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GEPetrol Assumes Operatorship of Block B, Targets Multi-Phase Development at Zafiro

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GEPetrol

As operator, GEPetrol is focused on boosting production at Block B through the redevelopment of the Zafiro field

JOHANNESBURG, South Africa, July 24, 2024/APO Group/ — 

Equatorial Guinea’s national oil company (NOC) GEPetrol has outlined a multi-phase development plan for the Zafiro Field, located in Block B. The company will work towards increasing the flow of production at the field, leveraging its newfound position as operator of the block to bolster production and support economic growth. The plan envisages a new era of industry growth for the country, all on the back of GEPetrol’s restructuring as a competitive upstream player.

The field development plan comprises three phases, the first of which will be implemented at the beginning of 2025. This phase includes reconnecting selected wells that were previously connected to the Zafiro Producer floating production unit (FPU). ExxonMobil was forced to halt production in 2022 due to water entering the Zafiro producer FPU. The second phase, which will be implemented in parallel to the first phase, involves cost optimization work as well as the optimization of well exploitation and production. The third phase will be implemented from 2025 onwards and will feature the redevelopment of the Zafiro field, with the plan for this phase currently under discussion.

GEPetrol looks forward to this new era of industry growth in Equatorial Guinea as well as new collaborations that will unfold as a result of Block B’s success

GEPetrol assumed operatorship of Block B from energy major ExxonMobil this year, following the expiration of the Production Sharing Contract that existed between the major and the government. Comprising the Zafiro field – an offshore asset that has been producing since 1996 – the block has the potential to boost national oil production through fresh investment and collaborations. In April 2024, GEPetrol awarded a five-year technical contract to international service provider Petrofac for work related to Block B. The $350 million contract covers services related to onshore support bases, an FPSO and a platform at the Zafiro field. The contract aligns closely with GEPetrol’s commitment to revitalizing the Zafiro field and will support operations as the NOC boosts production.

The multi-phase redevelopment of the Zafiro field comes as GEPetrol redefines its role in the industry from an entity that represents the state to a competitive operator and producer. The acquisition of Block B reflects this transformation and will be instrumental in both GEPetrol’s evolution and the country’s growth. GEPetrol has also recently celebrated the first shipment of Zafiro Blend Crude Oil with the NOC as operator, showcasing the proactive approach the company is taking to operating and growing the block. 

GEPetrol’s transformation into a competitive operator follows a trend of similar NOC restructuring in Africa, all of which have enhanced the competitiveness and capacity of the respective NOCs. These include Angola’s Sonangol, the Nigerian National Petroleum Corporation, Algeria’s Sonatrach, and more. Globally, the transformation of Brazil’s Petrobras, Mexico’s Pemex and Saudi Arabia’s Saudi Aramco positioned these companies as major explores and producers, allowing them to compete with IOCs and independents while aligning projects with national development objectives. With its operatorship of Block B, GEPetrol is following the same path and remains committed to accelerating the development of oil and gas in proven blocks such as this.

“The Zafiro field has played an important part in shaping Equatorial Guinea’s energy industry for several decades and will continue to be a catalyst of growth in the years to come. By taking over as operator, GEPetrol is not only demonstrating its commitment to the block but the company’s newfound transformation into a competitive upstream player. GEPetrol looks forward to this new era of industry growth in Equatorial Guinea as well as new collaborations that will unfold as a result of Block B’s success,” stated Antonio Oburu Ondo, Minister of Mines and Hydrocarbons of Equatorial Guinea.

As the voice of the African energy sector, the African Energy Chamber supports the multi-faceted approach GEPetrol is taking to boost oil production in Equatorial Guinea.

Distributed by APO Group on behalf of African Energy Chamber.

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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Business

The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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