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Equatorial Guinea Remains a Strong Partner of ExxonMobil and American Companies

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2 years ago

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Equatorial Guinea

Equatorial Guinea’s Vice President Teodoro Nguema Obiang Mangue and the country’s Chamber of Mines provide insight and clarification into the future of Block B

MALABO, Equatorial Guinea, March 22, 2024/APO Group/ — 

Following an article published by the Financial Times (FT) regarding ExxonMobil’s exit from Block B, Equatorial Guinea’s Vice President Teodoro Nguema Obiang Mangue and the country’s Chamber of Mines offer further clarification on the future of Block B and the opportunities for foreign investment in the country’s oil and gas sector.

ExxonMobil’s Departure from Block B

ExxonMobil signed a Production Sharing Contract (PSC) with Equatorial Guinea in 1995 – almost 30 years ago – for a 71.25% stake interest in Block B. With the expiration of the PSC, the ownership of the assets of Block B and its operations carried out by the contracting group – formed by ExxonMobil and GEPetrol S.A. – are transferred to the state as stated on the PSC. The expiration of the PSC includes events such as the dissolution of the contracting group, the termination of operations and, naturally, the withdrawal out of the block of the companies that make up said contracting group. All these events are certain and expected events already foreseen on the PSC that was signed by mutual agreement.

Therefore, the termination of the contract has never been a speculative, uncertain, or unknown event. It has always been part of the contractual order. Likewise, the leakage of water into the FPSO at the Zafiro field is not related to the end of ExxonMobil’s operations in Block B. ExxonMobil’s disinvestment policy in some parts of the world has also been due to, among other reasons, its great discovery in Guyana.

The Future of Block B

The transitions of operations and assets of an IOC that operates fields in a certain country, in favor of another company (receiving operator) designated by the state, are common in the oil and gas industry. While it is true that this phenomenon is not common in Africa, it is a historically common phenomenon in places such as the Middle East, Asia and elsewhere.

The search that started several years ago for companies to replace ExxonMobil in Block B was a process that had nothing to do with the government but rather with the company itself, whose intention was to hand over the operations and assets to another firm long before the termination of the PSC. Although Equatorial Guinea is open to foreign investment and works firmly to increase foreign investment in the country, the government of Equatorial Guinea has never had the strategy to propose replacing ExxonMobil with another international company.

Equatorial Guinea has expressed intention to and is moving towards operating – for the first time in the country’s history – producing oil assets, which will also be transferred from an oil major. The country has high expectations because of this and is very grateful for the great collaboration that ExxonMobil continues to offer. In fact, there is a list of more than four collaboration options in Block B related to the block operations, assets equity, and operations financing presented by IOCs which the Government is carefully and responsibly balancing in order not to impact its current ambitions to operate these types of fields through its oil companies.

American Investment Remains Key

The largest investment in the history of Equatorial Guinea has been from America. This is not only a phenomenon of the past but also of the present. The position of the Republic of Equatorial Guinea, with respect to its commercial relations with countries worldwide – including China, one of the great commercial partners of Africa and the world –, has not changed. What is changing is the global geopolitical situation regarding the interrelations between the countries worldwide. The position of the Republic of Equatorial Guinea, based on prioritizing everything that improves the standard of living of citizens, is to prioritize the best possible commercial relations, not only with those countries that accept them, but also with those that show reluctance to accept our open arms. Regardless of the evolution of diplomatic and political relations between Equatorial Guinea and the US, the status of interaction between the country and American companies is satisfactory. We will continue working to improve it.

Equatorial Guinea is open to American investment and invites American companies to increase their presence in our country to work together to improve the standard of living of our citizens and their citizens. With respect to American companies existing in the country, the government has always expressed its willingness to privilege their positive action in the country’s economy. The relations between the government and these companies are solid and have common interests, the preservation of which we are willing to continue working together.

In conclusion, our vision on the relations between Equatorial Guinea and the world has not changed. And this includes maintaining the best possible and mutual relations with the US and American companies – partners in the country’s development for decades. The Bata Port, built by a Chinese EPC contractor, is a major project that belongs to the government. Chinese contracting companies have been and shall continue to be part of the evolution of the country’s infrastructure, as is the case in many African countries. China has joined the list of Africa’s great partners.

Distributed by APO Group on behalf of Ministry of Mines, Industry and Energy Equatorial Guinea.

