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Namibia: Shell Write Down Merely a Speed Bump, not a Road Block

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Namibia

The country still offers substantial potential in the offshore Orange Basin, confirmed by major projects such as TotalEnergies’ appraisal campaign in PEL 56

JOHANNESBURG, South Africa, January 9, 2025/APO Group/ — 

Energy major Shell has announced that oil discovered offshore Namibia in Petroleum Exploration License (PEL) 39 cannot be currently confirmed for commercial development. As such, the company will write down $400 million, citing technical and geological difficulties encountered at the license.

While stakeholders deem this as a ‘blow to the country,’ the African Energy Chamber (AEC) – serving as the voice of the African energy sector – considers this merely a speed bump in Namibia’s oil development rather than a road block. Namibia still offers significant potential in the offshore Orange Basin and beyond, underscored by the positive exploration campaigns currently underway.

Shell made headlines in 2022 with the discovery of the Graff-1X exploration well in PEL 39. Since this find, the company has drilled an additional 8 wells, namely La Rona-1X, Jonker-1X, Graff-1A, Lesedi-1X, Cullinan-1X, Jonker-1A, Jonker-2A and Enigma-1X. Situated 250 km in the deep offshore, PEL 39 covers 12,000 km² – twice the size of Namibia’s capital city Windhoek. While subsurface complexities may exist, the current findings across the country are still promising. Moving further north, reservoir quality is expected to improve. A more in-depth analysis of the data by the exploration team could uncover opportunities for a gas strategy, potentially revealing new possibilities.

Shell and other operators have only scratched the surface of the vast exploration opportunities available in Namibia

The Orange Basin, particularly the northern areas, still holds significant exploration prospects with potential for commercially viable discoveries. Leading international oil companies and independents continue to position the basin as one of the most sought-after exploration hotspots, with various exploration campaigns expected to yield strong results. Energy major TotalEnergies, for example, is expected to make a Final Investment Decision on its Orange Basin projects in 2025, following strong discoveries. The company currently operates two offshore exploration licenses in the Orange Basin – Block 2912 and 2913B – in PEL 56 and is currently engaged in a multi-well appraisal and exploration drilling campaign in Block 2913B, following the expansion of its interests in both blocks in 2024. First oil is targeted for 2029.

Other players, including Woodside Energy, Galp and Rhino Resources continue to explore Namibia’s potential. Woodside Energy is expected to become the operator of PEL 87, following the approval of a permit and access to seismic data. Galp has seen significant success offshore Namibia with two discoveries made at the Mopane complex. The company is seeking a farm-in partner, with Brazil’s Petrobras exploring the opportunity. Meanwhile, Rhino Resources will begin drilling activities at PEL 85 in Q1, 2025, with plans to drill two high-impact wells.

The Orange Basin is believed to be rich in oil, with promising exploration opportunities in the north. Gas prospects are also prolific, underscoring the future potential and emerging growth opportunities present in the basin. However, Namibia’s oil potential doesn’t end with this basin. Beyond the Orange Basin, Namibia’s on- and offshore acreage offers high potential for impactful discoveries, particularly in basins such as Walvis, Kuene, Kavango and Namibe.

The Walvis Basin covers an area of 17,295 km² and serves as one of the most prolific gas provinces worldwide, and various companies are engaged in exploration activities. Eco Atlantic is assessing opportunities for development in PEL 97, PEL 98, PEL 99 and PEL 100, while Tower Resources is conducting an oil seep analysis and review of existing volumetric data on existing prospects and leads in Block 1910A, 1911 and 1912A. The company has identified the presence of multi-billion-barrels-of-oil-structures. Global Petroleum renewed its license for PEL 94 to September 2025, aiming to acquire, process and interpret 2,000 km of 3D seismic data. The company also plans to drill one well. Additionally, Chevron acquired an 80% operating interest in PEL 82 in the Walvis Basin in 2024.

Onshore, ReconAfrica is leading exploration in the Kavango Basin. The company confirmed the presence of an active petroleum system in November 2023 and seeks to obtain a 25-year production license following a discovery in PEL 73. The Kavango basin could likely hold as much as 30 billion barrels of oil, highlighting the potential across in-land basins.

“There is no need for alarm. Exploration in these blocks is ongoing, and discoveries may need to be tied in with other finds within the basin. It’s worth noting that these blocks are massive, spanning up to 10,000 square kilometers – larger than some countries. Shell and other operators have only scratched the surface of the vast exploration opportunities available in Namibia. The country’s oil and gas story is still unfolding, and there’s so much more to come. The government has been a strong supporter of investment into the oil sector and has created a stable climate that makes Namibia a go to destination for investors,” states NJ Ayuk, Executive Chairman of the AEC.

Distributed by APO Group on behalf of African Energy Chamber.

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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