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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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3 years ago

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Guyana

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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Sierra Leone’s PDSL to Host Strategic Investor Roundtable at Paris Energy Forum

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2 days ago

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March 24, 2026

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Energy Capital

The Petroleum Directorate of Sierra Leone will lead a targeted roundtable at Invest in African Energy 2026, spotlighting upstream potential and cross-regional partnerships

PARIS, France, March 24, 2026/APO Group/ –The Petroleum Directorate of Sierra Leone (PDSL) is set to convene an investor roundtable at Invest in African Energy (IAE) Forum 2026 in Paris, underscoring growing interest in West and North African energy markets and the need for deeper capital engagement across exploration, renewable and offshore services. The session reflects a strategic effort by Sierra Leone to connect its emerging upstream prospects with established operators and project developers as the country moves to unlock the full potential of its emerging oil and gas industry.

 

Sierra Leone is increasingly positioning itself as a frontier oil and gas market with significant offshore potential, and part of the PDSL’s mandate is to catalyze investment interest in its offshore acreage through direct engagement with global capital. Recent data suggest the country holds estimated recoverable resources in the tens of billions of barrels, backed by discoveries and extensive multi‑client seismic datasets that prospective investors are evaluating. The PDSL is actively promoting licensing opportunities and drilling plans, emphasizing fiscal terms and exploration readiness to attract strategic partners.

 

A cornerstone of this strategy is the anticipated launch of the country’s sixth licensing round. Offering a rare early-entry opportunity into a largely untapped deepwater terrain with considerable upside, the upcoming bid round is backed by fresh 3D datasets which de-risk exploration and support new drilling campaigns. Just this month, GeoPartners announced that the final Pre-Stack Time Migration data for its recently acquired 3D multi-client seismic survey in the country was complete and is now available for licensing. The dataset provides a 3D window into the hydrocarbon potential of the underexplored northern Sierra Leone region.

 

Sierra Leone’s licensing drive comes as major operators advance exploration activities. In 2025, Eni signed a Reconnaissance Permit Agreement with the PDSL, securing rights to conduct reconnaissance and technical evaluation activities across offshore blocks G113, G129, G130, G131 and G132. The acreage covers 6,790 square kilometers within Sierra Leone’s territorial waters. Nigeria’s F.A. Oil Limited is pursuing drilling following its award of six offshore blocks through the country’s fifth licensing round in 2023. The company is currently seeking a farm-in partner to advance the project from exploration to production, offering a 40% stake in each of the G Blocks 53, 54, 55, 71, 72 and 73.

 

As these development unfold, the upcoming roundtable at IAE 2026 offers a unique opportunity for operators and policymakers to engage potential investors. The IAE 2026 Forum has become a strategic bridge between African upstream opportunities and global investors, with sessions like the PDSL roundtable designed to foster deeper dialogue and provide clarity on project pipelines and investment prerequisites. Discussions are expected to cover mechanisms for de‑risking exploration activity, optimizing fiscal and contractual frameworks and identifying synergies between hydrocarbon investment and renewable energy commitments.

 

For investors seeking differentiated exposure to African energy markets, the Sierra Leone roundtable represents both a focused exploration of frontier oil potential and a broader conversation about regional infrastructure, partnerships and the evolving demands of energy capital in the years ahead.

 

IAE 2026 (www.Invest-Africa-Energy.com) is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com

 

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

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Cape Town Prepares for African Mining Week 2026 as Draft Program Reveals Continent’s Mineral Drive

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2 days ago

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March 24, 2026

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Energy Capital

African Mining Week returns for its 2026 edition with an expanded three-day program, bringing together African mining leaders and global partners to shape the future of the continent’s mining sector

CAPE TOWN, South Africa, March 24, 2026/APO Group/ –Global economic trends – from record-breaking commodity prices to intensifying geopolitical competition for resources – are reshaping the strategic importance of Africa’s mineral wealth. As global countries race to secure supply chains for energy transition metals – which are expected to triple by 2030 – Africa is positioning its 30% share of the world’s critical minerals as a key pillar of economic growth. African governments are modernizing mining codes, developing industrial corridors and investing in mineral processing facilities to support local beneficiation, job creation, workforce development and regional mineral markets.

 

Against this backdrop, the upcoming African Mining Week (AMW) Conference & Exhibition – Africa’s premier gathering for mining stakeholders – has launched the draft program for its 2026 edition {https://apo-opa.co/3NneKLj}. Scheduled to take place October 14–16 in Cape Town, the event provides a platform where policymakers, global investors, project operators, technology providers, academia and mining service companies examine Africa’s mining opportunities, challenges and long-term strategic direction.

Under the theme ‘Mining the Future: Unearthing Africa’s Full Mineral Value’, the three-day, multi-track agenda reflects the growing urgency among African markets to strengthen value addition across the mining value chain.

Regional Cooperation and Policy Alignment in Focus

A key feature of the agenda is the Ministerial Forum, where African mining ministers will provide updates on regulatory reforms and policy alignment initiatives aimed at unlocking greater value from the continent’s mineral resources. Discussions will examine how harmonized regulatory frameworks and regional cooperation can accelerate investment flows and strengthen Africa’s position in global mineral supply chains.

