Connect with us

Business

ExxonMobil’s Project Portfolio, Commitment to Science, Technology, Engineering, and Mathematics (STEM) to Bolster Growth in Angola

Published

on

ExxonMobil

Through a strong pipeline of oil and gas projects and various community development initiatives, ExxonMobil continues to support long-term growth in Angola

LUANDA, Angola, June 13, 2024/APO Group/ — 

ExxonMobil could inject as much as $15 billion into the development of Angola’s hydrocarbon reserves by 2030, following the success of commercial oil discoveries in the southern African country. The energy major is developing a series of large-scale projects and is committed to supporting community development through capacity building and outreach programs aimed at improving STEM-related opportunities. These endeavors are poised to strengthen the Angolan oil and gas industry while bolstering industrialization and broader economic growth.

This week, the African Energy Chamber – led by Executive Chairman NJ Ayuk – met with company leaders from ExxonMobil as part of a working visit to the country. During the meeting, the parties discussed the government’s efforts in opening up the sector and how fiscal policies have made doing business in Angola that much more competitive. ExxonMobil – celebrating 30 years of operations in Angola – has been at the forefront of many large-scale developments in the country, and the major’s renewed focus on infrastructure-led exploration; local content development; and investments in STEM will unlock new opportunities for the country. 

ExxonMobil’s rich production history in Angola underscores both the country’s oil and gas potential and the company’s commitment to spurring development in Africa. Considered a golden block, the company’s deepwater Block 15 in Angola represents one of the most successful offshore concessions in the region, with 18 commercial discoveries made. Producing for 20 years, the block hit a milestone of 2.5 billion barrels of cumulative oil production in 2023. This year, ExxonMobil made an oil discovery at the Likember-01 research well in the block. The operation, which took place in the Kizomba B development area, revealed the existence of high-quality hydrocarbon-bearing sand packages. The find follows a discovery made in 2022 at the Bavuca South-1 exploration well in Block 15, which formed part of a redevelopment plan to deliver 40,000 barrels per day (bpd) of new oil production.  

The development area is operated by ExxonMobil and developed in partnership with Angola’s state-owned Sonangol and international energy companies Equinor and Azule Energy. The Likembe-01 well is the first to be drilled as part of a broader incremental production initiative, which is spearheaded by Angola’s national concessionaire, the National Oil, Gas and Biofuels Agency and aims to increase output at already-producing concessions in the country. ExxonMobil also has an 20% participating interest in Block 17, a 15% participating interest in Block 32 and continues to operate Blocks 30, 44 and 45 in the Namib Basin, offshore Angola, with a 60% participating interest in the three blocks. This month, ExxonMobil surpassed a production level of 200,000 bpd. This represents significant materiality, a key condition for establishing Angola as a competitive oil province as well as positioning the country as a top performer in the company’s global portfolio.

The AEC commends the progress ExxonMobil continues to make in promoting women in energy, STEM-related education and economic growth in Angola

Going forward, the company is committed to drilling in the Namibe basin, with plans to invest $200 million to drill an offshore frontier exploration well by the end of 2024 in partnership with Sonangol. The campaign aims to uncover new oil and gas reserves in Angola’s underexplored acreage and, if successful, the supermajor could inject as much as $15 billion into the development of the basin by 2030. The development of a large commercial discovery is poised to result in revenue of between $20 billion and $40 billion for the country, which will serve to promote socioeconomic development, economic diversification and local content and community advancement.

“ExxonMobil’s investment in Angola continues to grow because of the enabling environment that the government continues to create for the industry. The government is making sure that the country remains competitive – especially in terms of fiscals – and is significantly improving market attractiveness for companies. This enables world-class project developments and the AEC commends the government for laying this strong foundation,” stated Ayuk.

Apart from oil and gas development, ExxonMobil is a strong advocate for STEM-related education in Angola. The company is committed to advancing opportunities for Angolan people in this area and strives to address challenges related to STEM education in the country. Specifically, the company aims to create opportunities for girls and women in STEM. During the AEC-ExxonMobil meeting, the parties discussed the critical role investments in STEM play in the country and how the company is spearheading efforts to promote education. Additionally, the parties outlined the vital role of women in the energy sector. For its part, ExxonMobil has been at the forefront of promoting gender equality in the industry. Industry leaders such as Melissa Bond, former Country Manager for Angola at ExxonMobil, and Katrina Fisher, Lead Country Manager/Managing Director for Angola at ExxonMobil, have championed these endeavors. During the upcoming AEW: Invest in African Energy conference this November (4-8), the AEC aims to bring women in energy and STEM discussions to the main stage, highlighting the importance of these topics.

Meanwhile, ExxonMobil has been outspoken in its philanthropic efforts in Angola. In May, ExxonMobil and the National Basketball Association (NBA) Africa announced the launch of a new Jr. NBA League in Luanda. The new league will feature 40 boys’ and girls’ teams for youths in the country aged 16 and under. The league is set to reach as many as 10,000 youth participants in 2024. The league will culminate with the playoffs and finals in September this year and will feature all-girls basketball clinics as part of the NBA’s Her Time to Play initiative – providing opportunities for girls to play the game and pursue careers in coaching and athletic leadership.

