd) by 2045, according to OPEC. This highlights a strategic opportunity for both existing and emerging producers in Africa, and countries are already driving upstream developments to meet rising demand. In April 2024, Nigeria – Africa’s biggest oil producer – unveiled its 2024 Licensing Round, offering 12 blocks for exploration. The round aims to entice new investment into undeveloped blocks, specifically deep offshore assets. The launch followed the country starting operations at the TotalEnergies-operated Akpo West Field in February 2024, increasing daily output by 14,000 bpd.

OPEC is committed to not only stabilizing global oil markets but supporting investment and development in Africa

The continent’s second largest producer is Libya, an OPEC member since 1962, with production measuring 1.21 million bpd in April 2024. The country has been rehabilitating 36 oil wells in the Messla and Sarir fields and has commenced several exploration campaigns with Spanish energy firm Repsol, Algerian National Oil Company (NOC) Sonatrach and energy major TotalEnergies. Libya aims to produce two million bpd within the next two to three years and plans to launch a new licensing round by the end of 2024 or early 2025.

Meanwhile, the Republic of the Congo – which became an OPEC member in 2018 – is undertaking a series of measures to boost investments and infrastructure developments across its upstream sector. The country aims to increase output from the current 259,000 bpd to 500,000 bpd. Chinese energy company Wing Wah is developing the Banga Kayo block while energy major Eni is exploring conventional and deep offshore areas off the coast of Pointe-Noire. Eni inaugurated the Congo LNG project in 2023. Additionally, earlier this year, TotalEnergies announced plans to invest up to $600 million to strengthen E&P activities in the country, including operations at the Moho Nord field which accounts for roughly half of the country’s total production.

Gabon is also driving upstream projects, leveraging its OPEC membership and strategic vision to increase production to 220,000 bpd. E&P company BW Energy kickstarted production at the DHBSM-1H well in the Hibiscus South exploration prospect in March, only five months after the discovery was made. Independent oil and gas firms Perenco and VAALCO are implementing several drilling campaigns at the Hylia and Etame Marin fields. TotalEnergies is drilling in the Baudroie-Mérou Marine field and the China National Offshore Oil Company is exploring Blocks BC-9 and BCD-10.

In Equatorial Guinea, NOC GEPetrol signed a Production Sharing Contract (PSC) for Block EG-23 with independent E&P firm Panoro Energy, with plans to fast-track infrastructure development in the block and utilize the assets to drive the country’s oil market expansion. The company also signed PSCs with Chevron for Blocks EG-11 and EG-06.

“OPEC is committed to not only stabilizing global oil markets but supporting investment and development in Africa. For mature producers, the organization remains committed to strengthening supply-demand dynamics, while for emerging producers, stands ready to support as the industry grows. Going forward, OPEC will continue to play a crucial role in reinforcing Africa’s position in global energy matters,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

The OPEC-Africa Roundtable builds on these developments to foster a collaborative approach to addressing industry challenges and seizing new opportunities in African oil. The roundtable will feature high-level speakers and key decision-makers, including OPEC Secretary General Haitham Al Ghais, alongside African energy ministers, top executives from major oil companies and leading industry experts. The Secretary General is expected to highlight investment opportunities in the African oil market while delving into strategies for balancing supply-demand worldwide.

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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