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Africa’s Upstream Industry: Holding Steady in a Turbulent Oil and Gas Market (By NJ Ayuk)

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oil and gas

We encourage all parties to investigate – and invest in – Africa’s rising stars for long-term energy solutions

JOHANNESBURG, South Africa, December 13, 2022/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber

Africa’s oil and gas industry is going to breathe new life into many African economies and will create new opportunities for every many Africans in 2023. During the recent African Energy Week, many players and host nations outlined some of the most ambitious plans produce more natural gas, diversify our economies and create more jobs especially for women and our young people. This is a better plan than development aid.

In September 2022, the EU approved an additional 15 million euros to support counterinsurgency efforts in Mozambique. That fresh funding – intended to protect the natural gas-rich area of Cabo Delgado – brings the bloc’s total support up to 104 million euros this year.

This sudden involvement in the area’s five-year security saga highlights Europe’s newfound interest in a stable, energy-producing Africa.

Oil prices spiked to $85 a barrel by November and currently show no signs of slowing. The Russia-Ukraine conflict has sent shockwaves through the entire oil and gas industry, with Western nations, particularly in the EU, searching for alternate fuel sources. While the U.S. immediately banned Russian oil imports in March, similar measures by the U.K. and EU were put off until December.

As we point out in our released report, “The State of African Energy: 2023 Outlook,” During African Energy Week, African oil and gas production remains steady — and fairly immune to the Ukraine-Russia conflict.

Oil – Marginal increase

Take Nigeria, whose oil production hit a 30-year low this August but is now projected to see an overall increase through 2023. By tackling its most dramatic setbacks, the West African nation has managed to maintain equilibrium.

One such setback came to light at the Forcados crude oil terminal in July, when operators discovered leaks around the loading buoy, halting exports from the terminal. The operators, Nigerian National Petroleum Company (NNPC) Limited and Shell Petroleum Development Company (SPDC) of Nigeria, promptly promised to repair the leaks and resume exports by late October — and they met the self-appointed deadline.

Last summer also saw a huge escalation in pipeline theft that culminated in Nigeria losing its spot as Africa’s biggest oil producer. Ironically, this may have served as a much-needed wake-up call to tackle the decades-old problem of theft. After a July and August that saw Nigeria’s output fall below 1 million bpd, the government awarded security contracts to protect the pipelines. The tactic yielded fruit within a month when contractors uncovered an illicit pipeline that had been siphoning stolen oil for nine years. By November, Nigeria’s output had climbed back to 1 million bpd.

This sudden involvement in the area’s five-year security saga highlights Europe’s newfound interest in a stable, energy-producing Africa

Libya experienced an even more dramatic pendulum, with production falling from 1.2 million barrels per day (bpd) to 100,000 bpd this spring. In a now-familiar pattern, the conflict between two competing governments led to production outages and blockades. By August, however, production had returned to a steady 1.2 million bpd.

These setbacks in Nigeria and Libya have something in common: The solutions came from within. In a world reeling from the ripple effects of the Ukraine conflict, any producer that can tackle its largest issues in-house, without relying on geopolitical trends, deserves some notice.

Europe seems to share this attitude. Total and Eni are “close” to finalizing oil production deals with Libya, where BP is also due to begin new onshore drilling. These reassuring signs all address the other major challenge shared by Libya, Angola, and Nigeria: Lack of new projects and foreign investment. Exxon also recently discovered a new well in Angola, another nation in need of fresh prospects. I had a chance to keynote the Angola oil and gas gathering and held discussions with key industry players. There is fresh hope and excitement on the horizon.

Even without factoring in these recent deals, our 2023 report predicts marginal growth for Africa’s oil production at just over 7 million bpd. Intriguingly, a stable Libya and fresh projects could see that output grow to 7.25 million bpd by 2030. In the Russia-roiled short term, Africa’s sheer consistency offers relief to energy-hungry nations – and in the long term, potential energy security.

