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African Resources to Catalyze Global Energy Security, Says African Energy Week (AEW) 2024 Opening Panel

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Energy Security

With energy demand projected to increase more than 50% between 2020 and 2050, Africa is strategically positioned to meet global energy needs while driving its own socioeconomic development

CAPE TOWN, South Africa, November 6, 2024/APO Group/ — 

Global energy demand is anticipated to increase 27% by 2040, with fossil fuels projected to account for the lion’s share of the world’s energy mix beyond 2050. Meeting this demand will require alternative energy supplies, and Africa, with over 125 billion barrels of proven oil reserves and 620 trillion cubic feet (tcf) of proven gas, is uniquely positioned to drive global energy security efforts.

The opening panel discussion at the African Energy Week (AEW): Invest in African Energies 2024 conference explored how African energy resources drive global energy security. With a large share of Africa’s proven oil and gas reserves unexploited and regulatory reforms strengthening the business environment across the continent, Africa has emerged as a highly competitive investment destination.

Atul Arya, Senior Vice President and Chief Energy Strategist at S&P Global Commodity Insights, explained that “There is no shortage of potential in Africa. The transition is going to be multidimensional and multi-fueled. In Africa, we have seen $58 billion invested in upstream activities in 2019 and it went down to $20 billion in 2020. We hope to see it hit $58 billion in the coming years again.”

Africa’s biggest producers continue to invest heavily in exploration and production aiming to increase output and exports. In 2024, Nigeria launched its latest licensing round, energy majors have resumed exploration in Libya while Angola is preparing to launch its next offshore bid round. These efforts will drive production growth in Africa, consolidating the continent’s position as a global supplier.

We made great discoveries over the last two years and we continue to have more interest coming in terms of exploration

“Nigeria has enormous potential. We have about 37 billion barrels of crude and 209 tcf of gas. However, we believe that we have a lot more than that. We believe that we can produce 2.5 million barrels per day (bpd) within the next year. Today, we produce 1.7 million bpd. By addressing our decaying infrastructure, we can boost output,” said Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil).

Angola has turned to regulatory reform to boost production. According to the country’s Minister of Mineral Resources and Petroleum, Diamantino Pedro Azevedo, “We started by changing the governance model of the sector, introducing two new regulators – one for upstream and one for mid and downstream – and we also instituted changes in the laws and fiscal regime.” This will strengthen export capacity and regional petroleum trade.

For Gabon, deepwater exploration is a significant opportunity for investors. Marcel Abéké, Minister of Petroleum, Gabon, said that “We have significant potential in the deep offshore waters. The majority of gas we have in Africa is in the deep waters. For now, we do not have the means to utilize those resources. We are here to call on big investors to come to Africa and explore.”

Accelerated field development is also a top priority for emerging producers in Africa. Namibia, for instance, is widely-considered the biggest frontier play worldwide. With a string of offshore discoveries made since 2022, the country is targeting first oil production in the Orange Basin by 2029.

“We made great discoveries over the last two years and we continue to have more interest coming in terms of exploration. Now, we are putting more emphasis on local content issues. Through local content, we will generate other economic activities within the Namibian economy. When you have an alignment, whether it’s projects or local content or regulations, everything is possible,” said Tom Alweendo, Minister of Mines and Energy, Namibia.

International oil companies like Chevron are driving a multi-energy approach to generate high returns and unlock new sources of sustainable energy for Africa. Liz Schwarze, Chevron’s Vice President of Global Exploration, explained that “The future energy mix will have oil and gas in it for much longer. As we grow our business worldwide and reduce the carbon intensity of our operations, one of Chevron’s strategic areas is Africa. This is because there is tremendous potential, from rocks and geology to a welcoming environment. Ultimately, this will enable us to deliver energy where it is most needed.”

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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