“The AEC commends the progress ExxonMobil continues to make in promoting women in energy, STEM-related education and economic growth in Angola. The company has been a champion of these critical issues and the AEC looks forward to working closely with the company to support the next generation of oil, gas and science in Africa,” concluded Ayuk.

Distributed by APO Group on behalf of African Energy Chamber.

Business

Afreximbank Backs DOTT Services Limited, Uganda with a US$28 Million Facility for Regional Engineering, Procurement and Construction (EPC) Projects

Published

on

The financing will enhance DOTT’s capacity to execute strategic projects across the continent, facilitate intra-African trade in goods and services and strengthen regional value chains

CAIRO, Egypt, November 4, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has activated and approved a US$28 million dual-tranche facility for DOTT Services Limited, the leading Uganda-based engineering, procurement and construction (EPC) contractor, and has begun disbursing funds to support the execution of its EPC projects pipeline, valued at more than US$550 million.

 




 
 

Provided under Afreximbank’s EPC Contract Promotion Initiative, the facility is designed to strengthen the capacity of African EPC champions to secure and execute large-scale infrastructure projects across the continent. Specifically, the financing will support DOTT Services Limited in executing contracts and pursuing near-term opportunities valued at approximately US$550 million across Uganda, Tanzania, Kenya and the Democratic Republic of Congo.

Commenting on the transaction, Mr. Humphrey Nwugo, Director of Regional Operations at Afreximbank’s Eastern Africa office, said:

Through the initiative, the Bank provides support, including financing, twinning and matchmaking

“This facility reflects Afreximbank’s commitment to building strong African EPC champions capable of delivering the infrastructure that underpins Africa’s industrialisation, trade and economic integration. By supporting DOTT Services Ltd, a well-established regional contractor with operations across five African countries, we are addressing a critical financing gap that has historically constrained the ability of African firms to participate meaningfully in large-scale, cross-border infrastructure projects.

The financing will enhance DOTT’s capacity to execute strategic projects across the continent, facilitate intra-African trade in goods and services and strengthen regional value chains. It also advances Afreximbank’s EPC Contract Promotion Initiative, which seeks to increase African participation in the development and delivery of Africa’s infrastructure.

Through partnerships such as this, we are ensuring that greater value, expertise, employment opportunities and economic benefits are retained within Africa while fostering the emergence of globally competitive African contractors.”

Mr. Nwugo further noted that most local commercial banks lacked the capacity to support intra-African and regional projects because they were poorly placed to absorb the associated cross-border risks, while international banks tended to prioritise non-African contractors. As a result, African entities were often left without adequate financial support.

He said: “Afreximbank’s EPC Initiative was therefore designed to address this challenge by supporting African EPC contractors in securing and executing a greater share of infrastructure contracts across the continent. Through the initiative, the Bank provides support, including financing, twinning and matchmaking, as well as issuing letters of support, among others”, he explained.

DOTT Services Limited presence in Africa spans 28-years, with operations in Uganda, Tanzania, South Sudan, Zambia, and the Democratic Republic of Congo (DR Congo). It also has European offices in Italy and the UK, and a workforce of over 6,000 people. The company procures from, and distributes to, African countries goods such as bitumen, asphalt, steel and spare parts, as well as yellow goods equipment and services, making it a significant player in intra-African trade. Its track record of promoting trade-supporting infrastructure across the continent makes it a natural partner for Afreximbank’s EPC Contract Promotion Initiative, which seeks to build African EPC champions capable of delivering the infrastructure that underpins intra-African trade.

Distributed by APO Group on behalf of Afreximbank.

 

 




 

Continue Reading

Business

Coca-Cola Beverages Africa (CCBA) invests in Africa’s leadership potential through EDGE

Published

on

Developed in partnership with Henley Business School Africa, the programme equips high-potential leaders with the skills, experiences and perspectives needed to drive growth, create value and deliver impact across the business

JOHANNESBURG, South Africa, November 4, 2026/APO Group/ –Thirty-one leaders from across 12 African countries have graduated from Coca-Cola Beverages Africa’s (CCBA) (https://www.CCBAgroup.com) EDGE Senior Leadership Acceleration Programme, marking the completion of the programme’s second generation and the first pan-African EDGE cohort.

 




 
 

Created by CCBA, EDGE is the company’s flagship senior leadership development programme. Building on previous participation from The Coca-Cola Company, the programme was further expanded in 2026 to include leaders from Equatorial Coca-Cola Bottling Company and Coca-Cola Hellenic Bottling Company, creating a broader pan-African learning experience across the Coca-Cola system.

Developed in partnership with Henley Business School Africa, the programme equips high-potential leaders with the skills, experiences and perspectives needed to drive growth, create value and deliver impact across the business.

