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From Discovery to First Production: What Africa’s Hottest Frontier Oil Play-Namibia Can Learn from Guyana (By NJ Ayuk)

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Not only have oil and gas companies been drawn to Guyana’s vast hydrocarbon resources, but they’ve also taken note of the country’s attractive regulatory and fiscal regimes

JOHANNESBURG, South Africa, July 10, 2023/APO Group/ — 

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

Recently, a number of headlines recently have referred to the world’s “hottest frontier oil play,” a site of massive oil and gas finds with great promise for investors.

Not long ago, the media would have been talking about Namibia. When France’s TotalEnergies and the United Kingdom’s Shell announced large discoveries in Namibia’s offshore Orange Basin last year, there was nearly wall-to-wall press coverage.

But the headlines I’m referring to now aren’t about Namibia, or even Africa.

Instead, they’re about Guyana, on the northern coast of South America next to Venezuela.

More than 30 significant offshore oil discoveries have been made in Guyana’s Stabroek Block alone since 2015. U.S. energy major ExxonMobil, the first to announce a discovery there, estimates that the block holds at least 11 billion barrels of recoverable resources. And as recently as late June, Canadian companies CGX Energy and Frontera Energy announced that their joint venture discovered oil in Guyana’s Corentyne block, which also was the site of a light oil and gas condensate discovery in May 2022.

Not only have oil and gas companies been drawn to Guyana’s vast hydrocarbon resources, but they’ve also taken note of the country’s attractive regulatory and fiscal regimes. As a result, we’re seeing extensive activity there, prompting energy industry media outlets like Oil and Gas 360 to describe Guyana as “Latin America and the Caribbean’s latest drilling hotspot” while Bloomberg declares “Guyana Is the Most Exciting Story in the World Oil Market,” and Reuters calls Guyana an “oil powerhouse.”

I’m not saying Namibia is yesterday’s news, far from it. The Orange Basin is believed to hold up to 3 billion barrels of oil and 5.5 trillion cubic feet of natural gas. But Guyana’s positive press is an important reminder: As far as oil and gas companies are concerned, Namibia is not the only game in town. There is no guarantee that the excitement generated by Namibia’s petroleum resources will result in the country fully realizing all of the socioeconomic opportunities they represent, from eradicating energy poverty to growing the economy. Having significant hydrocarbon reserves certainly will get energy companies’ attention, but holding the companies’ interest — and convincing them to continue investing billions of dollars in exploration and production activities — requires deliberate, strategic measures on the part of a host country’s leadership.

The African Energy Chamber is pleased to see Namibia’s government working to provide an enabling environment for upstream activity and updating its tax laws. But Namibia must not stop there. To ensure ongoing exploration and production, Namibia’s leaders will need to do everything possible, as quickly as possible, to demonstrate that Namibia is investor friendly. That’s what Guyana has been achieving quite successfully. I encourage Namibia to follow its lead.

During African Energy Week in Cape Town from  October 16-20, 2023 Namibia will take center stage and there will be many discussions about moving from discoveries to production but also the legal, commercial and geopolitical aspects of oil and natural gas development.

Guyana Offers Investors Fiscal Guarantees

For one thing, Guyana includes wording in its petroleum contracts to help oil and gas companies protect their investments; Namibia does not. I’m referring to a fiscal stability clause, which states that if the host country makes legislative or regulatory changes, such as new tax codes, the contracting energy company will be protected from negative economic impacts.

This isn’t the first time I’ve urged Namibia to begin including fiscal stability clauses in its petroleum agreements, but the point is so important that it bears repeating. Energy exploration is risk-intensive. Failing to provide a fiscal stability clause only adds to investing companies’ exposure and makes them more likely to consider channeling their efforts — and investment dollars — elsewhere. Failing to offer a fiscal stability clause also opens the door to prolonged contract negotiations and costly project delays. That would create a lose-lose for Namibia and the energy companies there.

