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How Newcomers Like Namibia and Guyana Are Surpassing African Legacy Producers in Energy Investment (By By NJ Ayuk)

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2 years ago

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African Energy Chamber

Recent discoveries in Namibia’s Orange Basin suggest it could hold up to three billion barrels of oil and 8.7 trillion cubic feet of natural gas, and the country’s total oil reserves could be nearly equal to Guyana’s at around 11 billion barrels

CAPE TOWN, South Africa, July 26, 2024/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber.

The major players on the world energy production stage are well known, and particularly in the field of oil and gas, where most of them have been in the game for a long time. In Africa, countries like Algeria, Nigeria, Libya, Egypt, and Angola have been in the business for decades, though much of their resource wealth remains untapped. When new discoveries come to light in nations previously unexplored or underexplored, one would think these more experienced countries would be able to out-hustle and out-muscle them when it comes to attracting investment dollars. However, recent experience shows that this is not always the case.

If there was a Rookie of the Year award in the energy business, it would go to the South American country of Guyana, hands down. Despite being the next-door neighbor of founding OPEC member Venezuela, most of Guyana’s potential 11-billion-barrel bonanza has only been discovered since 2015. Less than five years after its initial Stabroek Block discovery, U.S. oil giant ExxonMobil began producing oil through its Liza Phase 1 project — remarkably fast by industry standards. By April of this year, ExxonMobil had already approved its sixth oil development in Guyana, putting the country of just 800,000 people on track to someday surpass Venezuela in total crude production. The Latin American country is now one of the world’s fastest-growing economies.

This is not the first time I’ve brought up Guyana in discussions about Africa, and there’s a reason for that. Namibia is currently in the same position Guyana was in just a few short years ago, poised to choose its road ahead. Recent discoveries in Namibia’s Orange Basin suggest it could hold up to three billion barrels of oil and 8.7 trillion cubic feet of natural gas, and the country’s total oil reserves could be nearly equal to Guyana’s at around 11 billion barrels. Excitement around the newly discovered resources is high, and though oil and gas production still lie ahead, Namibia has become a leader in African oil and gas investment.

Shell (UK) and TotalEnergies (France), which made the major discoveries in the Orange Basin with partnering companies, have both committed substantial portions of their 2024 exploration budgets to ongoing activity in Namibia. Offshore exploration plans also have been announced by Chevron (U.S.), Azule Energy (a joint venture between Italy’s Eni and the UK’s bp), and Portuguese energy group Galp. Meanwhile, Reconnaissance Energy Africa (Canada) and Namibian state oil company NAMCOR have begun drilling an onshore oil and gas exploration well in northeast Namibia.

What Not to Do

The excitement about Guyana and Namibia’s resources is notably different than what we’re seeing in some of Africa’s other resource-rich nations. Take Nigeria, Africa’s largest oil producer by far. Despite colossal proven reserves of almost 37 billion barrels (the world’s total is 1.73 trillion), Nigeria is currently struggling to attract the $25 billion annual investment necessary just to keep its output at around 2 million barrels per day (bpd). Oil majors are divesting from Nigerian assets and diverting future investments to other countries, as TotalEnergies did when it announced $6 billion in new projects in Angola. A new exploration well hasn’t been drilled in Nigeria in more than 12 years. Why?

The most obvious reason is security. Nigeria is notorious for its environmentally disastrous spills caused by rampant oil theft, vandalism, and sabotage. The country’s inability to protect its most valuable economic asset — responsible for almost two-thirds of Nigeria’s revenue — is a constant threat to employee safety as well as the bottom line for oil producers, and it doesn’t help with public relations either. There may be a ton of money still beneath Nigerian soil, but it’s not going anywhere, so it simply makes more sense to go extract it somewhere safer until those problems get resolved.