Gas – Growing Steady

As with oil, Africa’s natural gas output remains quite resilient to the Ukraine-Russia conflict. Some nations have already stepped up their exports to Europe, and several major projects are on track for production by 2030. While our report predicts a marginal decline in production for the short term, the continent’s overall future looks bright.

Take Algeria, whose Berkine field went from discovery to production in record-breaking time. NOC Sonatrach discovered the 12 trillion cubic feet (tcf) in reserves in March and, in partnership with Italian major Eni, began production by November. The deal was enabled by Algeria’s international oil company (IOC)-friendly hydrocarbon law and bodes well for Eni’s and Sonatrach’s agreement to increase Italian imports by 20%.

Similarly accommodating of IOCs, Mauritania and Senegal are also growing strong. Their Tortue/Ahmeyim field contains approximately 15 tcf of gas, with operators hoping to begin production in 2024. Mauritania is also in talks with BP to develop their equally rich BirAllah (https://bit.ly/3HwydU8) gas field. While young in the industry, the two nations have proven quite competent at cooperating with both each other and international majors.

Even more intriguing, war-torn Mozambique began exporting natural gas to Europe this November – an unexpected first. This milestone likely owes something to the EU’s recent investment in Mozambique’s security. The question remains, of course, whether Mozambique will remain stable enough to continue these gains  and truly become a part of Europe’s energy security solution.

Short- and Long-Term Goals

On the surface, the state of Africa’s energy is a simple one – the continent’s production should remain steady in the short-term and has already offered Europe some energy relief. Underneath the surface, of course, individual nations face different circumstances and play their own parts in the larger picture. Libya, with its history of alternating peaceful production and violent dry spells, is a very different nation from a stable newcomer like Senegal. As the West eyes Africa for long-term energy security and the green transition, it behooves them to examine individual nations for their strengths, weaknesses, and unique opportunities for partnership. We encourage all parties to investigate – and invest in – Africa’s rising stars for long-term energy solutions.  

Distributed by APO Group on behalf of African Energy Week (AEW).

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Congo Is Turning Reserves into Bankable Projects – and the Investment Window Is Opening

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Eni-led LNG expansion and ongoing deepwater investment are pushing the Republic of Congo’s energy sector toward more bankable projects ahead of the Congo Energy & Investment Forum 2027

BRAZZAVILLE, Congo (Republic of the), June 23, 2026/APO Group/ –With LNG exports set to triple to 3 mtpa, upstream oil production targeting 500,000 bpd and a renewed push on local content, the Republic of Congo is positioning itself as one of Central Africa’s most investable hydrocarbon markets. Under the leadership of the newly-appointed Minister of Hydrocarbons, Stev Simplice Onanga, the country is prioritizing industry growth by balancing local content with reserve replacement and project advancement.

 

What sets Congo apart is not the scale of its reserves, but the pace at which those reserves are being turned into commercially viable projects. From Eni’s LNG expansion and TotalEnergies’ deepwater developments to brownfield optimization by Trident Energy and output growth at Ammat Global Resources, capital is flowing into projects with clearer monetization pathways and nearer-term returns.

Ahead of the Congo Energy & Investment Forum (CEIF) 2027 – the country’s leading platform for energy investment and partnerships – the story is shifting away from frontier potential toward bankable projects already under development.

Policy Reform Is De-Risking Investment

Congo’s investment case is being reshaped by the alignment of resource base, regulatory reform and project delivery. Established oil production, expanding LNG capacity and fiscal adjustments are gradually reducing above-ground risk.

Recent reforms led by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo have added structure to the sector. The Gas Code, introduced in October 2025, formalizes fiscal terms for gas commercialization, while the Gas Master Plan prioritizes flaring reduction and gas-to-power deployment, targeting 1,500 MW by 2030.

A new upstream licensing round is also under consideration, aimed at attracting fresh capital into both mature and frontier acreage. Together, these measures are improving visibility across upstream, midstream and downstream segments, with recent project activity reinforcing the shift.

