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

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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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Congo Is Turning Reserves into Bankable Projects – and the Investment Window Is Opening

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June 24, 2026

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Eni-led LNG expansion and ongoing deepwater investment are pushing the Republic of Congo’s energy sector toward more bankable projects ahead of the Congo Energy & Investment Forum 2027

BRAZZAVILLE, Congo (Republic of the), June 23, 2026/APO Group/ –With LNG exports set to triple to 3 mtpa, upstream oil production targeting 500,000 bpd and a renewed push on local content, the Republic of Congo is positioning itself as one of Central Africa’s most investable hydrocarbon markets. Under the leadership of the newly-appointed Minister of Hydrocarbons, Stev Simplice Onanga, the country is prioritizing industry growth by balancing local content with reserve replacement and project advancement.

 

What sets Congo apart is not the scale of its reserves, but the pace at which those reserves are being turned into commercially viable projects. From Eni’s LNG expansion and TotalEnergies’ deepwater developments to brownfield optimization by Trident Energy and output growth at Ammat Global Resources, capital is flowing into projects with clearer monetization pathways and nearer-term returns.

Ahead of the Congo Energy & Investment Forum (CEIF) 2027 – the country’s leading platform for energy investment and partnerships – the story is shifting away from frontier potential toward bankable projects already under development.

Policy Reform Is De-Risking Investment

Congo’s investment case is being reshaped by the alignment of resource base, regulatory reform and project delivery. Established oil production, expanding LNG capacity and fiscal adjustments are gradually reducing above-ground risk.

Recent reforms led by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo have added structure to the sector. The Gas Code, introduced in October 2025, formalizes fiscal terms for gas commercialization, while the Gas Master Plan prioritizes flaring reduction and gas-to-power deployment, targeting 1,500 MW by 2030.

A new upstream licensing round is also under consideration, aimed at attracting fresh capital into both mature and frontier acreage. Together, these measures are improving visibility across upstream, midstream and downstream segments, with recent project activity reinforcing the shift.

The Projects Driving the Next Cycle

Deepwater oil remains central to Congo’s production outlook, with operators progressing both new developments and brownfield optimization. TotalEnergies is advancing work at the Moho licence following the April 2026 Moho G discovery, backed by a $500–$600 million infill drilling program targeting about 40,000 bpd in incremental output.

Local independent Ammat Global Resources is targeting 70% production growth from its Loango and Zatchi fields, where reactivated wells and upgraded platforms have already lifted output by 75%. Perenco continues steady gains, adding roughly 6,000 bpd through its 2025–2026 drilling program.

Trident Energy, after acquiring an 85% working interest in the Nkossa and Nsoko II assets in 2025, is focused on extending field life through subsea optimization and redevelopment work.

While oil continues to anchor revenues, gas is rapidly emerging as Congo’s fastest-growing segment. Eni’s Congo LNG project delivered its first cargo from Phase 2 in February 2026, following the startup of the Nguya FLNG unit in December 2025. Together with Tango FLNG, capacity has risen from 0.6 mtpa to 3 mtpa. Trident Energy has also proposed an FLNG project aimed at adding further capacity across the country’s gas market. The project is expected to operate as shared infrastructure, allowing multiple operators to process gas from their respective fields. This creates an outlet for associated gas that might otherwise be stranded, supporting the country’s broader diversification goals.

Local Content Is Reshaping Investment Terms

Beyond upstream policy, Minister Onanga has positioned local content as a central pillar of Congo’s investment framework, and a key determinant of how capital is structured and deployed.

Decrees 2019-342, 343, 344 and 345 set requirements around subcontracting, workforce localization and training commitments, with the effect being a gradual shift in how projects are structured and how partnerships are formed. Operators are increasingly assessed not only on technical delivery but on in-country value creation, including partnerships with local firms and skills development. Logistics, maintenance and other service areas are increasingly channeled through domestic providers.

At CEIF 2027 – taking place June 1–3 in Brazzaville – attention will shift to what is moving forward and to the investors positioned to take part in that pipeline. Congo’s energy sector is no longer defined by potential alone: projects are moving, capital is being committed and policy is starting to catch up with activity on the ground.

As the Republic of Congo moves from reserves to revenue, the signal to investors is clear: this is already unfolding, not a future opportunity.

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

 

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Afreximbank secures double honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards for excellence in strategic communications

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June 24, 2026

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The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event

CAIRO, Egypt, June 23, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has been recognised with two prestigious honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards, one of the world’s most prestigious awards programmes for strategic communications.

 

The Bank received an Award of Excellence in Special and Experiential Events category for the Intra-African Trade Fair 2025 (IATF2025) held in Algiers, Algeria and an Award of Merit in the Social Media category for its Afreximbank Social Media Campaigns, reaffirming Afreximbank’s commitment to delivering impactful communications that advance its mandate of promoting trade, investment and industrialisation across Africa and the Caribbean.

