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Exploring Angola’s Upstream Potential

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Angola’s major basins hold sizable untapped reserves – estimated at 57 billion barrels of oil and 27 trillion cubic feet of natural gas – resulting in development opportunities across each stage of the exploration life-cycle

LUANDA, Angola, May 26, 2023/APO Group/ — 

Angola is home to significant upstream potential, as demonstrated by the sharp contrast between its proven and estimated reserves: 9 billion versus 57 billion barrels of oil and 11 trillion versus 27 trillion cubic feet of natural gas.

Its three major basins – Kwanza-Benguela, Namibe and Lower Congo – hold development opportunities across each stage of the exploration life-cycle, from frontier exploration to mature producing areas.

As oil and gas explorers seek prospects with lower risk and high potential for commercial production, subsea tie-back projects have emerged as key recipients of foreign direct investment, aimed at unlocking untapped resources and leveraging existing infrastructure.

Kwanza Basin

Subsea tie-back projects have emerged as key recipients of foreign direct investment, aimed at unlocking untapped resources and leveraging existing infrastructure

Holding close geological similarities to hydrocarbon-rich areas like Brazil’s Santos and Campos Basins, pre-salt areas in southern Africa represent frontier acreage with lower exploration risk and higher potential for production. In Angola, the exploration of pre-salt basins became increasingly active following early discoveries in Blocks 20, 21 and 23 in the Kwanza Basin (https://apo-opa.info/3IH2HCX). The evaluation of these discoveries produced a comprehensive geological model for pre-salt prospecting, which has since expanded to include Block 0 offshore Cabinda. Unlike frontier markets, pre-salt discoveries in Angola can be developed at a lower cost by utilizing existing infrastructure, an important factor at a time when companies are prioritizing shorter development cycles. As part of its efforts to focus on subsea tie-backs, infill drilling and other near-hub projects, French major TotalEnergies is exploring the development of a new pre-salt production hub in newly acquired Blocks 21/09 and 20/11 in the Kwanza Basin. The company’s Cameia-Golfinho project– which is expected to reach FID in June – will be the first deepwater project in thepre-salt Kwanza Basin and is estimated to hold 420 million barrels of oil equivalent.

Namibe Basin

The underexplored Namibe Basin (https://apo-opa.info/3BWM3eF) represents another attractive prospect in Angola for international explorers, as one of the largest remaining prospective frontier areas for oil and gas exploration globally. Located along the West African salt margin and spanning more than 65,000 km2, the southernmost basin has remained largely untapped, in sharp contrast to the neighboring Lower Congo and Kwanza Basins that are home to the majority of Angola’s oil and gas activity. New exploration activities are being used to determine the resource potential of the deepwater Blocks 30, 44, and 45 – acquired by ExxonMobil in December 2020 – in water depths ranging between 1,500 and 3,000 meters. Notably, redevelopment efforts undertaken by ExxonMobil in Block 15 resulted in Angola’s first oil find in two decades with the discovery of the Bavuca South-1 exploration well last November, representing the 18th discovery in the block. The U.S. major also recently announced plans to invest $200 million to drill offshore frontier exploration wells in the Namibe Basin by the end of 2024.

Lower Congo Basin

In the prolific Lower Congo Basin, which holds some of Angola’s largest oil and gas condensate fields by reserves, leading operators are spearheading several large-scale tie-back projects located nearby existing production facilities. The Agogo Oil Field Development, which holds one billion barrels of estimated oil reserves is being developed by Azule Energy in Block 15/06, with a view to establishing the Agogo Integrated West Hub that will produce up to 175,000 bpd via the new Agogo FPSO and the existing Ngoma FPSO. Similarly, TotalEnergies is expanding production at its CLOV Field Development Area, which contains 505 million barrels of estimated oil reserves and serves as the fourth production hub in Block 17 offshore Angola. Following Phases 1 and 2, which produced 160,000 bpd and 40,000 bpd, respectively, Phase 3 will unlock an additional 30,000 bpd and capitalize on untapped hydrocarbon reserves.

The 2023 edition of the Angola Oil & Gas (AOG) conference and exhibition (https://apo-opa.info/3OOHQkG) – organized by Energy Capital & Power (https://EnergyCapitalPower.com/)  – will feature high-level panel discussions and meetings as well as exclusive networking forums showcasing investment and partnership opportunities within the country’s oil and gas sector. Scheduled for 13 – 14 September in Luanda, AOG 2023 will unite Angolan energy policymakers and stakeholders with global investors to discuss and optimize the country’s energy future.

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

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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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