The African Energy Chamber is pleased to see Namibia’s government working to provide an enabling environment for upstream activity and updating its tax laws

Guyana Fast-Tracks Development

I have written extensively this year about how delayed African oil and gas projects in Africa can rob countries of opportunities. Guyana has made a point of avoiding such pitfalls. Less than five years after ExxonMobil’s initial Stabroek Block discovery with partners Hess (U.S.) and China National Offshore Oil Corporate (CNOOC) in 2015, their Liza Phase I project began producing oil. That’s considered downright speedy in the oil and gas industry.

Since then, a second project, Liza Phase 2, went online, and production at their third project, Payara, is expected to get started this year. What’s more, ExxonMobil has made a final investment decision on two additional projects: Production at Yellowtail is scheduled to begin in 2025, to followed by the Uaru development coming online in 2026.

The president and CEO of the Energy Chamber of Trinidad and Tobago, Dax Driver, recently praised Guyana for developing its oil and gas resources at a record pace.

“For countries like Guyana and Suriname, with these massive oil resources in place, and some of them transitioning into reserves and some being produced, priority has to be to fast-track development of those resources,” Driver said. “This is something which Guyana has done extremely well since its first discovery. It is a world leader in fast-tracking its discoveries.”

And Driver understands what capitalizing on oil and gas can do: His country has become another valuable example for nations with petroleum resources like Namibia. As I wrote in my 2019 book, “Billions at Play: The Future of African Energy and Doing Deals,” Trinidad and Tobago, a twin-island nation off the coast of Venezuela, has made natural gas monetization an art form since the 1970s. With less than 1% of known global gas reserves, Trinidad and Tobago became the world’s leading exporter of two gas-based products, ammonia and methanol, and went on to become one of the world’s top five liquefied natural gas (LNG) exporters. Today, Trinidad and Tobago has one of the highest gross national incomes (GNI) per capita in Latin America and the Caribbean (USD17,640 in 2015). Guyana is well on its way to following Trinidad and Tobago’s example, and I hope African nations like Namibia will do the same.

Guyana Continues to Drive its Energy Industry Forward

I agree with Driver’s assessment: Guyana is serious about moving its energy industry forward, and it wisely recognizes the value of monetizing its natural gas resources. Guyana’s Vice President Bharrat Jagdeo has spoken of the importance of monetizing the country’s natural gas resources and creating new revenue streams sources before the global energy transition reduces demand for fossil fuels. Guyana’s leadership is working with technicians and consultants on a national strategy for using natural gas as a feedstock for petrochemicals and liquefied natural gas (LNG).

At the same time, Guyana’s government has been updating the country’s oil and gas regulations to help ensure ongoing investment and benefits for the Guyanese people. The proposed Petroleum Activities Bill includes safety and emergency response measures, along with supervision and monitoring requirements, capacity-building requirements for energy companies, and a framework for permitting petroleum product transportation and treatment. It also includes cross-border unitization, a legal framework for developing and allocating petroleum reserves that span across Guyana’s maritime boundaries with other countries.

In addition, the government passed strong local content legislation in 2021 and is fine-tuning it with input from the Ministry of Natural Resources. The resulting policy will include an effective framework for international oil companies to communicate their needs to local businesses, making it easier for Namibian businesses to grow and create jobs. This is another lesson that Namibia, and African countries in general, can learn from.

Perhaps one of the best examples that Guyana is setting is that it approaches its oil and gas industry with a sense of urgency. Urgency to get as much value as possible from its petroleum resources. Urgency to get policies right, so the country can continue attracting investments and reaping the benefits they offer. And urgency to prevent project delays that could prevent Guyana from achieving its energy industry goals.

This sense of urgency, as much as the oil and gas resources beneath the ground, is why Guyana

is making headlines for being an oil and gas hotspot.

I’m looking forward to watching Namibia achieving similar results and, like Guyana, becoming a role model for other nations with petroleum resources.

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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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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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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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

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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