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African Oil and Gas Exploration is Going Strong (By NJ Ayuk)

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African exploration

2023 has been another banner year for African exploration, with half a billion barrels of oil equivalent (bboe) in recoverable oil and gas reserves found around the continent to date

JOHANNESBURG, South Africa, September 4, 2023/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (http://www.EnergyChamber.org)

Despite the call heard ’round the world commanding the global business community to divest from fossil fuels and shrink their carbon footprints in the name of net zero, international oil companies (IOCs) still recognize Africa as their next frontier.

As detailed in the African Energy Chamber’s recently released report, “The State of African Energy Q2 2023 Outlook,” oil and natural gas exploration in Africa remains strong.

Following the massive Namibian discoveries in 2022, 2023 has been another banner year for African exploration, with half a billion barrels of oil equivalent (bboe) in recoverable oil and gas reserves found around the continent to date.

Namibia’s Orange Basin continues to hold center stage with Shell’s July announcement that drilling for the Lesedi-1X, the company’s fourth exploration well in the region, had reached completion and indicated the presence of hydrocarbons.

Through a partnership with QatarEnergy and NAMCOR — Namibia’s national oil company —Shell plans to drill two more exploratory wells in Namibia before the year is out and has also received permission from the government to drill ten more exploration and appraisal wells in the future.

Estimates set Shell’s other recent discoveries at the nearby Graff, La Rona, and Jonker-1X wells in Namibia’s Petroleum Exploration License (PEL) 39 at a total of 1.7 bboe.

These findings come in addition to discoveries made by France’s TotalEnergies at its Venus well in PEL 56 that holds a total of 3 bboe, according to Barclays estimates.

A Continent Brimming with Discovery

While the sizeable discovery at the Jonker site alone — with estimates placing its recoverable reserves at roughly 285 million barrels — accounts for 57% of overall volumes discovered in 2023 so far, it is one of many, as well as the only offshore discovery. The numerous other African discoveries were all found onshore.

Sonatrach of Algeria brought 20% of the overall volume to the table with its six smaller-sized discoveries that the state-owned energy company announced in the first quarter of this year. With two wells each between Amguid, Berkine, and Ohanet in the East-Central, South, and Southwest regions of the country respectively, Algeria is seeing new production of oil, gas, and condensates, strengthening its role as an alternative energy supplier for Europe.

In May 2023, the Australian upstream oil and gas company, Invictus Energy, announced that a mud gas analysis of its maiden Mukuyu-1 well in the Cabora Bassa Basin in Zimbabwe confirmed the presence of light oil, gas condensate, and helium. As a result of these findings, Invictus will follow through in the third quarter of this year on drilling operations for its Mukuyu-2 appraisal well located 6.8 kilometers to the northeast of Mukuyu-1 with a planned depth of 3,700 meters.

Mukuyu-1 is a wildcat – a well drilled in a previously unexplored area or where the petroleum potential is an unknown. Across Africa, of the 16 exploration wells IOCs drilled in 2023, ten are wildcats.

Three drilling operations are underway at the time of this writing, and while plans are in place for as many as 66 more, operations will likely commence for roughly 17 over the next 18 months.

If we can secure foreign investment in our oil industry today, Africa will develop the funding to back its own transition tomorrow

As we have documented in our Q2 report, new discoveries from oil and gas exploration practically encircle the continent. From the small finds like Sasol’s Bonito-1 well in the PT5-C concession area of the Mozambique basin to Wintershall’s ED-2X in Egypt and Tatneft’s F1 discovery in Libya, Africa is proving itself as an emerging contender for the top supplier spot on the global petroleum market with a total discovered volume of oil and gas totaling nearly 500 MMboe in 2023 alone.

An Opportunity to Balance Disparity

While it is encouraging to witness this revival of oil and gas exploration in Africa — and to have our assertions confirmed that this continent represents the next frontier for the international energy majors — the AEC sees these developments as merely the start of what will have to amount to a massive upgrade for our own domestic petroleum industry.

As seismic and geological studies continuously corroborate our claims that Africa has enormous potential as a global energy supplier, local inefficiencies and a lack of infrastructure hinder this progress and stand in the way of international oil company (IOC) engagement.

To extract real prosperity from our fossil fuel resources, we must encourage the governments of every hydrocarbon-bearing African nation to create and maintain enabling business environments that attract foreign investment.

We must also implore the leaders of these countries to act quickly upon discovery of new oil fields and warn them against letting a proven find languish under a heap of unnecessary red tape.

There is no nuance about it — the oil industry represents income for Africans and advancement for Africa.

An increase in exploration equates to new African jobs and business opportunities, and successful exploratory ventures attract further investment, leading to a rise in employment across many industries and accelerated economic growth for each host country.

And the benefits are not only financial or limited to only those with skin in the game. By extracting and refining our resources on a grander scale, we’ll finally reach the kind of production levels that extend meaningful benefits to the African population.

Considering that more than 600 million Africans live without access to electricity, and 900 million make do without access to clean cooking fuel, expansion of our oil industry will inevitably slash our rates of energy poverty and lead to a widespread increase in quality of life.

The global transition to carbon-free energy, spurred on by human ingenuity, is inevitable. We acknowledge that one day humanity will have no need to engage with fossil fuels or tolerate their negative impacts. We believe that the planet will eventually get to such a state, but we also feel that we’re more realistic than some regarding how long that evolution will take to set in fully.

This transition will also require massive funding from every country undertaking it. The AEC’s stance is that if we can secure foreign investment in our oil industry today, Africa will develop the funding to back its own transition tomorrow, rather than waiting patiently for subsidies and handouts once the rest of the world deems them feasible.

As we wait for zero-emission and renewable energy technology to mature to its full potential, the developed world must afford the chance for Africa to reach its own.

Increased exploration, wise investments, welcoming dispositions, and attractive economic policies are but the first few steps of that journey.

To download a copy of “The State of African Energy 2Q 2023,” visit https://apo-opa.info/45BahZg.

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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