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ExxonMobil’s Angolan Discovery: Another Beacon from Africa’s Prosperous Future

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4 years ago

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ExxonMobil

The discovery, the company’s first in the region since 2003, lies approximately 365km to the northwest of Luanda’s coastline at a depth of 1,100m

JOHANNESBURG, South Africa, November 29, 2022/APO Group/ — 

By NJ Ayuk, Chairman, African Energy Chamber (www.EnergyChamber.org)

ExxonMobil’s recent discovery in Block 15 off Angola in the Bavuca South prospect adds further credence to the notion of Africa as a significant contender in future energy markets.

The discovery, the company’s first in the region since 2003, lies approximately 365km to the northwest of Luanda’s coastline at a depth of 1,100m and is expected to contribute to an eventual production capacity of 40,000 barrels of oil per day.

This find would not have been possible without a welcoming disposition to exploration and the agreeable conditions established by the government of Angola. The African Energy Chamber regards every outcome like this as a great success and another step closer to a prosperous future for Africa as a whole. However, our perspective is not shared by many who attended and spoke at COP27, the UN climate summit held this month in Egypt.

Voices of Opposition

South Africa-based climate activist Bhekumuzi Bhebhe, apprehensive of the environmental impact that African partnerships with international oil companies could lead to, led chants of “Don’t gas Africa” outside the event. Radical environmental group extinction rebellion,  Chloe Lebrand and their sponsors that don’t hire Africans with an Anti-African agenda have joined the chorus. 

Omar Elmaawi, an activist from Kenya who opposes the construction of the East African Crude Oil Pipeline, fears that government corruption would lead to the exploitation of African resources.

“My assessment has always been either our government leaders are really ignorant and stupid, or some of them have been compromised, and they are not working in the best interest of their people,” Elmaawi said.

Critics of African oil industry expansion suggest that investments should divert toward developing renewable energy for the continent instead.

German nonprofit Urgewald contributed to the 2022 Global Oil & Gas Exit List, an annual report that details the investment activities behind global oil and gas production. This year’s report revealed that despite their declared commitments to the UN’s Net Zero emissions goals, many financial institutions continue to back oil and gas companies, encouraging expansion for 96% of the industry.

Noted environmentalist Heffa Schuecking, executive director of Urgewald, spoke to journalists at COP27 on the difference between the stated intentions of the oil and gas industry and its real-world actions.

“We see new fossil fuel projects in 48 out of 55 African countries and these projects can be traced back to 200 companies,” Schuecking said. While the discussions are ongoing here at COP, we see a disconnect with what is happening in Egypt and in the rest of Africa. In Egypt alone, we have 55 companies prospecting for new gas discovery.”

Regarding Africa’s potential for renewable energy and the $5 billion currently at play in African oil and gas exploration, Schuecking said, “If we compare the investments going into the fossil side and going into the renewable side, it’s a huge gap. It’s enormous. We’re investing in the wrong place.”

The African Energy Chamber holds a differing view. We believe that these investments are targeting exactly the right place, at the right time, and we encourage more investors to follow suit.

My assessment has always been either our government leaders are really ignorant and stupid, or some of them have been compromised

An Overdue Reality Check

Climate protestors around the world have made headlines in recent months for blocking roadways, defacing buildings, and vandalizing priceless works of art while calling out for an end to oil. As they glue their hands – and even their heads – to gallery walls and showroom floors, they sport clothing, footwear, and accessories made from petroleum.

Some of these attention seekers have disrupted professional tennis matches, tangling themselves in the nets while demanding a cessation of airline travel or prophesizing environmental doom in the days ahead. One went so far as to set himself on fire, but none of them have offered any viable alternatives to fossil fuels.

Aside from their moments of questionable zealotry, these activists likely lead normal, modern lives in first-world nations that would be impossible if not for the incredible conveniences that oil and gas have delivered.

Despite the fact that fossil fuels deserve credit for enabling the technological revolution, massive improvements in quality of life across the globe, and the fastest population growth in human history, the dominant opinion shared by world leaders today is that we should stop using them as soon as possible.

While many of the COP27 discussions on timelines for ending global CO2 emissions often included improbable dates in 2050 or even 2030, one voice in the crowd offered a dose of realism.

In a statement given to UN News, Miriam Hinostroza, an environmental economist with the UN Environment Programme, laid out the stark truth of our current situation.

