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Libya’s Oil and Gas Outlook Continues to Look Stronger in The State of African Energy Q1 2023 Report (By NJ Ayuk)

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To increase confidence in the country’s oil and gas sector now that production has stabilized, the NOC has created a strategic plan to be carried out by what it is calling the Strategic Programs Office

JOHANNESBURG, South Africa, May 16, 2023/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (http://www.EnergyChamber.org).

When global oil prices reached a 15-year high in 2022, Libya, which holds 3% of the world’s hydrocarbon reserves and 39% of Africa’s, was unable to take advantage of the windfall.

The reasons were purely political.

Production was shut down for months beginning in April as oil became a pawn in the stalemate between rival leaders: internationally recognized Prime Minister Abdul Hamid Dbeibeh, head of the Government of National Unity (GNU), and Fathi Bashagha, parliament-appointed prime minister of the Government of National Stability (GNS).

Armed militias loyal to Khalifa Haftar, commander of the Bashagha-allied Libyan National Army, waged a campaign to oust Dbeibeh from office by blockading oil fields and ports. Within days, they had managed to close a laundry list of key operations and facilities, including the giant El Feel and El Sharara oil fields (plus several other smaller fields), and the Brega and Zueitina ports. As a result, Libya’s National Oil Company (NOC) was forced to declare force majeure, saying it was unable to fulfill its contractual obligations.

Economic Turmoil

The effect on the NOC was devastating, to say the least. At El Feel and El Sharara alone, lost production equaled 333,000 barrels per day (bpd), costing some USD34.69 million daily. Considering that oil and gas revenues have accounted in recent years for anywhere from 96% to 98% of Tripoli’s income (giving Libya one of the highest nominal GDPs in Africa), Libya’s economy didn’t fare any better.  The rebels’ actions were as much of a blow to the people as they were to Dbeibeh’s government.  

Unfortunately, this wasn’t the only time internal strife has targeted Libyan oil in recent years: A 2020 blockade of export terminals and pipelines resulted in GDP dropping 31% after exports of crude oil and condensates fell from 1.1 million barrels in 2019 to 350,000 barrels per day.

Despite the recent turmoil, things are looking up in Libya’s energy sector this year, at least so far. That’s according to “The State of African Energy Q1 2023 Report,” soon to be released by the African Energy Chamber (AEC). Among other country highlights, the report examines the effect of Libya’s parallel governments on its oil and gas industry and the NOC.

The State of African Energy Q1 2023 Report” predicts that, barring further disruptions, 2023 output should average 1.2 million bpd

Rapid Recovery

Production bottomed out under 600,000 bpd during the first half of 2022 — down 50% from the start of the year. But it rebounded remarkably almost as soon as Dbeibeh replaced the longtime NOC chair in July. The move, which was expected to give the country more control over oil revenues, satisfied the militia, who ended their blockades. In response, the NOC lifted force majeure and resumed full operations. As of the end of February 2023 crude oil production was close to pre-blockade levels at 1.164 million bpd. “The State of African Energy Q1 2023 Report” predicts that, barring further disruptions, 2023 output should average 1.2 million bpd.

That would put the NOC on its way to meeting the medium-term goal of 2 million bpd set last August by Dbeibeh, new NOC Chairman Farhat Bengdara, and other political heads. It’s unclear, however, if that figure can be achieved with the country’s current infrastructure, which is one reason GNU is working to attract additional foreign investment.

Political instability has been a fact of life in Libya for at least two decades, making it more challenging to convince international oil companies (IOCs) that Libya is a safe place to do business. Granted, there are a number of multinationals operating in the country, including France’s TotalEnergies, Italy’s Eni, Britain’s Shell, and America’s ConocoPhillips, some with histories dating back nearly 70 years. However, greenfield projects have been few and far between. When Eni announced in January of this year that it would partner with NOC in the USD8 billion Structures A&E offshore gas development, it marked the first new project in Libya in more than 20 years.

