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African Energy Week (AEW) Launches African Energy Finance Summit in Partnership with Afreximbank and S&P Global Commodity Insights

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African Energy Week

The African Energy Finance Summit galvanizes financial support for African energy growth by providing a platform to sign deals and enhance an environment conducive for investment in Africa

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JOHANNESBURG, South Africa, February 28, 2024/APO Group/ — 

Africa’s largest energy event – the African Energy Week (AEW): Invest in African Energy conference – will feature the African Energy Finance Summit during this year’s edition in Cape Town. The summit, hosted in partnership with multilateral financial institution the African Export-Import Bank and S&P Global Commodity Insights, offers a platform for project developers and financiers to sign deals and is poised to unlock a new era of growth across Africa’s oil, gas, critical mineral and renewable energy sectors. 

Africa requires over $200 billion in annual financing until 2030 to meet the Sustainable Africa Scenario’s energy and climate objectives, highlighting a growing opportunity for project developers, financiers and technology providers. Between 2012 and 2021, the continent received an average $35 billion in annual finance from G20 nations and multilateral development banks, underscoring a significant investment gap. The African Energy Finance Summit aims to address this gap by galvanizing financial support for African energy growth alongside intra-African energy trade and a just energy transition.

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.

The development of oil and gas has taken the forefront of many national development agendas in Africa, as countries move to monetize resources to make energy poverty history by 2030. In addition to expansion efforts across established oil and gas markets such as Angola, Nigeria, Algeria and Egypt, new frontiers are being revealed as discoveries showcase high-impact deposits.

In the last two years, Namibia made eight hydrocarbon discoveries in the Orange Basin, with reserves estimated to be as much as 11 billion barrels. Other discoveries such as the 20 trillion cubic feet (tcf) Yakaar-Teranga discovery in Senegal; the Orca find in Mauritania; the 650 billion cubic feet Eban-Akoma Complex find in Ghana; the Mukuyu-2 gas discovery in Zimbabwe and many more underscore the potential for million-dollar upstream investments in Africa.

Meanwhile, Africa is poised to be at the forefront of the global energy transition due to its critical mineral wealth. The continent has 85% of the world’s manganese resources; 80% of the world’s platinum and chromium; 47% of the world’s cobalt; 21% of the world’s graphite, among many other resources. Investment in this industry will support both economic growth in Africa through revenue generation and infrastructure development as well as the world’s transition to a cleaner energy future. Projects such as Namibia’s Eisenberg Rare Earth Minerals project; the DRC’s Metalkol RTR mine; Zimbabwe’s Bikita Lithium Mine; and many more represent some of the largest in the world.

Meanwhile, Africa’s hydropower potential is estimated at 340 GW; it’s wind potential is estimated at 180,000 TWh per year; while the continent owns approximately 40% of the globe’s potential for solar power generation. Yet, only 11% of Africa’s hydropower is currently being exploited while the continent accounts for 1.48% of the world’s total solar capacity, highlighting lucrative opportunities for clean energy project developers. Policies such as South Africa’s Renewable Energy Independent Power Producer program pave the way for increased private capital in renewable energy while efforts to develop large-scale green hydrogen projects in Namibia and Mauritania are poised to transform the continent.

The African Energy Finance Summit will not only showcase these emerging opportunities but connect the relevant investors to the projects themselves. By uniting global banking institutions, financial ministers and authorities, and international development platforms, the summit will see numerous deals signs that will further accelerate project growth in Africa. At the same time, the summit promotes the need for integration across the finance and energy sectors, demonstrating the benefit and opportunity of industries working hand-in-hand to create attractive environments to do business.

Across the continent, efforts are already well underway to attract energy investment through policy reform. Energy majors TotalEnergies and Shell are planning $6 billion and $5 billion in investment, respectively, in Nigeria over the coming years, owing largely to improved fiscal and monetary terms implemented through the Petroleum Industry Act (2021). In Angola, TotalEnergies announced a multi-year strategy including the $850 million Begonia oil development while ExxonMobil is looking at investing $15 billion in the country. These commitments are as a result of improved upstream terms that encourage exploration and development spending.

Going forward, the finance sector will continue to be key to improving an enabling environment for energy investment. Through forex, tariff and regulatory support, the finance sector will make it easier to do business in Africa, enabling the continent to benefit from its wealth of natural and mineral resources. The African Energy Finance Summit will unite the finance and energy sectors to drive new opportunities across the continent.

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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