“Sometimes, a priority for countries is economic growth, which they only get from using fossil fuels – they are still cheap, the technologies are there, there are many power plants [and] they cannot [all of a sudden] just get rid of these plants. So, there is this issue on the stranded assets – what to do with all these investments, all these technologies,” Hinostroza said, suggesting that the idea of mandates banning fossil fuels within the next decade is “not a reality.”

A Handout or a Leg Up?

Considering that Africa is responsible for only 4.8% of global CO2 emissions but suffers under a disproportionate impact from climate change, the COP27 consensus is that Africa should leave its fossil fuel reserves in the ground and collect financial reparations from the nations fortunate enough to have already profited from their own petroleum resources.

Such pledges, however, often amount to no more than lip service. It has been two years since the Paris Agreement committed $100 billion per year to developing countries, but those promises remain unrealized.

As we watch China build more than half of the world’s new coal plants and Germany replace wind farms with coal mines, it becomes increasingly difficult to seriously consider the recommendations of the G20, given that they do not adhere to the practices they espouse.

Africa deserves to profit from the assets that lie in its soil and beneath its coastal waters, just as so many resource-rich nations already have. Rather than placing itself at the mercy of foreign aid that may never come, Africa must leverage its holdings to garner the greatest possible reward and wide-ranging advancements for its people.

Achieving the Right Balance

Exxon’s discovery in Angola serves as a case study on the correct course of action for African nations to follow. The generous tax incentives and red tape-slashing industry reforms put in place by Angolan leadership were significant enough to draw the U.S. oil giant’s focus away from South America for the first time in years. Furthermore, Angola’s plan to implement natural gas as a transitionary fuel while investing in solar energy projects and conducting green hydrogen and biofuel research will support an eventual conversion to renewables on a timeline that makes the most economic sense.

The idea that Africa’s oil and gas could remain untapped forever is a fantasy. The collection of our vast resources isn’t subject to debate. It is inevitable. International oil companies will continue to extract petroleum wherever it is available for as long as it is economically advantageous – a timeframe that will likely last decades. The only question is how to proceed. Will it be to our detriment, or will it be a net benefit?

The African Energy Chamber agrees that government corruption should be rooted out and barred from any seat at the negotiating table. We agree every measure should be taken to protect the African environment from harm, but addressing the issues of energy poverty and wealth inequality and ensuring a future where our children can flourish is of equal importance. By following the example Angola has set, welcoming exploration and pursuing mutually beneficial relationships with partners capable of erecting the needed infrastructure, we’ll find ourselves on the best path forward.

Distributed by APO Group on behalf of African Energy Chamber.

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PhotonPay Raises $40M Series C to Scale Its Stablecoin-Centric Financial OS

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29 minutes ago

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October 30, 2026

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Financial OS

Led by Blockchain Capital, the funding will accelerate the expansion of PhotonPay’s stablecoin-centric Financial OS, connecting stablecoin liquidity with global fiat networks to unlock digital assets for everyday corporate operations and cross-border settlement.
HONG KONG SAR – Media OutReach Newswire – 29 October 2026 – PhotonPay today announced the closing of a $40 million Series C funding round led by Blockchain Capital, with participation from new investor SBI Group and follow-on investments from existing investors IDG Capital, GL Ventures, and Lightspeed Faction. Blacksheep Technology acted as exclusive financial advisor to PhotonPay on the transaction.

 




 
 

The new capital will support the expansion of PhotonPay’s stablecoin-centric Financial Operating System (Financial OS), with investment focused on enhancing multi-asset wallet capabilities, expanding global card issuing, strengthening local clearing infrastructure in key markets, and developing an agent-ready financial execution layer.

As of August 2026, PhotonPay’s annualized transaction volume reached US$65 billion. The company has secured 34 payment and financial licenses and regulatory authorizations across the Americas, Europe and Asia, and serves over 200,000 business customers across more than 200 countries and territories.

As stablecoins move beyond crypto-native use cases into corporate treasury, settlement and commercial spending, PhotonPay sees the next phase of global finance not as a choice between stablecoins and fiat currencies, but as the convergence of both. Its Financial OS connects on-chain liquidity with the banking, clearing and card networks businesses rely on for everyday operations.

“Moving money across borders in seconds means little if it still takes days to put that capital to work,” said Lewison Chen, Founder and CEO of PhotonPay. “Stablecoins are accelerating global money movement, while local clearing and global card issuing connect that liquidity to local settlement and everyday business spending. Our Financial OS brings these capabilities together, making the underlying infrastructure far less visible to businesses, even as it becomes more essential than ever.”

