Minister Ondo will ramp up investments in Equatorial Guinea’s upstream sector at African Energy Week, by showcasing the country’s profitable oil and gas prospects
JOHANNESBURG, South Africa, June 23, 2023/APO Group/ —
Equatorial Guinea’s Minister of Mines and Hydrocarbons and OPEC President Antonio Oburu Ondo is taking the lead in an upstream investment drive in Equatorial Guinea, positioning the country as the perfect destination for exploration activities. As a keynote speaker at the upcoming African Energy Week (AEW) 2023 conference in Cape Town from October 16-20, Minister Ondo will highlight the progress made in Equatorial Guinea and advocate for increased gas-directed investments this year and beyond.
Serving as President of OPEC and the Minister of Mines and Hydrocarbons, Ondo brings with him a wealth of experience, having previously served as the Managing Director of national oil company GEPetrol where he was instrumental in positioning the company as a major player in the regional energy industry. As such, he is well versed in the upstream sector and is the best person to lead Equatorial Guinea’s efforts in attracting major players into the country.
Despite having only been appointed Minister this year, Ondo has already made significant progress to expand Equatorial Guinea’s upstream industry. He signed three producing sharing contracts (PSC) in February 2023 – one with independent E&P company Panoro Energy and two with Africa Oil Corporation – whereby Panoro Energy was awarded a 56% sharing interest operatorship in Block EG-01 while the signing of duo-PSCs with Africa Oil Corporation enabled the company to enter the Equatorial Guinean market. With the PSCs, Africa Oil Corporation will own an 80% interest in Block EG-18 and EG-31, respectively. These partnerships signify the country’s openness to collaboration and as well as the massive potential in its upstream sector.
Another prominent upstream oil company that has recognized Equatorial Guinea as an exploration hotspot is Kosmos Energy. The company has focused on production optimization services, as well as infrastructure-led exploration in proven basins within Equatorial Guinea. Kosmos Energy’s achievements in Equatorial Guinea have been remarkable, leading to the firm and its partners securing an extension of the production sharing contract for Block G, with interests in blocks, EG-21, EG-24, and S. This significant milestone was made possible through collaboration with the Ministry of Mines and Hydrocarbons of Equatorial Guinea and is a testament to the country’s enabling and investor friendly environment.
“Minister Antonio Oburu Ondo has a long history of understanding the industry, and as such, he will help keep the market stable and continue working on attracting the necessary hydrocarbon-focused investments into the country, building on the progress that has already been achieved in Equatorial Guinea,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.
AEW 2023 will provide an ideal platform for Ondo to bolster relations with international companies and neighbouring countries and the broader African continent
Equatorial Guinea has already positioned itself as an active player in the global oil and gas industry, exporting oil and gas to international markets. Additionally, the country is poised to play a vital role in the processing of liquefied natural gas (LNG) from neighbouring countries like Nigeria and Cameroon. This strategic positioning presents a unique opportunity for investors to participate in the development of a cross-border Mega-Gas-Hub. As such, the successful processing of LNG requires the expertise and investment of highly skilled companies and investors. With the Mega-Gas-Hub expected to see profitable results, it is in investors’ best interest to seize the opportunity to capitalize on this development.
In this scenario, Minister Ondo understands the importance of formulating a comprehensive plan that will ensure the profitability and success of these projects. AEW 2023 will provide an ideal platform for Ondo to bolster relations with international companies and neighbouring countries and the broader African continent, attracting potential investors who can contribute to the feasibility and prosperity of these initiatives.
Investors stand to benefit immensely from engaging in these projects, as they represent a massive investment opportunity with the potential to generate significant economic growth and prosperity. Equatorial Guinea’s commitment to becoming a regional energy powerhouse and its collaboration with neighbouring nations make it an attractive destination for investors seeking long-term returns and sustainable development.
With his deep understanding of the industry and his commitment to securing better fiscal terms, Minister Ondo is instrumental in enticing more explorers to invest in Equatorial Guinea, ultimately leading to increased production and further positioning the country as a preferred destination for upstream investment. AEW 2023 will therefore serve as a platform for Ondo to connect with stakeholders, African leaders, international and regional companies to incentivize new investment into the country’s upstream sector.
“Equatorial Guinea continues to make promising strides of becoming an oil and gas mega hub, and the chamber will continue to work closely with the Ministry of Mines and Hydrocarbons to realize their national objectives and support their drive to increase investments in its upstream sector. Equatoguinean resources, expertise and partnerships will be key for Africa’s energy future, and we look forward to seeing developments across all of these arenas during this year’s AEW conference,” adds Ayuk.
African Energy Week (AEW) is the African Energy Chamber’s (AEC) interactive exhibition and networking event, established in 2021, that seeks to unite African energy stakeholders, drive industry growth and development, and promote Africa as the destination for African-focused events.
For further information on the African Energy Week 2023 conference, click the link below:
https://apo-opa.info/3NBqdUA
Distributed by APO Group on behalf of African Energy Chamber.
New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique
PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.
The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.
With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.
As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions
“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”
The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.
The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.
This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.
Key Points:
SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.
Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply
JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.
The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.
We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.
The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.
For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.
“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.
The IEP must plan the power system we are becoming, not simply model the power system we have inherited
Partnership with C&I Energy + Storage Summit
SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.
The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.
For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.
Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.
Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme
The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.
Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.
Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets
PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.
Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.
The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.
This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.
AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans
Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.
Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”
Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”
AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.
As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.
Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.
Distributed by APO Group on behalf of Afreximbank.
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