The Projects Driving the Next Cycle

Deepwater oil remains central to Congo’s production outlook, with operators progressing both new developments and brownfield optimization. TotalEnergies is advancing work at the Moho licence following the April 2026 Moho G discovery, backed by a $500–$600 million infill drilling program targeting about 40,000 bpd in incremental output.

Local independent Ammat Global Resources is targeting 70% production growth from its Loango and Zatchi fields, where reactivated wells and upgraded platforms have already lifted output by 75%. Perenco continues steady gains, adding roughly 6,000 bpd through its 2025–2026 drilling program.

Trident Energy, after acquiring an 85% working interest in the Nkossa and Nsoko II assets in 2025, is focused on extending field life through subsea optimization and redevelopment work.

While oil continues to anchor revenues, gas is rapidly emerging as Congo’s fastest-growing segment. Eni’s Congo LNG project delivered its first cargo from Phase 2 in February 2026, following the startup of the Nguya FLNG unit in December 2025. Together with Tango FLNG, capacity has risen from 0.6 mtpa to 3 mtpa. Trident Energy has also proposed an FLNG project aimed at adding further capacity across the country’s gas market. The project is expected to operate as shared infrastructure, allowing multiple operators to process gas from their respective fields. This creates an outlet for associated gas that might otherwise be stranded, supporting the country’s broader diversification goals.

Local Content Is Reshaping Investment Terms

Beyond upstream policy, Minister Onanga has positioned local content as a central pillar of Congo’s investment framework, and a key determinant of how capital is structured and deployed.

Decrees 2019-342, 343, 344 and 345 set requirements around subcontracting, workforce localization and training commitments, with the effect being a gradual shift in how projects are structured and how partnerships are formed. Operators are increasingly assessed not only on technical delivery but on in-country value creation, including partnerships with local firms and skills development. Logistics, maintenance and other service areas are increasingly channeled through domestic providers.

At CEIF 2027 – taking place June 1–3 in Brazzaville – attention will shift to what is moving forward and to the investors positioned to take part in that pipeline. Congo’s energy sector is no longer defined by potential alone: projects are moving, capital is being committed and policy is starting to catch up with activity on the ground.

As the Republic of Congo moves from reserves to revenue, the signal to investors is clear: this is already unfolding, not a future opportunity.

Distributed by APO Group on behalf of Energy Capital & Power.

 

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Afreximbank secures double honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards for excellence in strategic communications

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The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event

CAIRO, Egypt, June 23, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has been recognised with two prestigious honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards, one of the world’s most prestigious awards programmes for strategic communications.

 

The Bank received an Award of Excellence in Special and Experiential Events category for the Intra-African Trade Fair 2025 (IATF2025) held in Algiers, Algeria and an Award of Merit in the Social Media category for its Afreximbank Social Media Campaigns, reaffirming Afreximbank’s commitment to delivering impactful communications that advance its mandate of promoting trade, investment and industrialisation across Africa and the Caribbean.

We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communication

The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event. IATF2025 brought together governments, businesses, investors, buyers, sellers and entrepreneurs from across Africa and beyond, creating a platform for trade and investment opportunities while advancing the objectives of the African Continental Free Trade Area (AfCFTA). The communications campaign played a pivotal role in driving global awareness, stakeholder participation, media visibility and engagement before, during and after the event, while showcasing the scale, ambition and dynamism of African enterprise and reinforcing a positive narrative about Africa’s capacity to trade, industrialise and compete on the global stage. Over 120,000 delegates attended IATF2025 in person and virtually, with deals worth over US$50 billion recorded.

