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Chevron Expands Namibia Presence with Petroleum Exploration License 82 (PEL 82) Farm-in, Signaling Growing International Oil Company (IOC) Interest in African Energy

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12 months ago

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African Energy

With Chevron’s latest farm-in offshore Namibia highlighting Africa’s investment appeal, African Energy Week: Invest in African Energies 2025 will explore strategies for structuring attractive PSCs and securing high-impact farm-in agreements in Africa’s oil and gas sector

CAPE TOWN, South Africa, February 13, 2025/APO Group/ –Africa’s oil and gas sector continues to draw interest from international oil companies (IOCs) through well-structured Production Sharing Contracts (PSCs) and strategic farm-in agreements. Last week, US major Chevron completed a farm-in agreement with Custos Energy for PEL 82 in the Walvis Basin offshore Namibia. Under this transaction, Chevron acquired an 80% participating interest and operatorship, while Custos and the National Petroleum Company of Namibia each retained a 10% interest.

The transaction marks a significant step in the development of Namibia’s offshore oil and gas sector. PEL 82, which covers blocks 2112B and 2212A, is considered one of the most attractive opportunities in the Walvis Basin. Notably, around 70% of the total block area is already covered by extensive seismic data – over 3,500 km of 2D and 9,500 km² of 3D data. Previous drilling activities on PEL 82, such as the Murombe-1 and Wingat-1 wells, have provided valuable insights into the potential of the area. Chevron’s acquisition of an interest in PEL 82 complements its existing offshore exploration efforts in Namibia, where it operates PEL 90 in the Orange Basin. Chevron’s entry into PEL 82 is part of its broader strategy to expand its exploration acreage in promising global geological plays and further solidifies Namibia’s position as a leading frontier for oil and gas exploration.

One of the most critical factors in attracting IOCs is ensuring that PSCs offer favorable fiscal terms. Competitive tax regimes and profit-sharing models create incentives for investment while allowing governments to secure a fair share of revenues. Equally important is regulatory stability. Consistent and transparent policies provide companies with long-term security, minimizing uncertainties that can deter investment.

Beyond Namibia, other African nations have been structuring PSCs that continue to draw in international investors. In Equatorial Guinea, the government signed agreements in June 2024 with Chevron for offshore Blocks EG-06 and EG-11. These contracts, established in partnership with GEPetrol, outline minimum investment requirements, detailed exploration programs, and commitments to sustainable development. The attractiveness of these PSCs is largely due to their location near the productive Block B, home to the Zafiro field, and the clarity of development plans that ensure both state benefits and commercial viability.

Algeria has also seen success in crafting appealing PSCs. In 2022, a consortium led by TotalEnergies and including Sonatrach, Occidental and Eni extended a 25-year PSC for Blocks 404a and 208 in the Berkine Basin. The agreement, worth an estimated $4 billion in investment, is set to unlock over one billion barrels of oil equivalent and is made possible under Algeria’s updated hydrocarbon law, offering enhanced fiscal incentives and greater investor confidence.

Farm-in agreements, like the one recently completed by Chevron, play a pivotal role in fostering collaboration and facilitating resource-sharing and risk mitigation in oil and gas projects. By acquiring stakes in existing exploration or production blocks, companies ensure that projects with high potential receive the necessary capital and expertise to move forward. Successful farm-ins typically focus on assets with proven reserves or strong geological prospects, as seen with Chevron’s PEL 82 acquisition, which has extensive seismic coverage and previous drilling activity. This ensures that the project is not only viable but positioned for long-term success.

Other notable farm-in agreements across Africa highlight the continent’s growing appeal to IOCs. For instance, Azule Energy recently acquired a stake in Block 2914A in Namibia’s Orange Basin, further reinforcing the country’s emerging status as a key player in offshore exploration. Similarly, Africa Oil Corp has entered the offshore sector in Equatorial Guinea with PSCs for Blocks EG-18 and EG-31, signaling a revitalization of the country’s offshore exploration.

The success of PSCs and farm-in agreements across Africa underscores the continent’s ability to compete for investment in a rapidly evolving global energy market. By maintaining investor-friendly policies, regulatory stability and fostering strategic partnerships, African nations can continue to attract capital and expertise to sustainably develop their oil and gas resources. Discussions on structuring attractive PSCs and fostering high-impact farm-in agreements will take place at African Energy Week (AEW): Invest in African Energies 2025, bringing together industry leaders, investors and policymakers to explore strategies for maximizing Africa’s hydrocarbon potential and establishing mutually beneficial partnerships. With major players like Chevron expanding their footprint on the continent, AEW 2025 serves as the ideal platform for dealmaking, networking and shaping the future of Africa’s energy landscape.

Distributed by APO Group on behalf of African Energy Chamber.

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

Published

2 days ago

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February 6, 2026

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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2 days ago

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February 6, 2026

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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Business

The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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2 days ago

on

February 6, 2026

By

ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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