“At the same time, business software is becoming increasingly autonomous,” Chen added. “AI is shifting financial workflows from people manually operating fragmented tools toward systems that understand business intent and coordinate execution across assets, accounts and financial rails. That creates the foundation for agentic commerce. Stablecoins change how money moves. AI changes how it gets put to work. But commerce is still what money is for.”

Moving Money Across Assets and Markets

PhotonPay’s Financial OS brings together multi-asset wallets, global money movement, foreign exchange, local clearing, and global card issuing through an integrated API-first architecture. This unified system gives businesses access to the financial capabilities they need to manage and deploy funds across markets.

Stablecoins sit at the core of this architecture. PhotonPay’s multi-asset wallet connects stablecoin liquidity with fiat balances, integrating asset conversion, foreign exchange, and local clearing into a single connected workflow. This enables businesses to move funds across supported on-chain and traditional financial networks, turning digital asset liquidity into purchasing power for local payments and everyday corporate spending.

Supporting this dual-rail infrastructure is PhotonPay’s established global financial network. Businesses can open local collection accounts in 17 key markets and receive funds in more than 60 currencies. On the payout side, the network supports over 100 payment routes across local clearing systems, bank transfers, and digital wallets, including payouts to 74 major local e-wallets. Approximately 97% of payout transactions reach recipients within hours or on the same day, with 68% arriving in real time.

Global card issuing extends these capabilities into programmable business spending. Through PhotonPay’s APIs, businesses and platforms can issue virtual and physical cards, configure granular spending controls, and embed card payments directly into their software and automated workflows. Over the past 12 months, PhotonPay issued 4.4 million cards, up 275% YoY.

Beyond its first-party payment solutions, PhotonPay makes its infrastructure available through embedded finance, enabling technology platforms to natively integrate global accounts, payments, and card issuing into their own products. The company now serves more than 100 enterprise and platform partners, extending the reach of its Financial OS into industry-specific workflows.

From Financial Intent to Agentic Commerce

As AI agents assume active operational roles, financial infrastructure must evolve beyond API access to enable programmable, policy-governed execution. It requires systems capable of translating high-level instructions into coordinated financial actions, with deterministic controls governing how those actions are executed.

In May 2026, PhotonPay and Mastercard completed a live agentic payment demonstration using a tokenized PhotonPay card, validating AI-initiated transactions across existing global card networks.

Building on this milestone, PhotonPay is developing standardized financial interfaces designed for developers and AI agents. With planned support for the Model Context Protocol (MCP), PhotonPay aims to make account information, balances, card functions, and payments accessible as composable financial primitives, allowing AI agents to securely retrieve context and initiate financial workflows within defined authorization boundaries.

To govern this agent-ready layer, PhotonPay is developing a policy-based execution framework designed to enforce programmable authorization rules, spending limits, and transaction-level controls. The framework is intended to enable AI agents to coordinate financial tasks across supported accounts and assets, while ensuring that execution remains subject to explicit, enforceable policies set by businesses.

PhotonPay is also advancing its AI-assisted risk review capabilities, designed to identify complex cases for human assessment. Together, these initiatives reflect a foundational principle of autonomous finance: AI may interpret intent and coordinate tasks, but financial execution must remain governed by verifiable authorization, deterministic controls, and auditable records.

“Connecting financial networks is only the beginning. The real breakthrough is abstracting that complexity behind a unified, programmable financial layer, so businesses and AI agents can move from intent to execution within clearly defined boundaries,” said Chen.

Simple on the Surface, Deep by Design

The promise of a Financial OS is simplicity: enabling businesses to manage assets, route money, and execute payments through a unified financial operating layer. Yet delivering that simplicity requires deep financial infrastructure beneath the surface.

While stablecoins accelerate borderless value transfer, turning that liquidity into local settlement, supplier payments, and corporate spending still depends on established banking relationships, domestic clearing rails, foreign exchange infrastructure, and global card networks. Each market brings its own regulatory and operational requirements.

For PhotonPay, building a Financial OS means abstracting these fragmented global networks into a programmable, interconnected financial system. The objective is not to eliminate financial complexity, but to manage it within the underlying infrastructure, so businesses can operate without having to navigate these systems themselves.

“AI can simplify how businesses interact with financial services, but it cannot replace the infrastructure required to deliver them,” said JP Pi, Chief Compliance Officer at PhotonPay. “Establishing local financial capabilities takes years of investment, institutional partnerships, and regulatory engagement. Software or AI models alone cannot replicate that depth. The simplicity businesses experience is the result of that heavy lifting, not a substitute for it.”