We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communication

The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event. IATF2025 brought together governments, businesses, investors, buyers, sellers and entrepreneurs from across Africa and beyond, creating a platform for trade and investment opportunities while advancing the objectives of the African Continental Free Trade Area (AfCFTA). The communications campaign played a pivotal role in driving global awareness, stakeholder participation, media visibility and engagement before, during and after the event, while showcasing the scale, ambition and dynamism of African enterprise and reinforcing a positive narrative about Africa’s capacity to trade, industrialise and compete on the global stage. Over 120,000 delegates attended IATF2025 in person and virtually, with deals worth over US$50 billion recorded.

The Award of Merit for Afreximbank Social Media Campaigns recognises the Bank’s strategic use of digital platforms to engage stakeholders, amplify its developmental impact and elevate conversations around trade, industrialisation, economic integration and investment opportunities across Africa and the Caribbean. Through a combination of compelling storytelling, thought leadership content, executive advocacy, multimedia production and real-time event coverage, Afreximbank’s social media platforms have continued to expand their reach and influence among policymakers, businesses, investors, development partners and the wider public. Among these platforms is the Afreximbank TV, a digital TV channel that is wholly owned and managed by Afreximbank, whose fifth edition was celebrated with dedicated coverage of IATF2025, providing live coverage of the activities to both pan African and global audiences.

Anne Ezeh, Director & Global Head, Communications and Events at Afreximbank commented: “We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communications. As a pan African multilateral financial institution, we see storytelling as a powerful tool for advancing our mission — ensuring our initiatives, events, programmes and key announcements not only inform, but also inspire confidence, deepen engagement and amplify Africa’s transformation. These awards reinforce our resolve to continue delivering world-class communications that elevate African voices and projects a bold and authoritative narrative of the continent.”

Ms. Ezeh added that through innovative storytelling, digital engagement and integrated campaigns, the Bank will continue to amplify the impact of its programmes and partnerships  to project a more authentic narrative of Africa, one defined by opportunity, innovation, resilience and growing influence in the global economy.

For more than five decades, the IABC Gold Quill Awards have recognised excellence in strategic communications globally, celebrating programmes and campaigns that demonstrate measurable impact, innovation, creativity and outstanding execution. Widely regarded as the pinnacle of achievement in the communications profession, the awards are judged through a rigorous and independent evaluation process conducted by experienced communication leaders from around the world.

Distributed by APO Group on behalf of Afreximbank.

 

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Islamic Development Bank (IsDB) Institute Unveils 2025 Annual Report During Group Annual Meetings in Baku

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June 24, 2026

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In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million

BAKU, Azerbaijan, June 23, 2026/APO Group/ —

The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has released its 2025 Annual Report during the 2026 IsDB Group Annual Meetings held in Baku, Azerbaijan, showcasing a year of expanded impact in Islamic finance transformation, innovative solutions, and capacity development.

 

The report highlights how IsDBI strengthened its role as a global knowledge leader by advancing innovative solutions and scaling support to Member Countries through knowledge-based interventions, Islamic finance grants, and strategic partnerships.

In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million, supporting countries in strengthening regulatory frameworks and promoting inclusive financial systems.

Since 2013, the Institute’s interventions in this regard have reached over US$27.57 million across 181 projects benefiting more than 34 countries, underlining its sustained contribution to development outcomes across the Islamic world.

I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem

The Annual Report highlights major progress in IsDBI’s three flagship transformative projects, namely Awqāf Free Zones, Digital Postal Islamic Financial Services, and Smart Countertrade System, which have all advanced to pilot-ready stages. These initiatives aim to address global challenges such as financial inclusion, food and energy security, and trade resilience.

Furthermore, the Institute accelerated its focus on digital innovation in Islamic finance, enhancing its Islamic Finance Artificial Intelligence Assistant (IFAA) and hosting its first AI Hackathon on Islamic Finance, engaging more than 40 teams in developing cutting-edge solutions aligned with industry standards.

Human capital development in Islamic finance also remained a cornerstone of IsDBI’s work in 2025, with the delivery of over 20 training programs reaching around 500 professionals across Member Countries. A key achievement in this area was the Entrepreneurial Mindset Development Program, a flagship initiative equipping emerging leaders from 20 countries with innovation-driven and values-based entrepreneurship skills. The program was designed and implemented in collaboration with Prince Mohammed Bin Salman College of Business and Entrepreneurship, Saudi Arabia.

The Institute also strengthened its thought leadership through flagship publications, global partnerships, and digital engagement, reinforcing its position as a leading voice in Islamic economics and finance.

Commenting on the issuance of the Annual Report, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: “I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem by bridging knowledge creation, building human capital, and designing innovative solutions to address economic challenges.”

The 2025 Annual Report is accessible on IsDBI website here (https://isdbinstitute.org/product/isdbi-annual-report-2025/).

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

 

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