For Catherine Hunter, an analyst with S&P Global, the only way Libya can move forward is by cultivating a “far greater pool of investors to call on.” In an article posted by S&P Global, Hunter said that while there is clearly continued interest in Libya, it depends on the company’s risk tolerance.

To increase confidence in the country’s oil and gas sector now that production has stabilized, the NOC has created a strategic plan to be carried out by what it is calling the Strategic Programs Office. The idea, among other things, is to provide more transparency for IOCs into the NOC’s financials as a first step in what Bengdara called “an ambitious vision to return Libya to the ranks of the main energy-producing countries in the world.”

More Promising Signs

In the meantime, there are promising signs. In addition to Eni’s new venture, TotalEnergies, which holds interests in the Al Jurf, El Sharara, Waha, and Mabruk fields, late last year expanded its interest in Waha, completing a joint acquisition with ConocoPhillips to buy out Hess’ holdings.

In a media release, TotalEnergies said the purchase reflected the company’s “commitment to support Libya’s National Oil Corporation (NOC) in its efforts to restore and increase the country’s oil production, together with reducing gas flaring to increase supply to power plants for additional electricity supply.” The statement also said TotalEnergies and the NOC are studying the development of dedicated solar projects to supply electricity to Waha production sites.

Even more recently, good news came from the NOC itself: On May 1, just five weeks after the Erawin oilfield owned by an NOC subsidiary came online, production had already reached 92,000 bpd. That put it easily within range of its 100,000 bpd annual target.

Fair Winds

While political volatility doesn’t happen every day in hydrocarbon-producing countries, market volatility is far more common — and this time, Libya is prepared to profit from it. With Europe still seeking replacement supplies for Russian energy, it’s not surprising that long-time importers of Libyan energy — Italy, Spain, France, and Germany — would be turning to Tripoli for more oil and gas. Unless the political mayhem of 2022 resurfaces, it looks like Libya will continue to be an important outpost for exports and that the headwinds it has faced have died down.

Distributed by APO Group on behalf of African Energy Chamber.

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ACG CEO Paulo J. Cruz to Speak at the Angola Access & Investment Conference 2026 in Luanda on How Sport and Entertainment Districts Can Drive Inclusive Economic Growth Across Africa

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ACG

Cruz joins heads of state, ministers, ambassadors, and CEOs from over 60 international markets at one of Angola’s flagship investment conferences, connecting sport infrastructure to job creation, accessibility, and sustainable development

LUANDA, Angola, October 14, 2026/APO Group/ –African Collaborations Group (ACG) (www.ACGafrica.com), the leading strategic project origination and collaboration platform focused on the industrialisation of sport in Africa through the origination of bankable sport and entertainment district ecosystems, today announced that its CEO, Paulo J. Cruz, will speak at the Angola Access & Investment Conference 2026 (AAIC) (www.aaic.ao) in Luanda, Angola, from 14 to 17 October 2026.

 




 
 

The AAIC is organised by Expo Connect Angola in partnership with Skyliam Properties, the Cópia Group, and Angolan Business Beyond Borders, with the support of the Angola-Mozambique Chamber of Commerce and Industry (CCIAM) and the Angolan Ministry of Tourism and the Ministry of Telecommunications, Information Technologies, and Social Communication. The conference brings together heads of state, ministers, ambassadors, CEOs, investors, development banks, and business leaders from over 60 international markets.

Mr Cruz will address how ACG’s origination of integrated sport and entertainment districts contributes directly to inclusive economic growth. His intervention will focus on how sport infrastructure, when designed as a financially self-sustaining urban ecosystem, becomes a catalyst for large-scale job creation, skills development, accessible infrastructure, and long-term economic diversification.