PhotonPay has engineered a financial foundation spanning both stablecoin and fiat rails, connecting multi-asset conversion with local clearing networks. Institutional partnerships with J.P. Morgan, Standard Chartered, and DBS, alongside connections to domestic payment systems such as Brazil’s Pix and Mexico’s SPEI, form the backbone of this network.

The new capital will enable PhotonPay to strengthen its local clearing and compliance infrastructure in existing markets while expanding into new jurisdictions, scaling the reach of its Financial OS across corporate spending, embedded finance, and agentic commerce.

“Businesses want one provider that can handle their payments across currencies and markets, whether they’re using bank transfers, stablecoins or cards. Lewison and his team have spent a decade building the banking relationships, licenses and local payment infrastructure to deliver that. We believe PhotonPay’s ability to bring these capabilities together gives it a strong advantage as businesses adopt stablecoins for everyday payments.” – BCAP，Yuanhan Li，Partner

“As stablecoins become increasingly integrated into global payment systems, bridging digital assets with traditional financial infrastructure will be essential to unlocking their real-world potential. PhotonPay’s established global payment network and its vision for a stablecoin-centric Financial OS align closely with SBI Group’s strategy to advance digital financial infrastructure and expand the practical adoption of digital assets. We look forward to supporting PhotonPay’s continued growth and exploring opportunities for strategic collaboration across the SBI Group ecosystem.” – Eiichiro So, CEO & Managing Director of SBI Ven Capital
 




 

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Hainan economic, trade delegation visits Hong Kong for investment promotion, 2 cooperation memoranda signed

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38 minutes ago

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October 30, 2026

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Hong Kong

HONG KONG SAR – Media OutReach Newswire – 29 October 2026 – From October 19 to 20, an economic and trade delegation from Hainan Province paid a visit to Hong Kong. The delegation signed memoranda of cooperation respectively withThe Chinese Manufacturers’ Association of Hong Kong (CMA)and the Federation of Hong Kong Industries (FHKI) to advance pragmatic cross-border collaboration between Hainan and Hong Kong in trade and investment, manufacturing industrial chains and professional services.

 




 
 

During its stay in Hong Kong, the delegation visited the CCPIT Representative Office in Hong Kong. It held discussions with CMA and co-hosted the Hainan Free Trade Port (Hong Kong) Economic and Trade Cooperation Exchange Meeting with FHKI. The event showcased the policies, key industrial layout and investment opportunities of the Hainan Free Trade Port (FTP), and arranged one-on-one business matchmaking between Hainan and Hong Kong enterprises.

Wang Yuyuan, Vice President of the China Council for the Promotion of International Trade Hainan Sub-council (CCPIT Hainan) and China Chamber of International Commerce Hainan Chamber of Commerce, noted that since the official launch of island-wide special customs operations at the Hainan FTP on December 18, 2025, 174,000 new enterprises have been registered, representing a year-on-year surge of 95.9 percent. Newly established foreign-invested enterprises rose by 35.8 percent year on year. In the first half of this year, inbound and outbound tourist arrivals exceeded 70 million, up 28 percent year on year, with the number of visa-free entry countries expanding to 88. From January to August, the province’s total goods import and export volume hit 250 billion yuan, growing by 61.5 percent year on year. Hainan is rapidly emerging as a critical gateway connecting China with the rest of the world and a prime channel for two-way investment.

According to CCPIT Hainan, Hong Kong ranks as a major source of foreign investment for Hainan. In the first half of this year, Hainan registered 1,303 new foreign-invested enterprises, an increase of 38.62 percent year on year, with Hong Kong-funded enterprises accounting for the lion’s share. Hainan has issued offshore RMB local government bonds in Hong Kong for four consecutive years, with a cumulative issuance volume reaching 18 billion yuan.

CMA is one of Hong Kong’s most representative non-profit industrial and commercial bodies, with around 3,000 member enterprises. It has long provided members with business services including exhibitions, brand promotion, testing and certification. FHKI, one of Hong Kong’s four major chambers of commerce, has approximately 2,000 corporate members. It focuses on boosting the sustained development of Hong Kong industry and manufacturing through policy advocacy, business matchmaking, certification services and youth talent cultivation.

The two memoranda explicitly stipulate that the two sides will establish a regular liaison mechanism, build a long-term cooperation platform covering information sharing, business matchmaking, exhibition collaboration and professional services, and provide solid support for pragmatic business cooperation between Hainan and Hong Kong enterprises.