The inclusion of regional policy integration reflects a growing continental push to leverage frameworks such as the African Continental Free Trade Area (AfCFTA) to enhance cross-border mineral cooperation and trade.

We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group

“Africa’s integration is not only a political objective but a strategic economic vision,” stated Emmanuel Armah-Kofi Buah, Ghana’s Minister of Lands and Natural Resources, in remarks reported by Energy Capital & Power – organizers of AMW – in February 2026. “Our natural resources require coordinated policies. Isolated legal frameworks cannot fully unlock their value. Through integration and initiatives such as the ECOWAS [Economic Community of West African States] Mining Code and the African Mining Vision, we can build a stronger and more competitive mineral economy.”

Nigeria’s Minister of Solid Minerals Development, Henry Alake, echoed this emphasis on regional cooperation and beneficiation.

“We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group,” he stated. “We must develop mineral corridors that connect resources, infrastructure and markets across the continent. Our goal is not to simply export raw materials, but to develop industrial hubs that create jobs and value across borders.”

Connecting Global Investors with African Opportunities

Strategic roundtables and Country Focus sessions form a key part of the AMW 2026 program, connecting African mining jurisdictions with international partners from the U.S, Europe, the Middle East and China. These sessions will provide African stakeholders with a platform to showcase exploration opportunities and project pipelines across the mining value chain.

Meanwhile, technical workshops and the exhibition floor at AMW 2026 will provide a platform for equipment manufacturers, technology providers and engineering firms to showcase innovations designed to enhance operational performance across mining operations.

By combining high-level policy dialogue with technical expertise and investment matchmaking, AMW 2026 positions itself as a critical marketplace where Africa’s mineral potential converges with global capital, technology and strategic partnerships – helping shape the next phase of growth for the continent’s mining sector.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2026 conference from October 12-16 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

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

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Tony Elumelu Foundation Selects Seven North African Entrepreneurs in 2026 Cohort

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2 days ago

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March 24, 2026

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entrepreneurs

Seven North African entrepreneurs in technology, education, professional services and agriculture selected from 265,000 applications at historic Abuja ceremony

Hope is not just a feeling — it is a system we can build

ABUJA, Nigeria, March 24, 2026/APO Group/ —

  • 7 North African entrepreneurs selected from Morocco, Tunisia and Egypt
  • 51% of the 2026 cohort are women, all selected purely on merit, without any quota in place
  • 3,200 total entrepreneurs selected from 265,000+ applications across 54 African countries
  • USD 5,000 in non-refundable seed capital for each selected entrepreneur
  • Selection conducted independently by Ernst & Young

 

The Tony Elumelu Foundation (TEF) (www.TonyElumeluFoundation.org), the leading philanthropy empowering young African entrepreneurs, announced on Sunday, 22 March 2026 the 12th cohort of the TEF Entrepreneurship Programme at a ceremony held at the Transcorp Hilton, Abuja. The announcement was made by Founder Tony O. Elumelu, C.F.R.

 

Among the 3,200 entrepreneurs selected from 265,000 applications received from all 54 African countries: seven from North Africa. Three from Tunisia, two from Morocco, two from Egypt. Spanning technology, education, professional services and agribusiness, they represent a generation of North African founders building businesses that address the urgent needs of their communities. Their selection, which was conducted independently by Ernst & Young, places them among the most rigorously assessed young entrepreneurs on the continent.

 

This year’s cohort carries a historic signal: 51 percent of the 2026 entrepreneurs are women. They were selected purely on merit, without quota. Across hundreds of thousands of applications, women distinguished themselves through the strength of their ideas, the clarity of their business models and the ambition of their vision.

 

In 2026, the Foundation is empowering a total of 3,200 entrepreneurs across all its entrepreneurship programmes:

 

  • 1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital;
  • 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ;
  • 100 entrepreneurs in partnership with Sèmè City Development Agency;
  • 100 entrepreneurs in partnership with DEG, the German Development Agency;
  • 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited and the Dutch Government; and
  • 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.

 

 

Each selected Tony Elumelu Entrepreneur will receive USD 5,000 in non-refundable seed capital, access to world-class business management training on TEFConnect, one-on-one mentorship, and entry into a powerful network of investors, partners and fellow entrepreneurs.

 

In his annual letter (https://apo-opa.co/4uOFepM), “A Story of Hope,” Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, shared a powerful message to the new cohort:

 

“For a long time, I believed luck was something that simply happened to you. Then I came to understand: luck can be engineered. Opportunity can be democratised. Hope is not just a feeling — it is a system we can build.” — Tony O. Elumelu, C.F.R., Founder, Tony Elumelu Foundation — 2026 Annual Letter

 

The Tony Elumelu Foundation has empowered over 2.5 million young Africans with access to business management training on TEFConnect (https://TEFConnect.com), and disbursed over USD 100 million in seed capital to more than 24,000 selected entrepreneurs.

 

Collectively, these entrepreneurs have generated USD 4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women. Eighty percent of TEF-supported businesses survive and scale, against a global average of ten to twenty percent.

 

 

The announcement ceremony was broadcast live in English (https://apo-opa.co/3PWLiML), French (https://apo-opa.co/3PWLiML), Portuguese (https://apo-opa.co/4t4Y7Da) and Arabic (https://apo-opa.co/4bYHlQl).

 

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

 

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