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South Africa’s Multi-Billion-Dollar Energy Transition Pipeline Takes Shape Ahead of African Energy Week (AEW) 2026

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30 minutes ago

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August 12, 2026

By

African Energy Chamber

From LNG terminals and renewable energy corridors to hydrogen hubs and storage solutions, African Energy Week’s “Invest in South Africa” session will highlight the opportunities driving the country’s transition toward a more diversified and resilient energy future

CAPE TOWN, South Africa, August 11, 2026/APO Group/ –South Africa is undergoing one of the most significant transformations in its energy sector, as the country works to diversify its power mix, reduce reliance on coal and develop a more integrated energy system capable of supporting long-term economic growth. Combining electricity, natural gas, liquid fuels, hydrogen and energy storage, this evolving model is creating new opportunities for infrastructure development, industrial investment and public-private partnerships.

These developments will be explored during the “Invest in South Africa: Developing Integrated Energy Systems for an Inclusive and Resilient Energy Future” session at African Energy Week (AEW) 2026, where policymakers, investors and industry leaders will assess the commercial strategies, policy frameworks and financing models required to build a more flexible and diversified energy system.

The discussion comes as South Africa continues implementing its Just Energy Transition Partnership, a landmark initiative launched in 2021 that has mobilized an initial $8.5 billion commitment from international partners to support the country’s transition through investments in renewable energy, grid infrastructure, electric vehicles and green hydrogen. The program has since expanded discussions around blended finance mechanisms and private sector participation to accelerate project deployment.

South Africa’s energy transition represents one of the continent’s most significant investment opportunities

While renewable energy remains central to South Africa’s future power mix, gas infrastructure is expected to play an important role in providing flexibility as the country integrates increasing volumes of intermittent wind and solar power. The government’s Gas Master Plan and emerging gas policy framework aim to support the development of a domestic gas market while enabling new infrastructure investments.

Several major gas infrastructure projects are advancing as part of this strategy. At Richards Bay, the proposed Zululand Energy Terminal is being developed as South Africa’s first LNG import terminal and is expected to support Eskom’s planned 3,000 MW gas-to-power program, strengthening energy security and grid flexibility. Meanwhile, the Ngqura LNG terminal development at the Coega Special Economic Zone is progressing as a strategic gas import and regasification hub designed to support industrial users, independent power producers and future gas-to-power capacity. Together, these projects could establish critical infrastructure for South Africa’s emerging gas market while supporting industrial growth and the transition toward a more diversified energy system.

At the same time, the country is positioning itself as a potential global player in green hydrogen. Projects such as Sasol’s Boegoebaai green hydrogen development in the Northern Cape and the proposed Boegoebaai Special Economic Zone are targeting large-scale renewable-powered hydrogen production, with ambitions to develop export opportunities and create new industrial value chains.

The “Invest in South Africa” session will examine how the country can integrate gas, renewables, hydrogen and storage into a resilient energy system while managing the transition away from coal. Discussions will focus on investment pathways, infrastructure priorities and the partnerships required to deliver reliable power and inclusive economic growth.

“South Africa’s energy transition represents one of the continent’s most significant investment opportunities, but success will depend on building an energy system that delivers reliability, affordability and growth,” says NJ Ayuk, Executive Chairman of the African Energy Chamber. “By bringing together investors, policymakers and industry leaders, AEW 2026 will help advance the partnerships needed to transform South Africa’s energy ambitions into practical projects that benefit the economy.”

As South Africa reshapes its energy landscape, AEW 2026 will provide a platform for stakeholders to identify opportunities across gas, power, renewables, hydrogen and infrastructure – helping define the next chapter of the country’s energy future.

Distributed by APO Group on behalf of African Energy Chamber.

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Five ways Emirates is helping customers travel with greater confidence

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32 minutes ago

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August 12, 2026

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Emirates

Customers travelling anywhere on the Emirates network receive one free date change on tickets booked from 2 April 2026, including journeys connecting through Dubai

DUBAI, United Arab Emirates, August 11, 2026/APO Group/ –From free date changes to industry-first comprehensive travel insurance, Emirates (www.Emirates.com) continues to give customers greater flexibility and more choice, as well as the ability to tailor their travel plans for more peace of mind, from booking to the moment they arrive at their destination.

Here are the latest measures at a glance:

1. Unlimited free date changes to Dubai

From 10 August 2026, customers travelling to Dubai can change their travel dates as many times as they need, free of charge, across every type of fare. Unlimited, free of charge changes run across Saver all the way through to Flex fares in Economy, and for Special, Saver and Flex fares in Business Class.*

Economy Flex Plus, Premium Economy, Business Flex Plus and First Class fares continue to remain fully flexible.

2. Refunds, at a fraction of the cost

Emirates has also substantially reduced refund fees on flights to Dubai to US$50 on Saver fares and US$25 on Flex fares in Economy. In Business Class, refund fees will be US$50 on Special and Saver fares and US$25 on Flex fares.** Together with unlimited free date changes to Dubai, this latest measure means customers can adjust or step away from a booking with minimal penalties, whatever their circumstances.

