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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.

Energy

Venezuela Energy Week Confirms 19 August Date for Houston Industry Showcase

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Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the Houston Industry Showcase will take place on 19 August, convening U.S. energy leaders ahead of Venezuela Energy Week 2027 in Caracas

HOUSTON, United States of America, August 10, 2026/APO Group/ –The organizers of Venezuela Energy Week (VEW) have confirmed that the Houston Industry Showcase will take place on 19 August 2026 at The Post Oak Hotel. Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the event will bring together U.S. energy companies, investors and policymakers to explore commercial opportunities ahead of Venezuela Energy Week 2027 in Caracas in February.

The showcase will feature Minister of Hydrocarbons Paula Henao as a keynote speaker, providing an update on Venezuela’s energy priorities, investment agenda and opportunities for international partnership. Her participation underscores the country’s commitment to strengthening engagement with global industry as it seeks to expand production and unlock new upstream investment.

Bringing together exploration and production companies, independent operators, oilfield service providers, engineering firms, technology companies and financial institutions, the Houston Industry Showcase will examine opportunities across exploration, production optimization, infrastructure rehabilitation and field development.

As Venezuela works to increase oil and gas production, demand is expected to grow for the technical expertise of U.S. service providers in drilling, well intervention, completion services, production optimization, artificial lift, digital oilfield technologies and infrastructure rehabilitation. Houston-based industry leaders – including SLB, Halliburton, Baker Hughes, Weatherford and a broad network of EPC contractors, equipment manufacturers and specialized service companies – are well positioned to support the modernization of mature fields, improve operational efficiency and deliver the technologies and services needed for future upstream projects.

The Houston event follows a successful Industry Showcase in London, which brought together international investors, operators and energy service companies to explore Venezuela’s evolving investment landscape. Building on that momentum, the Houston edition will deepen engagement with the U.S. energy industry and strengthen commercial dialogue ahead of Venezuela Energy Week 2027.

Venezuela Energy Week – the country’s largest energy investment platform to date – has been confirmed for 22–25 February 2027 in Caracas. Organized by Energy Capital & Power, the event will bring together government leaders, investors and industry stakeholders from across the global energy value chain.

To register for the Houston Industry Showcase on August 19, visit https://apo-opa.co/4g0TncR. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2027 in Caracas, contact info@venezuelaenergyweek.com.

Supporting Venezuela’s Earthquake Recovery
Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/4hkvteE).

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

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Islamic Development Bank Institute (IsDBI) Secures New Patent for Smart Stabilization System from Intellectual Property Office of Singapore

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The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility

JEDDAH, Saudi Arabia, August 10, 2026/APO Group/ –The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) is pleased to announce that the Intellectual Property Office of Singapore (IPOS) has granted a new patent for its innovative Smart Stabilization System.

 

The patent was granted on 10 July 2026 under Singapore Patent No. 10202250873B for the invention titled “A Computer Network Stabilization System and Method.” The patent application was filed on 1 September 2022 and was formally granted following a comprehensive review process.

This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development

The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility. Leveraging sophisticated algorithms and advanced simulation models, the system is designed to anticipate supply and demand imbalances and implement programmable stabilization measures before they escalate into market disruptions.

Unlike traditional stabilization mechanisms that rely on capital reserves, buffer funds, or external interventions, the Smart Stabilization System introduces a next-generation framework for achieving autonomous market stabilization through proactive and programmed stabilization mechanisms. By incorporating distributed ledger technology and cryptographic trust mechanisms, the platform enhances transparency, trust, and operational resilience for digital asset and commodity markets.

The successful patent grant reflects IsDBI’s growing contribution to technological innovation and its commitment to developing knowledge-based solutions that address contemporary economic and development challenges.

Since filing the patent application back in 2022, the Institute has continued to advance the Smart Stabilization System through ongoing development and testing, aimed to expand its practical applications and support future capitalization opportunities. These advancements have positioned the system as a potentially transformative solution for enhancing stability and resilience in increasingly digital and interconnected economies.

Commenting on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said, “The grant of this patent by the Intellectual Property Office of Singapore further strengthens the Institute’s position as a leader in developing innovative knowledge-based solutions that leverage modern technologies to address complex development challenges. This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development.”

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

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Liberia to Preview Next Oil & Gas Licensing Round Strategy at Houston Investor Day

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The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins

HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.

Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.

Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.

At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.

The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.

As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.

Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.

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

 

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