The 2026 cohort marks an important milestone for EDGE as the programme brought together leaders from across the Coca-Cola system

The graduating cohort represented leaders from multiple countries and business functions. Through classroom learning, business projects, mentoring and coaching, participants gained practical experience in addressing real business opportunities and challenges.

With CCBA serving more than 840,000 customers across Africa, the company requires leaders who can navigate complexity and create value in diverse markets. EDGE helps build these capabilities through practical, business-focused learning.

“People are at the heart of everything we do, and programmes like EDGE demonstrate our commitment to investing in their growth and future success,” said Natasa Prodanovic, Chief People and Culture Officer at CCBA.

“The 2026 cohort marks an important milestone for EDGE as the programme brought together leaders from across the Coca-Cola system. By learning alongside colleagues from The Coca-Cola Company, Equatorial Coca-Cola Bottling Company and Coca-Cola Hellenic Bottling Company, participants were able to build meaningful connections, share diverse perspectives and strengthen collaboration across our markets.”

The curriculum focused on strategy, value creation, transformation, commercial decision-making, leading self and leading teams. Participants also presented business projects aligned to organisational priorities as part of the programme’s graduation requirements.

EDGE forms part of CCBA’s broader commitment to developing future leaders and building the capabilities needed to drive sustainable growth and impact across Africa.

Distributed by APO Group on behalf of Coca-Cola Beverages Africa.

 

 




 

Continue Reading

Business

Africa and Caribbean trade potential could reach $1.65 billion annually by 2030: International Trade Centre (ITC)-Afreximbank report

Published

on

The report finds that around 80% of Africa’s annual goods export potential to the Caribbean remains untapped

ST. JOHN’S, Antigua and Barbuda, November 3, 2026/APO Group/ –Annual trade in goods and services between Africa and the Caribbean could reach up to $1.65 billion by 2030, excluding mineral fuels, according to a new report launched today by the International Trade Centre (ITC) and African Export-Import Bank (Afreximbank) (www.Afreximbank.com) on the sidelines of the Commonwealth Heads of Government Meeting in Antigua and Barbuda.

 




  

The report, Reshaping Africa-Caribbean Trade: Opportunities for Economic Transformation, (https://apo-opa.co/4eiz62u) finds that while Africa and the Caribbean share deep historical and cultural links, trade between the two regions continues to represent only a small share of each region’s overall trade, despite complementarities across sectors ranging from agribusiness and manufacturing to services and the creative economy.

A look at the numbers

The report finds that around 80% of Africa’s annual goods export potential to the Caribbean remains untapped, with are significant opportunities for export growth if trade and investment is actively promoted and facilitated.

Africa and the Caribbean must transform a shared history into shared prosperity

Caribbean export potential lies in the services sector, reaching $481 million. The report identifies business opportunities across several priority sectors, including processed food and animal feed, chemicals, minerals and metals, apparel and textiles, leather and footwear, tourism, transport services and creative industries.

These findings – and more – are based on trade and export potential analysis, detailed sector assessments and a survey of 1,175 businesses and business support organizations across Africa and the Caribbean.

Tapping into priority sectors

ITC Executive Director Pamela Coke-Hamilton (https://apo-opa.co/3WHHZMU), in launching the report, said: ‘At a time of major shifts in global trade, countries need to strengthen regional ties and invest in value addition, to build resilience. We know the major trade opportunities between Africa and the Caribbean – and now we can focus on helping businesses take advantage of those opportunities through better market intelligence, improved logistics and greater access to finance.’

Commenting on the report, Denys Denya, Senior Executive Vice President at Afreximbank, said: ‘Africa and the Caribbean must transform a shared history into shared prosperity. With our CARICOM office in Barbados, about $1 billion in approved transactions and a $5 billion regional financing commitment, Afreximbank is advancing this vision through financing, deposit mobilization under CENDEP, business links through the annual Afri-Caribbean Trade and Investment Forum, local-currency payments through CAPSS and creative-industry collaboration through CANEX. This report offers a practical roadmap to turn untapped potential into bankable opportunities across agribusiness, manufacturing, tourism and the creative economy. Through targeted financing, stronger transport and logistics links and strategic partnerships, we can build a Global Africa connected by heritage, trade, investment and shared opportunity.’

The report finds that businesses continue to face significant challenges, including high transport costs, limited direct shipping links, regulatory barriers, limited access to finance and difficulties in identifying trusted commercial partners. It highlights that future economic cooperation should extend beyond traditional trade in goods, including through joint investment ventures, digital services, creative industries and tourism. It also calls for targeted action to improve market intelligence and business matchmaking; expand access to trade finance and payment solutions; strengthen transport and logistics connectivity; support sector-specific value chain development; improve regulatory cooperation and market access; and foster stronger partnerships among business support organizations.

Read the full report HERE (https://apo-opa.co/4exHBH9)

Distributed by APO Group on behalf of Afreximbank.

 




 

Continue Reading

Trending

Exit mobile version