3. A free date change anywhere across the network

Customers travelling anywhere on the Emirates network receive one free date change on tickets booked from 2 April 2026, including journeys connecting through Dubai. Customers can also hold a fare for 24 hours at no charge while they finalise their plans.*

4. Comprehensive Travel Cover

Emirates’ Comprehensive Travel Cover is an industry-first insurance product covering a range of scenarios, including added conflict cover with reimbursement of medical expenses up to US$25,000 and a free trip extension of up to 30 days. The cover is not restricted by government travel advice. Customers are also covered for trip cancellation, baggage delay and loss, in addition to unlimited worldwide medical expenses and emergency evacuation.

Available at an accessible premium and across 27 countries, the cover can be purchased at the time of booking on emirates.com or added to an existing booking through Manage Booking.

Where flights are disrupted, Emirates will support with accommodation directly for impacted customers. Where onward connections on other airlines are affected, or Emirates services are unavailable, customers are rebooked to their destination at no additional cost, including where cancellations are caused by airspace disruptions.

5. More flexibility and savings for Emirates Skywards members

Emirates Skywards members can get more from their journeys, with greater flexibility, more opportunities to progress their tier and additional savings when using their Miles.

Until 31 August 2026, members can benefit from:

  • 20% fewer Tier Miles required to reach Silver, Gold and Platinum status.
  • 20% bonus Tier Miles on Emirates and flydubai flights.
  • More savings with Cash+Miles, with a special rate of 2,000 Miles = USD 30, instead of the usual USD 15, when using Miles towards Emirates or flydubai flights, excess baggage, lounge access and seat selection.

For more information, visit www.Emirates.com.

* An applicable fare difference may apply.

** No show fees remain unchanged.

 

Distributed by APO Group on behalf of The Emirates Group.

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Energy

Sonangol’s Sebastião Gaspar Martins Joins Angola Oil & Gas (AOG) 2026 as Angola’s Hydrocarbon Strategy Takes Shape

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34 minutes ago

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August 12, 2026

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As Angola’s national oil company expands its position across upstream production, refining and infrastructure, Sonangol Chairman Sebastião Gaspar Martins will join AOG 2026 to discuss the company’s role in driving the country’s next phase of investment

LUANDA, Angola, August 11, 2026/APO Group/ –Sebastião Gaspar Martins, Chairman of the Board of Angola’s national oil company (NOC), Sonangol, will speak at the Angola Oil & Gas (AOG) 2026 Conference & Exhibition, taking place in Luanda on September 9-10, with a pre-conference day on September 8. Martins joins the conference as Sonangol advances a portfolio of strategic projects spanning deepwater production, refining and petroleum infrastructure, reinforcing the company’s central role in Angola’s efforts to sustain oil output while strengthening domestic fuel security.

Sonangol is expanding its upstream portfolio through partnerships with leading international operators. In June 2026, the company joined Azule Energy (operator), Equinor and national concessionaire ANPG in reaching a final investment decision on the $5.1 billion Greater PAJ development in Blocks 31 and 31/21. Angola’s first integrated development spanning two blocks, the project will develop an estimated 252 million barrels of reserves through a new FPSO capable of producing 95,000 barrels per day (bpd), with first oil targeted for 2029.

Alongside operator TotalEnergies and Petronas, Sonangol is also advancing the Kaminho project, the first deepwater development in the Kwanza Basin. The project will monetize resources from the Cameia and Golfinho fields through an FPSO with a production capacity of 70,000 bpd, with first oil planned for 2028. In Angola’s shallow waters, Sonangol is leading an infill drilling campaign at Blocks 3/05 and 3/05A. Drilling of the Pacassa SW well is underway, with the Impala-2 development well scheduled to spud shortly thereafter.

Onshore, Sonangol is advancing exploration activities across several blocks. The company operates Blocks KON 11, 12 and 15 in the Kwanza Basin and holds interests in acreage in the Lower Congo Basin. In June 2026, its exploration and production strategy received a significant boost through a $2.65 billion financing package arranged by a syndicate of international lenders.

Sonangol is also playing a leading role in Angola’s downstream expansion. The first phase of the Cabinda Refinery was inaugurated in September 2025, marking an important step toward reducing the country’s dependence on imported petroleum products. The refinery has a planned processing capacity of 60,000 bpd, with Sonangol holding a 10% stake. Attention is also turning to the Lobito Refinery, where the company is engaging international financiers to close a $4.8 billion funding gap. Once completed, the 200,000-bpd facility will be Angola’s largest refinery, with its first phase scheduled to come online in 2027.

Against this backdrop, Martins’ participation at AOG 2026 comes as Sonangol accelerates investment across the upstream and downstream value chain. His participation will provide delegates with insight into the company’s strategic priorities while highlighting opportunities for collaboration with international operators, investors and financiers supporting Angola’s next phase of energy development.

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

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