Connect with us

Business

Delayed Organization of the Petroleum Exporting Countries (OPEC) Cuts Mean Opportunity for African Members (By NJ Ayuk)

Published

on

OPEC

A united effort to awaken more investor interest in African oil should start now

JOHANNESBURG, South Africa, September 1, 2023/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (http://www.EnergyChamber.org)

Quota-related decisions made at OPEC’s 35th meeting last June in Vienna delivered a call to action for African member states to step up production through the remainder of the year and into 2024.

Many of OPEC’s African member states had been struggling to produce enough crude to meet the targets set for them last year. As a result, they found themselves accepting even lower quotas this year.

Decisions regarding production cuts for African members Algeria, Angola, Congo, Equatorial Guinea, Gabon, and Nigeria are summarized in the African Energy Chamber’s (AEC) newly released outlook report (https://apo-opa.info/44yiHiC), “The State of African Energy Q2 2023.”

Our report also notes easing of the civil unrest that resulted in the exclusion of member state Libya from OPEC cuts for the time being.

OPEC’s meeting, which included OPEC+ oil-exporting countries as well, resulted in a Declaration of Cooperation that delays further cuts to production targets until 2024 and continues voluntary cuts by nine member states until the end of 2023. Algeria and Gabon are the two African members among those volunteers.

The 2024 Targets and Expected African Production

OPEC’s signed declaration calls for a significantly lower cumulative production target for African member states: about 4.33 million barrels per day (MMbbls/d) of crude oil.

A look at the targets of OPEC’s two leading African oil producers — Nigeria and Angola — shows considerable reductions from the 2023 quotas set at the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM). Nigeria’s 2024 target, 1.38 (MMbbls/d), represents a reduction of 360,000 barrels per day (bpd), and Angola’s quota went down by 175,000 bpd to 1.28 MMbbls/d.

Despite these reduced quotas, it is not anticipated that either country will reach theirs in 2024; Nigeria is expected to hit 95% of its target, Angola 75%. Nigeria, although estimated to be capable of producing 2.2 MMbbls/d, has faced challenges (https://apo-opa.info/45WYAvH) such as oil theft, sabotage, and technical issues. Angola, despite increased oil and gas activity in 2023, has still strained (https://apo-opa.info/45WYAvH) in recent months to produce more than 1.1 MMbbls/d, far short of its current 1.46 MMbbls/d target from OPEC.

Congo is also expected to fall short of its production target, at about 10% less than allowed, while Equatorial Guinea and Gabon will likely produce slightly over their target numbers of 70,000 bpd and 177,000 bpd respectively, avoiding compliance as in the past. Of the members in sub-Saharan Africa, only Gabon has achieved its target this year.

African governments need to create the kind of positive, enabling climate that will encourage greater exploration and production

Algeria in the north is another high achiever, with production capacity that exceeds its 2024 OPEC target of 959,000 bpd. It has agreed to cut output by 96,000 bpd to comply. Meanwhile, its next-door neighbor, Libya, achieved an average of 1.26 MMbbls/d for 2023 after recovering from drastic production outages during 2022 civil disturbances. OPEC cuts for 2024 have not been set for Libya, allowing the country to use oil reserves to assist with reconstruction efforts.

Crude production in several African nations has been stymied by lack of adequate investment, political unrest, and technical issues associated with older wells.

Following an assessment of the Declaration of Cooperation by IHS, Wood Mackenzie, and Rystad Energy, the 2024 targets for Nigeria and Congo may be revised based on their anticipated levels of production.

Strategies for a Better-Than-Expected 2024 and Beyond

The delayed OPEC production cuts clearly showcase an urgent need for African countries to up their current production numbers and prove that higher quotas are warranted, which would also increase African negotiating sway at future meetings.

The possibility of target modification “to equal the average production that can be achieved in 2024,” particularly for Congo and Nigeria, was raised in a June OPEC announcement that followed the meeting. Angola was also mentioned as having production plans “subject to verification…before the end of 2024.”

Acknowledging both the opportunity and the urgency, the head of geopolitics for London-based research firm Energy Aspects, Richard Bronze, stated that the deal “certainly creates an incentive for these three countries (Angola, Congo, and Nigeria) to try and demonstrate they can raise production before year-end, but we think they are unlikely to be able to manage it.”

The time is now for African OPEC members to prove that they can achieve the higher output capability that warrants higher baselines.

The calls for government action that I and the AEC have stressed in recent years are more urgent than ever: African governments need to create the kind of positive, enabling climate that will encourage greater exploration and production. Good financial policies will help in that effort, as will ethical, transparent, and efficient governance.

Prioritizing speedy adoption and execution of measures to achieve these goals will bring what is most needed to boost African production numbers — increased interest from international oil companies and investors.

A united effort to awaken more investor interest in African oil should start now, as should cooperation among African members to present a more unified voice when the 36th OPEC meeting is held in November, 2023. The OPEC – Africa Roundtable at the African Energy Week in Cape Town, will ensure Africa specific issues are addressed and as well as global energy security issues.

