VAALCO Energy represents one of the leading players in Africa’s oil and gas exploration and production space, whose high-risk appetite for mature projects showcases the continent’s immense hydrocarbon potential

With their boots-on-the-ground working philosophy and appetite for African assets, VAALCO Energy has shown a spirited dedication to bringing energy to where it is needed the most

CAPE TOWN, South Africa, August 7, 2024/APO Group/ —

In a landmark deal, Houston-based hydrocarbon exploration company VAALCO Energy has reported that all involved parties have finalized a production sharing contract (PSC) for Block P offshore Equatorial Guinea. According to the joint operating agreement, which was approved by the government of Equatorial Guinea in March 2024, the PSC provides for a development and production period of 25 years from the date of approval.

With a resource base of over 20 million barrels of oil, Block P is home to the Venus discovery and an exploration area, operated by VAALCO Energy (60%), alongside Equatorial Guinea’s national oil company GEPetrol (20%) and Nigerian oil and gas company Atlas Petroleum International (20%). VAALCO Energy is nearing a final investment decision on the development, after which the company will move straight into a drilling campaign. The Venus conventional oil field is expected to start commercial production in 2026 and is forecast to peak in 2028.

As the voice of the African energy sector, the African Energy Chamber (AEC) commends this significant milestone. The AEC believes that VAALCO Energy’s commitment to boosting offshore oil production marks a critical step towards reversing production declines in Equatorial Guinea. As a major oil and gas producer with proven offshore plays, the country has the potential to contribute to long-term energy security across West Africa. Block P serves as a catalyst to this goal and the AEC supports VAALCO Energy and its partners in their ongoing exploration and production efforts.

Committed to maximizing Africa’s hydrocarbon potential, VAALCO Energy plans to double its crude production to over 50,000 barrels of oil per day by 2027. The production increase falls under the company’s strategy to grow its output from maturing fields. In another move set to bolster VAALCO Energy’s exploitation of crude resources, the company entered a deal in March 2024 to acquire Swedish offshore exploration company Svenska Petroleum Exploration. The $66.5-million, all-cash transaction includes the acquisition of Svenska’s 27.39% interest in the deepwater producing Baobab field in Block CI-40 offshore Ivory Coast.

Having been significantly de-risked through the drilling of 24 production wells and five injection wells and boasting a 20-year production history, the high-performing Baobab field is poised to serve as an important upside opportunity for VAALCO Energy. As part of efforts to diversify its portfolio and boost production from its African assets, VAALCO Energy is planning a dry-docking and upgrade of Baobab’s FPSO unit in 2025, which will lead to significant production growth from the field’s planned 2026 drilling program.

In addition to Equatorial Guinea and Ivory Coast, VAALCO Energy is eyeing locations for its next drilling campaign at the Etame block offshore Gabon, with operations set to start in late-2024. So far, the company has extracted 127 million barrels from its Etame permit and is focused on ensuring the block continues to produce over the next decade. VAALCO Energy is maintaining its focus on high production uptime and enhancements at the permit to minimize decline until the new drilling campaign begins and is working to optimize production from new flowline configurations for final processing before being pumped to the field’s FPSO.

VAALCO Energy is deeply committed to community development in the markets where they operate. In 2022, VAALCO Energy launched the Adopt the Beach program to maintain the Cape Lopez Beach in Gabon and partnered with conservation organization Space for Giants to protect Africa’s ecosystems and wildlife. Since 2019, VAALCO Energy has been actively engaged in enhancing local social benefits, with its Solar Lights project aiming to illuminate 2,300 rural areas in Gabon with solar lighting. VAALCO Energy also supports Nissi House, a vital non-governmental organization combating child trafficking and underage labor by providing shelter to at-risk children and their families. The company also ensures that in-country leadership in the countries where it operates are all local and have made a point of hiring Africans on all their projects, which ties into their robust local content strategy.

“With their boots-on-the-ground working philosophy and appetite for African assets, VAALCO Energy has shown a spirited dedication to bringing energy to where it is needed the most. The company continues to work with its partners on the continent – uniting financial resources with technical expertise – to drive high-impact exploration and production programs. The Chamber supports these efforts to exploit Africa’s energy resources for the benefit of the population, while transforming upstream markets into investor-friendly destinations. We see the company as a major contributor to improving Africa’s upstream landscape” says NJ Ayuk, Executive Chairman of the AEC.

Distributed by APO Group on behalf of African Energy Chamber

Angola Oil & Gas 2024 returns to Luanda from October 2-3 under the theme ‘Driving Exploration and Development Towards Increased Production in Angola’

LUANDA, Angola, August 6, 2024/APO Group/ —

Global projects developers, independent E&P firms and regional investors are expected to enter the Angolan oil and gas market in the coming months as new blocks become available across onshore, offshore and marginal fields. In addition to accelerating exploration, new entrants signal fresh opportunities for collaboration and local contract opportunities.

The Angola Oil & Gas (AOG) conference – returning for its next edition from October 2-3 in Luanda – will feature a strategic track as part of its main conference agenda. The track will examine Angola’s investment outlook, strategies for enhancing local content and the role of women in the oil and gas industry. Stakeholders from both the global and local market stand to gain crucial insight into projects, opportunities in natural gas production and the business environment in Angola.

