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Chevron, GEPetrol and Ministry of Mines and Hydrocarbons Ink Production Sharing Contracts (PSCs) for Equatorial Guinea Blocks as Focus Shifts to New Discoveries

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Blocks EG-06 and EG-11 can serve as catalysts to this goal and the AEC supports Chevron and GEPetrol in their E&P efforts

JOHANNESBURG, South Africa, June 21, 2024/APO Group/ — 

Multinational energy corporation Chevron (apo-opa.co/4bdXTAl) and Equatorial Guinea’s state-owned oil company GEPetrol (apo-opa.co/4evFXUB) have signed two production sharing contracts (PSC) for offshore blocks EG-06 and EG-11 in Equatorial Guinea- representing a $2 billion investment. Situated in close proximity to producing Block B which houses the Zafiro field, the blocks are considered to be highly-prospective and are poised to play a major part in revitalizing exploration and production offshore Equatorial Guinea.

As the voice of the African energy sector, the African Energy Chamber (AEC) (apo-opa.co/4eq2ulE) commends the signing by Chevron and GEPetrol. The AEC believes that this marks an important step towards reversing production decline in the country and looks forward to a fruitful collaboration between the companies. As a major oil and gas producer with proven offshore plays, Equatorial Guinea has the potential to play an even greater role in supporting energy security in West Africa. Blocks EG-06 and EG-11 can serve as catalysts to this goal and the AEC supports Chevron and GEPetrol in their E&P efforts.

Despite a proven track record of production, declines in mature fields and lack of investment in undeveloped assets has seen national oil output in Equatorial Guinea fall in recent years. To reverse this trend, the government is incentivizing investment in offshore exploration and the recent contract with Chevron and GEPetrol represents a notable step towards making a new discovery. Previously held by energy major ExxonMobil before its exit from the country this year, Blocks EG-06 and EG-11 are located in deepwater acreage. Block EG-11 measures approximately 1,242 km² while Block EG-06 featured an oil discovery at the Acestruz-1 well in 2017. With the new PSCs, Chevron and GEPetrol will kick off a new exploration and production campaign at the blocks. The contracts include provisions on aspects such as minimum investments, exploration programs, sustainable development and benefits for the state, therefore outlining a clear development plan for the assets.

This partnership is a testament to the country’s commitment to revitalizing exploration and boosting production offshore

““The recent Production Sharing Contract (PSC) signing between Chevron, the Ministry, and GEPetrol marks a significant milestone in Minister Antonio Oburu’s upstream investment drive. This partnership is a testament to the country’s commitment to revitalizing exploration and boosting production offshore,” says NJ Ayuk, Executive Chairman of the AEC, noting that Equatorial Guinea is on the verge of a major comeback in oil and gas production, driven by a surge in investment, adding that “The country’s existing infrastructure and attractive fiscal policies create a compelling case for new investment.”

Beyond Blocks EG-06 and EG-11, Equatorial Guinea has seen a wave of activity in recent months. E&P company Trident Energy launched a three-well infill drilling campaign on Block G at the start of 2024, with all three wells expected to come online mid-year. The program utilizes the Island Innovator Rig which will then proceed to drill the Akeng deep exploration well in the Kosmos Energy-operated Block S. This campaign targets 180 million barrels of oil. Additionally, VAALCO Energy is developing the Venus field in Block P. The upstream program involves the drilling of two producer wells and one water injector and the company aims to bring them online by 2026. Meanwhile, Atlas Petroleum is seeking farm-in and drilling partners for Blocks EG-02 and H while three PSCs were signed in 2023 for Blocks EG-18 and EG-31 (Africa Oil Corp) and Block EG-01 (Panoro Energy).

With 1.1 billion barrels of proven crude oil reserves and 1.7 trillion cubic feet of proven natural gas reserves, Equatorial Guinea has seen great success in monetizing offshore hydrocarbons in both the domestic and regional landscape. Through infrastructure such as processing facilities at Punta Europa and a system of pipelines, the country has intentions to become a regional hub for petroleum, with development spearheaded under the country’s Gas Mega Hub (GMH) initiative – aimed at positioning the country as a central hub for processing, liquefaction and distribution. In 2023, Chevron signed a Heads of Agreement to move forward with the next phases of the development of the GMH initiative. This includes processing gas from the Alba field under new contractual terms (phase II) and from the Aseng field (phase III) – operated by Chevron’s affiliate Noble Energy.

Ongoing offshore E&P campaigns stand to support the country’s gas production, with the country’s zero-flaring policies ensuring associated gas is monetized. Equatorial Guinea aims to integrate natural gas into the economy, leveraging rising demand in both the domestic and regional landscape to commercialize previously stranded resources. As such, developments such as Blocks EG-06 and EG-11 are expected to not only increase oil production but support the country’s energy security efforts.

“The African Energy Chamber fully supports these efforts, which are expected to reverse the decline in production and pave the way for a new era of exploration, growth and prosperity in the region,” concludes Ayuk.

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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