Source: China Council for the Promotion of International Trade Hainan Provincial Committee (CCPIT Hainan)

 
 




 

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Africa gains governance momentum in the 2026 Chandler Good Government Index, but sustaining progress is the real test

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18 hours ago

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October 29, 2026

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Africa

Across Africa, average scores improved in six of the seven CGGI pillars over the past year, with the strongest gains in Helping People Rise and Financial Stewardship

This signals that stronger government capabilities are beginning to translate into tangible improvements in people’s lives

KIGALI, Rwanda, October 29, 2026/APO Group/ –Africa was the second best-performing region for governance progress in the 2026 Chandler Good Government Index (CGGI), with 71% of the African countries assessed in both 2025 and 2026 achieving higher overall scores. However, the continent remains the lowest-scoring region overall, highlighting the challenge of translating improvement in government capabilities into better outcomes for citizens.

 




 
 

These findings were highlighted by the Chandler Governance Group (CGG) at a joint session with the Rwanda Governance Board (RGB) to launch the 13th edition of the Rwanda Governance Scorecard at the Kigali Serena Hotel on Thursday, 22 October 2026.

“This year, Africa’s strongest gains came in Financial Stewardship, followed by Helping People Rise, the CGGI’s outcomes pillar. This signals that stronger government capabilities are beginning to translate into tangible improvements in people’s lives, from access to quality education and healthcare to the public finances that fund them. The task now is to sustain that progress over the coming years,” says Dinesh Naidu, Director (Knowledge) at CGG.

Now in its sixth edition, the CGGI assesses government capabilities and effectiveness across 133 countries representing 94% of the world’s population, up from 120 countries in 2025. It measures 35 equally weighted indicators across seven pillars, providing governments with a framework to benchmark performance, identify gaps and learn from the experience of other countries.

Globally, the findings point to improving governance performance. Of the 120 countries assessed in both 2025 and 2026, 61% recorded higher scores, representing the highest annual share of countries improving since the Index launched in 2021. However, longer-term progress has been less consistent, with only 43% of the 104 countries tracked since 2021 recording an overall improvement.

Africa’s leading governments

Mauritius remains Africa’s highest-ranked country, placing 55th globally, followed by Rwanda (62nd), Botswana (70th), Morocco (79th) and Tanzania (80th). South Africa ranks sixth on the continent, in 85th place globally.

Rwanda features prominently in the discussion, ranking 11th globally for Leadership & Foresight and emerging as the highest-ranked low-income country in the Index. It ranks 61 places above where its income alone would predict. Across the Index, government capabilities track citizen outcomes more closely than national wealth does, suggesting that strengthening government capabilities matter in delivering better outcomes for citizens.

The joint session brings together the CGGI’s international benchmarks and the Rwanda Governance Scorecard’s assessment of governance in the Rwandan context, creating an opportunity to consider both global perspectives and country-specific priorities.

Progress across key governance pillars

Across Africa, average scores improved in six of the seven CGGI pillars over the past year, with the strongest gains in Helping People Rise and Financial Stewardship. These improvements point to progress in areas associated with public services, including healthcare and education, as well as the management of public finances.

Longer-term trends also highlight areas of progress. Between 2021 and 2026, nearly every African country assessed across the period improved its Data Capability score, with Morocco recording the largest gains. Ghana’s overall score improved in 2026, supported by stronger Financial Stewardship, while South Africa continues to show relative strength in Robust Laws & Policies, ranking 44th globally, and Attractive Marketplace, ranking 48th.

Despite these gains, the scale of the challenge remains clear. Africa’s regional average is still below its 2021 level, 23 of the 35 African countries in the 2026 Index rank outside the global top 100, and none is in the top 50. Seven African countries joined the Index this year: Chad, the Democratic Republic of Congo, Gambia, Guinea, Lesotho, Liberia and Togo.

“Rankings provide a useful starting point, but the broader value of the CGGI lies in helping governments understand where they are making progress and where further work is needed. Sustained improvements depend on the ability to strengthen institutions, manage resources responsibly and turn policy into meaningful outcomes for citizens,” says Naidu.

A tool for learning and improvement

The CGGI is designed as a practical diagnostic tool, helping governments identify gaps, track progress over time, and learn from peers facing similar constraints. The collaboration with the RGB brings international benchmarking together with locally grounded assessment.

“Every country faces its own governance challenges and is driven by varying priorities. Governments that are willing to take stock of the evidence and learn from peers to strengthen their institutions are well placed to achieve real improvements,” concludes Naidu.

Distributed by APO Group on behalf of Chandler Governance Group.

 

 




 

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