As S&P Global noted, this strategy would be “taking a page from their Middle East counterparts, who typically align their positions before contentious negotiations through pre-meeting consultations.”

I encourage Africa’s member nations to do what it takes to increase investment, production, and their influence at the OPEC table. You are stronger together.

To download a copy of “The State of African Energy 2Q 2023,” visit https://apo-opa.info/45BahZg.

Distributed by APO Group on behalf of African Energy Chamber.

Business

International Oil Companies (IOCs) Build the Case for Mauritania, Senegal, Gambia, Bissau, and Conakry (MSGBC) as Global Gas Hotspot

Published

on

The CEO Regional Leadership Panel at MSGBC Oil, Gas & Power 2026 will examine what is driving investment into the basin’s gas sector and how countries can compete for a larger share of global capital

DAKAR, Senegal, September 28, 2026/APO Group/ –The MSGBC basin is moving from frontier exploration toward commercial gas production, and the investment conversation is shifting with it. The CEO Regional Leadership Panel at MSGBC Oil, Gas & Power 2026 – “Is MSGBC the Next Global Gas Hotspot?” – will bring together senior executives from international oil companies and energy investors to examine the forces driving capital into the region’s gas sector. The panel will also explore how MSGBC countries can compete for a larger share of global investment by monetizing the basin’s emerging gas resources.

 




 
 

The basin now has a producing track record to support its monetization ambitions. The Greater Tortue Ahmeyim (GTA) LNG project, located on the maritime border between Mauritania and Senegal, reached commercial operations in mid-2025, with production ramping up to approximately 2.4 million tons per annum. The milestone marked Senegal’s entry into the global LNG market and established the basin as an emerging source of LNG for international markets.

Mauritania’s gas trajectory shows how the country is pursuing multiple routes to monetization. In July 2026, Saudi developer ACWA Power signed agreements for the 230 MW N’Diago combined-cycle gas turbine plant, the country’s first large-scale gas-fired independent power project, which is expected to use domestic gas from GTA to supply the national grid. Meanwhile, the BirAllah field, estimated to contain around 50 trillion cubic feet of gas resources, remains one of Mauritania’s major undeveloped gas opportunities as the country seeks to advance its development. Together, these projects illustrate Mauritania’s strategy of pursuing both export revenues and domestic industrialization – a dual approach that will be examined by investors at MSGBC 2026.

The basin’s southern frontier will also feature prominently in the discussion. Chevron has entered Guinea-Bissau with exploration interests in offshore Blocks 5B and 6B, while Eni signed an exploration license for The Gambia’s offshore Block A1 and secured reconnaissance permits covering 15 blocks offshore Guinea. Apus Energy, meanwhile, is advancing the Sinapa and Esperança licenses in Guinea-Bissau. The entry and expansion of international and independent operators across the southern MSGBC reinforce the investment case for early positioning across the wider basin.

Anchoring the panel’s discussion will be the development of regional gas infrastructure, including the African Atlantic Gas Pipeline, which is advancing toward an intergovernmental agreement between Nigeria and Morocco targeted for Q4 2026. The approximately 6,900-km pipeline, with planned capacity of up to 30 billion cubic meters per year, would pass through the five MSGBC countries and provide producers with a pipeline-based complement to LNG exports and domestic gas-to-power strategies.

For investors attending MSGBC Oil, Gas & Power 2026, the panel will offer an opportunity to assess how these converging developments are translating into bankable opportunities across the basin – and where the next wave of gas investment could emerge.

Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region’s oil, gas and power sectors. Visit www.MSGBCOilGasAndPower.com to secure your participation at the MSGBC Oil, Gas & Power 2026 conference, December 1-3, Dakar. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

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

 

 




 

Continue Reading

Business

African Energy Week (AEW) 2026 to Spotlight Venezuela’s New Investment Framework as Global Capital Returns

Published

on

The Venezuela Global Investment Forum at African Energy Week 2026 will examine how regulatory reform, new production participation structures and international partnerships are reshaping the country’s investment landscape

CAPE TOWN, South Africa, September 28, 2026/APO Group/ –Venezuela’s energy sector is entering a period of significant commercial change, with a reworked hydrocarbons framework beginning to translate into new agreements with international energy companies. At African Energy Week (AEW) 2026, the Venezuela Global Investment Forum: Shaping the Renaissance of a Hydrocarbon Giant will bring Venezuelan policymakers, national oil company executives and international investors together to examine the opportunities emerging from that transition.

 




 
 

The forum comes as Venezuela moves from regulatory reform toward implementation. In January 2026, the country enacted a reform of its Organic Hydrocarbons Law, introducing new contractual mechanisms for primary hydrocarbon activities and establishing a framework intended to give private operators greater responsibility for project development. The reform also incorporated Production Participation Contracts (PPCs), creating a structure under which private companies can assume operational and financial responsibility for projects.

Recent transactions show how quickly that framework is being put into practice. In September, Eni signed a 25-year Hydrocarbon PPC with PDVSA for the development of the giant Junín 5 field in the Orinoco Belt, becoming the project’s exclusive operator with responsibility for its technical, financial and commercial management.