The excitement about Guyana and Namibia’s resources is notably different than what we’re seeing in some of Africa’s other resource-rich nations

The other major problem with operating in Nigeria is legal uncertainty. As TotalEnergies CEO Patrick Pouyanné has said, the Nigerian legislature loves to debate oil policy but rarely ever settles anything, leading to inconsistent decision-making and an unstable and erratic policy environment. Lack of transparency in licensing rounds, slow and complicated contracting procedures that expire too quickly, insufficient incentives for gas projects, and local manpower requirements not backed up by the education system are all significant obstacles. In addition, local companies that take over abandoned assets are held to lower environmental standards than international companies, meaning the problems are getting worse before they get better.

Nigeria is now belatedly trying to address some of these issues (While the 2021 Nigerian Industry Act was a tremendous step in the right direction, implementation has been moving forward at a snail’s pace), but it has already spent much of the good will it was afforded in the past.

Charting a Better Path

So, what are Guyana and Namibia doing right, and what are the takeaways for Nigeria and other African nations? Let’s begin with Guyana.

First and foremost, it recognized the urgency of taking action to develop its resources quickly. The global energy transition to renewables will eventually reduce the demand for fossil fuels, but for now, the transition is just getting started, and demand for fossil fuels remains high. With much of the country covered in rainy jungles and limited open land for wind farms, Guyana simply isn’t blessed with the same potential for renewables as many other countries and must take advantage of what it has. Guyana was determined to sell while the market was still buying before it’s too late. It made a point of fast-tracking development and updating laws and regulations to speed up the development process and provide a stable, investor-friendly regulatory environment.

One of the most immediate benefits Guyana offers is language in its petroleum contracts that protect energy companies from negative impacts if the government makes legislative or regulatory changes, such as new tax codes. This is known as a fiscal stability clause, and it can significantly reduce the time required for contract negotiations and the risk of costly project delays by preventing sudden and drastic changes in regulatory status. (As I’ve written, Namibia does not currently offer fiscal stability clauses in its agreements, but it would be well advised to if it wants to accelerate development of its newly discovered oilfields.)

Guyana’s Petroleum Activities Bill, passed by the National Assembly in August 2023 to update the Petroleum Act of 1986, grants the Natural Resources Minister extensive authority to oversee exploration, production, and licensing, as well as responsibility to enforce the law and apply fines. It addresses shortcomings of the old legislation, such as transportation and storage of hydrocarbons from offshore to onshore and obtaining access to oil feedstocks for any future refineries to keep them running if domestic production falls short. The bill also includes safety and emergency response measures, supervision and monitoring requirements, capacity-building requirements for energy companies, and a cross-border unitization framework for developing reserves that cross international boundaries.

In addition, Guyana’s assembly also passed local content legislation in 2021 that enables international oil companies to communicate their needs to local businesses effectively, creating opportunities for them to grow and provide the producers with services and skilled, educated personnel. This is in contrast to Nigeria’s local content laws, which include quotas for hiring local people but lack the provision for means to fulfill them. Guyana continues to fine-tune this policy with input from the Ministry of Natural Resources.

Namibia’s Strong Start

Although Namibia is still at an earlier stage of development, it hasn’t just been watching from the sidelines. The government has already begun work to update its tax laws and provide an enabling environment for upstream activity. Officials from NAMCOR visited Guyana in 2023 to learn more about oil developments, including how to involve local business, raise public awareness, and expand port facilities. They also learned from Guyana’s growing pains, noting that some of the best advice they received was to take their time and do proper infrastructure assessment.

The country is also getting a head start on diversification, with major law firm ENS assisting the government to come up with a regulatory framework for green hydrogen development and energy transition strategies. While much remains to be done, Namibia already finds itself in good position to offer energy companies who are headed for the exits in Nigeria and elsewhere a soft place to land.

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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11 hours ago

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June 24, 2026

By

Etu Energias

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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11 hours ago

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June 24, 2026

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Afreximbank

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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11 hours ago

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June 24, 2026

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IsDBI

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

BAKU, Azerbaijan, June 23, 2026/APO Group/ —

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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