Connect with us
Anglostratits

Energy

How Guyana’s Expanding Oil Sector Is Driving Historic Gross Domestic Product (GDP) Growth and Local Investment

Published

on

Etu Energias

Ahead of Caribbean Energy Week 2027, a launch event in Georgetown on September 1, 2026, will explore Guyana’s ambitious economic growth targets and the role of the oil and gas industry in driving GDP expansion

GEORGETOWN, Guyana, August 27, 2026/APO Group/ –Guyana’s projected 16.2% GDP growth in 2026, underpinned by an anticipated 17.9% rise in oil production and $2.79 billion in oil revenues, underscores how is the oil and gas sector is transforming the economy. 




 

Higher Oil Production Targets Drive Guyana’s Economic Expansion

With oil output expected to average 840,000 barrels per day (bpd) in 2026, with 309 crude cargoes forecast for export compared with 260 cargoes in 2025, the sector’s contribution to GDP is expected to remain bullish.

The government is targeting crude oil production of 1.3 million bpd by 2027 and 1.7 million bpd by 2030, creating the foundation for higher export earnings, stronger fiscal revenues and continued GDP expansion. Upcoming developments, including the $12.7 billion Uaru project, Whiptail, Hammerhead and Longtail, are expected to significantly increase production, and expand the sector’s contribution to an anticipated to reach GDP of between $50 billion and $69 billion by 2030.

Oil Investment Creates Opportunities Beyond Production

The sector’s contribution extends well beyond crude exports, with projects development accelerating the growth of a broader domestic economy as capital flows into construction, logistics, engineering, manufacturing, transport and financial services. The sector spent an estimated $3.6 billion with local businesses between 2019 – when first oil production was achieved – and 2025, reflecting the success of Guyana’s local content framework in ensuring that petroleum development generates tangible economic benefits for domestic companies and communities.

The petroleum sector has been the primary driver of Guyana’s exceptional economic performance. Oil production supported GDP growth of 63.3% in 2022, 33.8% in 2023, 43.6% in 2024 and 10.3% in 2025. According to the International Monetary Fund, offshore oil development has enabled Guyana’s economy to significantly outperform regional peers while accelerating its transition toward high-income economy status. The sector has also transformed the country’s fiscal position, with the Natural Resource Fund exceeding $3.1 billion by the end of 2024, including more than $1.1 billion deposited during 2024 alone, providing the government with unprecedented resources to finance national development priorities.

Oil Wealth Funds Infrastructure and Social Development

Oil revenues are also becoming a key source of financing for Guyana’s national development agenda. The government plans to utilize petroleum revenues to construct 40,000 homes over the next five years, while simultaneously investing in critical infrastructure, healthcare, education and transportation. In the energy sector alone, oil revenues are funding flagship initiatives such as the 300 MW Gas-to-Energy project, transmission network upgrades and clean cooking solutions, supporting energy mix diversification, improving electricity affordability and strengthening grid reliability.

As production continues to grow and new offshore projects enter development, oil and gas will play an increasingly important role in shaping Guyana’s economic future. Beyond generating export revenues and fiscal income, the sector is strengthening local industries, attracting international capital, supporting infrastructure development and creating opportunities across manufacturing, construction, finance and technology.

Caribbean Energy Week 2027 to Spotlight Guyana’s Growth Story

The role of oil and gas in driving GDP growth, investment and economic transformation will be a central focus at Caribbean Energy Week 2027, held under the theme “Unlocking the Caribbean Energy Corridor: Oil, Gas, LNG & Investment for a New Global Hub.” Bringing together governments and international partners, the conference will examine how Guyana and the wider Caribbean can maximize hydrocarbon revenues to unlock the next phase of regional economic growth.

Ahead of the conference, an in-country launch in Guyana on 1, September 2026 at the Guyana Marriott Hotel in Georgetown, will explore strategies driving the Caribbean’s emergence as one of the world’s fastest-growing energy markets. The event will bring together government officials, investors, operators and industry stakeholders for an early look at the opportunities, priorities and partnerships that will shape the region’s energy future. To register, please visit https://apo-opa.co/46phc9L.

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

 




 

Energy

Africa’s Dealmakers Convene as 10,000 Attendees Kick Off African Energy Week (AEW) 2026 in Cape Town

Published

on

African Energy Chamber

AEW 2026 is officially underway, bringing 10,000 registered delegates together for a week of investment, dealmaking and strategic dialogue across Africa’s energy sector

CAPE TOWN, South Africa, October 11, 2026/APO Group/ –African Energy Week (AEW) 2026 has officially kicked off with over 10,000 attendees convening in Cape Town for Africa’s biggest energy gathering of the year. Dubbed Africa’s premier dealmaking platform, the event has transitioned from a conference into a movement capable of reshaping the continent’s energy future. From government leaders and global energy majors to investors, financiers, national oil companies and technology providers, the industry has arrived in Cape Town to chart a new course for Africa’s energy development.

 




  

Technical Workshops Kick Off AEW Discussions

The AEW program has officially begun with the start of this year’s technical workshops. The 8th Meeting of the APPO NOCs CEOs’ Forum will bring African national oil companies together, while the Deal Room will give project sponsors and developers an opportunity to present active oil, gas, energy and infrastructure opportunities directly to investors and lenders.

The African Farmout Forum will showcase available acreage and farmout opportunities, while dedicated workshops and masterclasses will provide targeted engagement on markets, project finance and industry capacity. The Global Energy Leaders Forum will also put energy security, geopolitical realignment and investment at the center of discussions, examining how Africa can convert changing global energy flows into long-term contracts, final investment decisions and greater energy security.