Sport infrastructure has the power to be one of the most inclusive economic assets a country can build

The AAIC’s focus on accessibility and inclusion aligns directly with ACG’s approach to sport and entertainment district development. A Victory District™ is designed from inception to serve the widest possible community: creating permanent employment across dozens of professions, providing professional sport training facilities for young athletes, and generating economic activity that benefits surrounding neighbourhoods year-round.

“Sport infrastructure has the power to be one of the most inclusive economic assets a country can build,” said Paulo J. Cruz, CEO of ACG. “A Victory District™ does not just create stadiums. It creates thousands of permanent jobs, from hospitality to broadcast production, from sport coaching to facility management. It creates training pathways for young athletes. And it creates an urban ecosystem that generates economic activity 365 days a year. That is inclusive growth in practice, not in theory. I am honoured to share that vision at the AAIC alongside some of Africa’s most influential investors and decision-makers.”

The AAIC programme includes official MoU signing ceremonies, B2B investment rounds, VIP executive networking with senior government and business leaders across 10 dedicated Business Lounges, and the inauguration of Angola’s first assistive technology factory. The conference covers priority sectors including energy, mining, accessible tourism, agriculture, logistics, health, and infrastructure.

ACG’s Victory District™ framework is designed to originate integrated, mixed-use sport and entertainment districts that move beyond single-venue development models. Each district combines stadiums, indoor arenas, training academies, hotels, conference centres, retail, entertainment, residential, and commercial space within a single masterplanned development, financed by private and institutional capital without reliance on public subsidy.

Mr Cruz brings more than 28 years of experience across Africa, the Middle East, and Europe in originating, structuring, and delivering large-scale infrastructure, urbanisation, and real estate development initiatives. Prior to ACG, he served as Senior Vice President at DAMAC Group, the largest private real estate developer in the Middle East, and as Group CEO of LandAfrique, a pan-African development platform focused on industrial parks, infrastructure, housing, and power projects across Sub-Saharan Africa.

Distributed by APO Group on behalf of African Collaborations Group (ACG).

 

 




 

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Venezuelan Oil and Gas Opportunities Take Center Stage at African Energy Week (AEW) 2026

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Venezuela

The country is promoting new hydrocarbons contracts, upstream and refining opportunities, and technical partnerships with Africa to attract investment and strengthen local energy sector capabilities

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Venezuela is seeking to attract international investment into its oil and gas sector while building stronger energy partnerships with African countries. Revised hydrocarbon legislation offers new entry routes for private operators, while cooperation on technical training could help African markets draw on Venezuela’s industry expertise. These opportunities featured at the Venezuela Global Investment Forum during African Energy Week (AEW) 2026 in Cape Town.

 




 
 

Ricardo Gomez, Venezuela’s Vice Minister of Commercial Policy, outlined the country’s investment proposition, highlighting 303 billion barrels of proven oil reserves and 193 trillion cubic feet of natural gas.

“Venezuela combines a large hydrocarbon resource base with refining infrastructure and a market that needs reliable energy,” he said. “The opportunities extend from upstream projects to downstream and refining.”

The country’s amended Organic Hydrocarbons Law introduces new ways for international companies to enter the market. Hydrocarbon production participation contracts allow private operators to manage designated assets, oversee operations and market production under negotiated terms. Agreements can extend for 25 years, offering a longer investment horizon for field development and rehabilitation.

Restructured joint venture companies provide another route, retaining majority state ownership while allowing international partners to take on operational responsibilities through approved agreements. Direct ministerial contracts and strategic alliances offer additional opportunities in field redevelopment, oilfield services and infrastructure.

Venezuela is seeing a lot of interest as a result of aggressive fiscal and regulatory changes that are making the country more attractive

Potential investments span heavy-oil production in the Orinoco Belt, mature onshore fields, offshore gas, pipeline rehabilitation, export terminals and refinery upgrades. Venezuela’s target of signing 105 definitive oil contracts by year-end reflects its wider effort to attract operators and accelerate project development.

