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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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Congo Is Turning Reserves into Bankable Projects – and the Investment Window Is Opening

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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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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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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

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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