Looking Ahead at AEW 2026

Over the coming days, AEW 2026 will explore opportunities emerging across the entire energy value chain in Africa. The AEW Townhall will bring governments and industry together around the strategic issues defining the continent’s energy future, while the Upstream E&P Forum will tackle licensing, exploration, drilling, M&A and production growth. The Energy Finance Forum, meanwhile, will put capital at the center of the conversation. The Energy Additions Forum will examine the infrastructure and resources required to expand reliable energy supply and support industrialization, while the Downstream & Petchem Forum will explore refining, fuels, petrochemicals and opportunities to capture more value from African resources.

Ten thousand delegates have come to Cape Town because Africa is ready to move projects forward

A Global Conversation in Cape Town

Alongside its commercial program, AEW 2026 will convene some of the most consequential global energy discussions taking place this year. Targeted sessions include the OPEC-Africa Roundtable; the Russia-Africa Energy Investment Forum; and the Global Energy Leaders Forum. A series of roundtables will drill further into issues affecting project development. These include the Local Content Roundtable as well as ministerial and country-focused discussions that bring governments directly into conversations with investors and operators.

AEW will also expand beyond traditional energy discussions through two dedicated conferences. Renegade Intel will explore the convergence of energy, artificial intelligence, data centers and digital infrastructure, while Power Africa Today will tackle power-sector investment, transmission, storage, grid modernization and the reliable electricity supply required to support African industrialization.

Celebrating Music and Energy Progress

AEW 2026 goes beyond conference dialogue. The first day of the event will close with the Just Energy Transition Concert, the event’s official pre-conference networking icebreaker and cultural showcase. The African Energy Awards & Gala Dinner returns on Tuesday to celebrate the companies, projects and individuals helping drive the continent’s energy industry forward.

Technology and Innovation Take the Exhibition Floor

Running alongside the main conference, dedicated technical stages – The Drill Room and The Innovation Hub – will host specialized presentations on exploration, subsurface technologies, LNG, infrastructure, asset integrity and other operational challenges. The exhibition will serve as another commercial hub throughout the week, connecting operators, service companies, technology providers, governments and prospective partners.

“Ten thousand delegates have come to Cape Town because Africa is ready to move projects forward. AEW is Africa’s energy movement – where governments, investors and industry come together to turn resources into projects, projects into deals and deals into development. This week is about action, investment and building Africa’s energy future on African soil,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

Continue Reading

Energy

Venezuela Takes Its Africa Energy Partnership to Cape Town for African Energy Week (AEW) 2026

Published

on

African Energy Chamber

Hydrocarbons officials and university leadership head to Cape Town to deepen trade and training ties

CAPE TOWN, South Africa, October 10, 2026/APO Group/ –Venezuela will send an official government delegation to African Energy Week (AEW) 2026 in Cape Town, bringing senior figures from its Ministry of People’s Power for Hydrocarbons and its national university for oil and gas education to the continent’s premier energy event. The delegation includes Ricardo Gómez, Vice Minister of Commercial Policy; Celia Bejarano, Rector of the Universidad Venezolana de los Hidrocarburos (UVH); and Carlos Espinoza, a professional advisor in the Ministry’s petroleum division. The delegation’s participation marks the latest step in an Africa-Venezuela energy partnership that has gathered momentum throughout 2026.
 




 

In February, the African Energy Chamber (AEC) took a group of African energy leaders to Caracas. While there, it signed a Memorandum of Understanding (MoU) with the Ministry and state oil company Petróleos de Venezuela, S.A. (PDVSA). The agreement commits both sides to work together on upstream development and modernizing refineries. It also opens the door to shipping liquefied petroleum gas and bitumen to Africa and broadening technical training. Venezuela is an honorary member of the African Petroleum Producers Organization (APPO). It later sent Vice Minister Arturo Gil to Cape Town to build on the agreement.

AEW 2026 is built around dealmaking, with sessions spanning the full energy value chain and a clear focus on moving capital into projects. Senior Venezuelan representation in Cape Town gives African national oil companies and investors direct access to the officials driving Venezuela’s hydrocarbons revival and fosters workforce cooperation with the continent.

When we went to Caracas in February, we said the relationship had to go both ways

Ricardo Gómez heads the Vice Ministry of Commercial Policy, the office within the Ministry responsible for coordinating and advancing the sale of Venezuela’s hydrocarbons. His portfolio aligns closely with the MoU’s trade provisions, which identified liquefied petroleum gas and bitumen as potential exports to Africa. Venezuela’s resource base gives the trade relationship considerable depth, with the country holding some 300 billion barrels of oil reserves and large volumes of natural gas.

Celia Bejarano leads UVH, Venezuela’s public university for hydrocarbons education, headquartered in Los Teques. The university has become a cornerstone of the Africa-Venezuela partnership. During an AEC working visit to Caracas, the Chamber and UVH worked through how African engineers could train at the university. The AEC has since committed to sending 10 to 15 participants from across Africa through dedicated technical programs at UVH, drawing on Venezuela’s decades of producing heavy crude onshore and developing offshore fields.

“When we went to Caracas in February, we said the relationship had to go both ways. Now Venezuela is coming to Cape Town, and I want our companies to make the most of it, whether that means trade in gas and bitumen or getting more of our young engineers trained at the university,” said NJ Ayuk, Executive Chairman of the AEC.

The Caracas MoU also set up a joint working group tasked with pinpointing investment prospects and lining up projects for African and Venezuelan companies. AEW 2026 gives the partnership’s African counterparts a platform to engage the delegation in person as the work moves forward.

African Energy Week 2026 takes place October 12-16 at the Cape Town International Convention Center. To register as a delegate, visit  https://apo-opa.co/4zr7ekJ.

 

Distributed by APO Group on behalf of African Energy Chamber.

 




 

Continue Reading

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

Published

on

Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

Continue Reading

Trending