Scott Gilbert, CEO and Executive Director of Corcel Plc and Non-Executive Chairman of Apertura Energy, highlighted investor interest in the changing regulatory environment. “Venezuela is seeing a lot of interest as a result of aggressive fiscal and regulatory changes that are making the country more attractive,” he said.

Alongside these commercial opportunities, Venezuela is promoting its technical expertise through the Venezuelan University of Hydrocarbons (UVH). Celia Bejarano, the university’s President, explained how the institution trains engineers and geologists in geophysics, reservoir engineering, well management, natural gas and petrochemicals.

“The Venezuelan University of Hydrocarbons was created to deliver a specialized institution where the country can train its own recruits to develop its own premier resources,” Bejarano said.

Through its Africa-Venezuela Energy Partnership with the African Energy Chamber (AEC), UVH is advancing technical training, knowledge exchange and workforce development. The initiative could help African energy projects apply Venezuela’s experience in heavy-oil production and offshore engineering while strengthening local capabilities. Rene Awambeng, founder and managing partner of Premier Invest, highlighted this opportunity for African developers.

“When we are developing our assets here, we always import talent,” he said. “With the Venezuelan University of Hydrocarbons, we can actually leverage Venezuela’s immense experience to support local content development here in Africa.”

Also speaking during the discussion, NJ Ayuk, Executive Chairman of the AEC, emphasized the strategic value of closer ties between the regions. “Our energy industry has an amazing ally in Venezuela,” he said, describing the country as “open for business and ready to partner with Africa.”

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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Sonangol Cites Commitment to Privatization as Company Charts Next Growth Phase

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Katambi

Katambi-2 appraisal, infill drilling and downstream construction frame the national oil company’s priorities as it marks its 50th anniversary

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Angolan National Oil Company Sonangol is advancing plans for an initial public offering (IPO) while expanding its upstream portfolio and investing in Angola’s domestic refining capacity, as the national oil company charts its next phase of growth following its 50th anniversary in 2026. Speaking at the opening ceremony of African Energy Week (AEW) 2026, Executive Board Member Osvaldo Inácio reaffirmed the company’s commitment to privatization, alongside efforts to increase production, progress new developments and translate Angola’s oil and gas resources into broader economic growth.

 




 
 

 

“We want to make sure that we do it in a way that, when you buy your shares, you are happy with the performance of those shares. We are doing the internal work required to make sure that when we get to that point, it’s a successful story,” he said.

We want to make sure that we do it in a way that, when you buy your shares, you are happy with the performance of those shares

Sonangol’s 50th anniversary comes as Angola’s NOC develops opportunities across exploration, producing assets and domestic processing. Its next investment phase requires capital and technical partners to turn appraisal results into developments while delivering refinery infrastructure and expanding the value retained from Angola’s oil and gas production.

“We are thinking about what the next 50 years will be like, focusing on producing to transform. We are not only looking at managing resources but how we translate those resources into overall development in the country,” he said.

Sonangol’s September account of its Katambi-2 work in Block 24 described a completed formation test in a non-associated gas reservoir, providing further evidence for assessment of the field’s development potential. In its producing portfolio, the company and its partners also reported approximately 100 meters of net oil pay at PAC 416 in Block 3/05, as part of a program intended to increase operated production. The results give Sonangol a technical basis for future investment, while appraisal, development design and commercial arrangements remain necessary steps.

“If you look at our portfolio, we have both operated and non-operated assets. The focus is on making sure we are doing everything we can to make sure those assets are still producing at the highest rate possible. New developments such as Block 3/05 are advancing. We are also part of Kaminho with TotalEnergies,” Inácio shared.

Downstream, Angola’s government reported in September that the Lobito refinery was approximately 26% physically complete, with around $1.6 billion invested and completion envisaged for 2029. A potential petrochemical complex was under study. Alongside Cabinda’s initial 30,000-bpd refining phase, Lobito gives Sonangol’s diversification program a concrete industrial focus, with financing, construction progress and product marketing central to the next stage.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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