The Award of Merit for Afreximbank Social Media Campaigns recognises the Bank’s strategic use of digital platforms to engage stakeholders, amplify its developmental impact and elevate conversations around trade, industrialisation, economic integration and investment opportunities across Africa and the Caribbean. Through a combination of compelling storytelling, thought leadership content, executive advocacy, multimedia production and real-time event coverage, Afreximbank’s social media platforms have continued to expand their reach and influence among policymakers, businesses, investors, development partners and the wider public. Among these platforms is the Afreximbank TV, a digital TV channel that is wholly owned and managed by Afreximbank, whose fifth edition was celebrated with dedicated coverage of IATF2025, providing live coverage of the activities to both pan African and global audiences.

Anne Ezeh, Director & Global Head, Communications and Events at Afreximbank commented: “We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communications. As a pan African multilateral financial institution, we see storytelling as a powerful tool for advancing our mission — ensuring our initiatives, events, programmes and key announcements not only inform, but also inspire confidence, deepen engagement and amplify Africa’s transformation. These awards reinforce our resolve to continue delivering world-class communications that elevate African voices and projects a bold and authoritative narrative of the continent.”

Ms. Ezeh added that through innovative storytelling, digital engagement and integrated campaigns, the Bank will continue to amplify the impact of its programmes and partnerships  to project a more authentic narrative of Africa, one defined by opportunity, innovation, resilience and growing influence in the global economy.

For more than five decades, the IABC Gold Quill Awards have recognised excellence in strategic communications globally, celebrating programmes and campaigns that demonstrate measurable impact, innovation, creativity and outstanding execution. Widely regarded as the pinnacle of achievement in the communications profession, the awards are judged through a rigorous and independent evaluation process conducted by experienced communication leaders from around the world.

Distributed by APO Group on behalf of Afreximbank.

 

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Islamic Development Bank (IsDB) Institute Unveils 2025 Annual Report During Group Annual Meetings in Baku

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In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million

The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has released its 2025 Annual Report during the 2026 IsDB Group Annual Meetings held in Baku, Azerbaijan, showcasing a year of expanded impact in Islamic finance transformation, innovative solutions, and capacity development.

 

The report highlights how IsDBI strengthened its role as a global knowledge leader by advancing innovative solutions and scaling support to Member Countries through knowledge-based interventions, Islamic finance grants, and strategic partnerships.

In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million, supporting countries in strengthening regulatory frameworks and promoting inclusive financial systems.

Since 2013, the Institute’s interventions in this regard have reached over US$27.57 million across 181 projects benefiting more than 34 countries, underlining its sustained contribution to development outcomes across the Islamic world.

I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem

The Annual Report highlights major progress in IsDBI’s three flagship transformative projects, namely Awqāf Free Zones, Digital Postal Islamic Financial Services, and Smart Countertrade System, which have all advanced to pilot-ready stages. These initiatives aim to address global challenges such as financial inclusion, food and energy security, and trade resilience.

Furthermore, the Institute accelerated its focus on digital innovation in Islamic finance, enhancing its Islamic Finance Artificial Intelligence Assistant (IFAA) and hosting its first AI Hackathon on Islamic Finance, engaging more than 40 teams in developing cutting-edge solutions aligned with industry standards.

Human capital development in Islamic finance also remained a cornerstone of IsDBI’s work in 2025, with the delivery of over 20 training programs reaching around 500 professionals across Member Countries. A key achievement in this area was the Entrepreneurial Mindset Development Program, a flagship initiative equipping emerging leaders from 20 countries with innovation-driven and values-based entrepreneurship skills. The program was designed and implemented in collaboration with Prince Mohammed Bin Salman College of Business and Entrepreneurship, Saudi Arabia.

The Institute also strengthened its thought leadership through flagship publications, global partnerships, and digital engagement, reinforcing its position as a leading voice in Islamic economics and finance.

Commenting on the issuance of the Annual Report, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: “I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem by bridging knowledge creation, building human capital, and designing innovative solutions to address economic challenges.”

The 2025 Annual Report is accessible on IsDBI website here (https://isdbinstitute.org/product/isdbi-annual-report-2025/).

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

 

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