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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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Chevron

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.

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

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

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

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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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