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Angola’s Namibe Basin is one of the final frontiers for oil and gas exploration, representing a significant unexploited hydrocarbon province. While minimal exploration has been conducted to date, seismic studies have shown promising results. Notably, Blocks 41, 42 and 43 in the Kwanza and Namibe basins are covered in their entirety with a 2D seismic dataset, with significant syn- and post-rift potential across the entire basin identified. A panel discussion on Frontier Exploration: Charting New Paths for Investment during AOG 2024 will explore the strategic potential of the basin, with speakers delving into block opportunities and partnership prospects.

In tandem with oil production efforts, Angola is making strides towards attracting investment across the natural gas industry. The country has a target to increase the share of gas to 25% of the energy mix by 2025 and is promoting exploration opportunities, infrastructure development and monetization solutions. Major projects include the Angola LNG plant – which celebrated its 400^th cargo in 2023 – and the Quiluma and Maboqueiro development, Angola’s first non-associated gas project. The project will come online by 2026 and will serve as feedstock for the Angola LNG plant. During AOG 2024, a panel discussion on Beyond Oil: Angola’s Rise as a Gas Powerhouse will examine investment opportunities across the gas industry.

Up to $60 billion will be invested in Angola’s oil and gas industry in the next five years. The country’s enabling business environment and market-focused fiscals have played an instrumental part in attracting foreign capital to the market. A six-year licensing round launched in 2019 provides regular access to block opportunities while engagement with IOCs ensures ongoing review of licensing structures and fiscal terms. AOG 2024’s strategic track will feature a session on Perspectives on Investment: The key to Doing Business in Angola. The session will unpack the country’s business climate, including regulatory frameworks, industry procedures and rules of engagement.

As the country’s oil and gas industry grows, so do opportunities for Angolan SMEs and operators. As a mature producer, Angola’s industry success is largely attributed to the competitiveness of its domestic players. The Angolan government is driving local content through the Angolanization initiative, which strengthens national entrepreneurship by granting local service providers preference to oil and gas contracts. The initiative places local content at the forefront of projects by prioritizing the utilization of Angolan products and services. AOG 2024 will further explore this initiative through a panel titled Empowering Angola Talent: Local Content Strategies to Unlock Angola’s Human Capital.

Given the vital role women play in strengthening Angola’s oil and gas industry while driving project forward, the conference will also feature a panel discussion on Sailing into the Future: Women Steering the Ship of Angola’s Oil and Gas Evolution. The session will explore the contributions and future potential of women in the industry, with topics such as leadership, technical expertise and more featured.

AOG 2024 features a multi-track program that offering a comprehensive overview of the country’s oil and gas value chain. To download the program, visit https://apo-opa.co/3SCYLIq. For more information on panel discussions, speakers and topics, visit www.AngolaOilandGas.com.

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

The event, taking place on 31 October in Dubai, will serve as a platform to explore and capitalise on the burgeoning opportunities along the UAE- and broader Gulf-Africa trade and investment corridor

The UAE is already the fourth-largest investor in Africa, and we are excited to work with the government to bolster commercial ties across the continent at this critical time

DUBAI, United Arab Emirates, August 6, 2024/APO Group/ —

Invest Africa (www.InvestAfrica.com), a business network promoting trade and investment in Africa, is proud to announce a strategic partnership with the Ministry of Economy of the United Arab Emirates to host The Africa Debate-UAE (https://TheAfricaDebate.com/UAE). The event, taking place on 31 October in Dubai, will serve as a platform to explore and capitalise on the burgeoning opportunities along the UAE- and broader Gulf-Africa trade and investment corridor.

Following ten successful editions of The Africa Debate in London, Invest Africa is excited to take the conference to the UAE – the largest investor in Africa among the GCC states. This year’s programme will spotlight investment opportunities along the UAE- and broader Gulf-Africa trade and investment corridor, featuring sessions on financial services, logistics and supply chain optimisation, energy and infrastructure, and ICT and digital transformation. The event will bring together global businesses, private and public investment bodies, thought leaders, and policymakers for a series of insightful debates on UAE-Africa relations in 2024 and beyond.

Chantelé Carrington, Chief Executive Officer, Invest Africa said: “Our partnership with The Ministry of Economy – UAE is a testament to our commitment to facilitating meaningful business connections and fostering two-way trade and investment between the UAE and Africa. The Africa Debate – UAE will not only spotlight investment opportunities but also provide a robust platform for dialogue and collaboration among key stakeholders. The UAE is already the fourth-largest investor in Africa, and we are excited to work with the government to bolster commercial ties across the continent at this critical time in Africa’s growth story.”

H.E. Juma Alkait, Assistant Undersecretary for International Trade Affairs, Ministry of Economy – UAE said: “The UAE has long recognised the strategic importance of Africa as a key trade and investment partner. By collaborating with Invest Africa, we aim to deepen our engagement with African markets and explore new avenues for economic cooperation. The Africa Debate has already established itself as a premier platform for promoting Africa-forward initiatives and investment, and we are excited to bring this prestigious event to Dubai. We look forward to welcoming 300+ vetted industry leaders to advance UAE-Africa partnerships and drive mutual growth.”

The conference will feature a series of breakout sessions focusing on:

• Financial Services
• Logistics and Supply Chain Optimisation
• Energy and Infrastructure
• ICT and Digital Transformation

As global businesses, investors, and policymakers converge in Dubai, The Africa Debate – UAE will serve as a crucial nexus for those seeking to engage in trade and investment along the UAE- and broader Gulf-Africa corridor.

Distributed by APO Group on behalf of Invest Africa.