Venezuela is demonstrating that regulatory reform has to be matched by real investment, real projects and opportunities for companies to participate across the energy value chain

GeoPark has likewise entered Venezuela through a 25-year PPC covering the Bare Block. The agreement, announced in September, is valued at approximately $1.2 billion and involves an asset with more than 15.7 billion barrels of oil originally in place and more than 1,100 existing wells.

Chevron has also expanded its position. On September 2, the company announced updated terms for its Venezuelan joint ventures, including additional acreage in the Orinoco Belt and plans to invest more than $7 billion over five years. Chevron said the investment program is expected to more than double production from its Venezuelan operations to approximately 600,000 barrels per day compared with 2026 levels.

These developments give the Venezuela Global Investment Forum a timely commercial focus. Delegates will examine the details of the reformed hydrocarbons law, PPC structures, fiscal incentives, mechanisms for international arbitration and other provisions designed to improve the conditions for international capital. The broader investment opportunity is substantial: Venezuela holds more than 300 billion barrels of proven oil reserves and more than 195 trillion cubic feet of natural gas, while the rehabilitation of its energy sector is expected to require substantial investment in production, infrastructure and refining.

The forum will also highlight the South-South dimension of Venezuela’s reopening. For African energy producers, the country’s experience offers areas of potential cooperation around mature-field rehabilitation, infrastructure development, technology transfer, workforce development and investment frameworks for resource monetization. The African Energy Chamber (AEC) has already engaged with Venezuelan institutions on investment promotion, technical knowledge transfer and cooperation across the energy value chain.

“Venezuela is demonstrating that regulatory reform has to be matched by real investment, real projects and opportunities for companies to participate across the energy value chain,” said NJ Ayuk, AEC Executive Chairman. “The Venezuela Global Investment Forum gives investors an opportunity to understand the new framework directly from Venezuelan leaders and to look at where capital, technology and expertise can support the country’s energy recovery while creating stronger South-South partnerships.”

As Venezuela seeks to restore production and rehabilitate infrastructure, the forum will provide a platform for investors to assess the commercial structures underpinning that effort and engage directly with the institutions and companies shaping the next stage of the country’s energy industry.

Distributed by APO Group on behalf of African Energy Chamber.

 

 




 

Continue Reading

Events

RobotPlusPlus Advances Industrial Maintenance with HighMate Series Demonstrated at SMM 2026

Published

on

The systems, presented at SMM 2026 in Hamburg, cut workers’ exposure to hazardous work at height while improving cleaning and surface-treatment efficiency and consistency

HAMBURG, Germany, September 28, 2026/APO Group/ –RobotPlusPlus (ROBOT++) (https://apo-opa.co/4z56C4f), an engineering-led developer of working-at-height robots, is extending automation across industrial maintenance with its HighMate Series for industrial cleaning and corrosion control, led by the HighMate AP-F-CO Coating Robot+VOC Recovery System. The systems, presented at SMM 2026 in Hamburg, cut workers’ exposure to hazardous work at height while improving cleaning and surface-treatment efficiency and consistency.

 




 
 

We’re excited to show how the HighMate Series is taking on more demanding work in industrial settings

On ships, storage tanks, bridges, and other large steel structures, manual coating often struggles with harmful particles, high paint loss, and reliance on the painter’s skill. The HighMate AP-F-CO Coating Robot+VOC Recovery System handle exactly that. It attaches by permanent magnet, adapts to curvatures as tight as a 3m radius, and carries two spray nozzles with spacing, and travel speed. The flexibility supports even coating that avoids defects like orange peel and sagging, with overspray kept nearly negligible, at a production rate of 300 to 500 square meters per hour. The robot also features a recovery system that collects overspray of the paint during operation, keeping the worksite clean and reducing environmental impact.

The company also demonstrated the HighMate AP Ex Series (https://apo-opa.co/4zn1wR5), an ATEX Zone 1-certified robot with a universal magnetic carrier and interchangeable hydro blasting, cleaning, coating, and abrasive blasting modules delivering 40+ m²/h with over 99% wastewater recovery. Rounding out the display were the C20 Cargo Hold Cleaning Robot (https://apo-opa.co/3VzHBQ0), built for confined cargo-hold spaces, and the HighMate Ultra Series Surface Preparation Robot (https://apo-opa.co/4yZkcWH), whose flexible four-wheel magnetic crawler adapts to complex curved surfaces like ship hulls.

“We’re excited to show how the HighMate Series is taking on more demanding work in industrial settings,” said Dr. Hua-Yang Xu, Founder and CEO of RobotPlusPlus. “With the HighMate AP-F-CO Coating Robot +VOC Recovery System entering international markets for the first time, RobotPlusPlus looks forward to bringing more automation and efficiency to work in high-risk environments.”

Distributed by APO Group on behalf of RobotPlusPlus.

 

 




 

Continue Reading

Trending

Exit mobile version