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Republic of Congo Lighting the Way for African Oil and Gas (By NJ Ayuk)

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2 years ago

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Congo

The Republic of Congo’s (ROC’s) burgeoning oil and gas success story stems from a recognition of and a willingness to act on multi-faceted opportunities

JOHANNESBURG, South Africa, August 14, 2024/APO Group/ — 

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

French oil and gas supermajor TotalEnergies announced in May that the company intends to invest $600 million in the Republic of Congo (ROC) before 2024 is out. The funding will support exploration and improve production in the deep offshore Moho Nord field, which currently produces at a rate of 140,000 barrels per day (bpd), accounting for roughly half of all Congolese oil production. With their added capital, TotalEnergies expects to increase this rate by 40,000 bpd — a welcome boost that will undoubtedly help the ROC get closer to its goal of doubling its total daily rate to 500,000 bpd.

In addition to their operations in the Moho Nord field, TotalEnergies also holds the ROC’s Marine XX permit. The site recently welcomed the arrival of two drilling rigs that TotalEnergies is confident will facilitate new discoveries, which the company also anticipates before the end of the year.

TotalEnergies, of course, has a significant presence on the continent, with a diverse portfolio built over 80 years. Still, this new commitment in Moho Nord is but one of many developments that reflect international confidence in the Congolese hydrocarbon sector and offer justification for the ROC to serve as a model for other African nations to follow.

Getting Out Ahead

The ROC’s burgeoning oil and gas success story stems from a recognition of and a willingness to act on multi-faceted opportunities.

A nation with proven reserves of 1.8 billion barrels (bbl) of oil and 284 billion cubic meters (bcm) of natural gas, the ROC has not fallen victim to the stagnation of red tape and endless deliberation that have plagued other African nations. Instead, the ROC set out to create an enabling business environment within its borders that would attract and retain foreign investment.

Helmed by Bruno Jean-Richard Itoua, the Congolese minister of hydrocarbons, the ROC’s efforts to reinvigorate its hydrocarbon sector have been open and inclusive, incorporating numerous global partnerships and multiple focal points across the industry spectrum.

During remarks at the Invest in African Energy 2024 forum in Paris, Itoua confirmed the ROC’s formation of a gas master plan and a comprehensive gas code. The government will also establish a national gas company in the third quarter of 2024. 

Itoua explained how, going forward, the ROC will steer gas, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) primarily toward their local market with any excess reserved for export to the sub-region to tend to Africa’s energy needs first rather than Europe’s.

He also addressed the importance of public-private cooperation in relation to achieving his ministry’s goals of increasing production by 60% in the next two years while working toward alleviating energy poverty and funding the energy transition.

“Maybe 95% of investment in the oil sector in the Congo comes from the IOCs (international oil companies),” Itoua said. “Our responsibility [as the government] is to create the best business environment, best legal network, and best facilities to attract investors and partners interested in building solutions with us.”

Itoua’s outlook, which reflects his government’s approach to revitalizing the ROC’s hydrocarbon sector, is key to understanding how this small nation is writing its own very big energy success story.

During the leadup to Itoua’s announcement of a new gas master plan, thanks to the existing enabling environment in the ROC, both investor confidence and exploration and production activities were already on the rise.

Upstream and Downstream Projects

As a component of the ROC’s initiative to double its total hydrocarbon output, Pointe-Noire-based oil and gas service Trident OGX Congo commenced its seven-year project to increase production through hydraulic fracturing in the Mengo-Kundji-Bindi II oil fields. With $300 million in financing from the African Export-Import Bank (Afreximbank) kickstarting the program, operators expect the facility to eventually attract $1.5 billion in investments, create new jobs, provide an economic boost to the region, and increase the ROC’s total oil production level by 30%.

Our responsibility [as the government] is to create the best business environment, best legal network, and best facilities to attract investors and partners

Anglo-French oil and gas company Perenco has been active offshore, acquiring 3D seismic data ahead of its exploration schedule planned for the Tchibouela II, Tchendo II, Marine XXVIII, and Emeraude permits the company holds.

Also a testament to the ease of doing business under current ROC leadership, Trident Energy — the London-based international oil and gas company committed to redeveloping mid-life assets — announced in April of this year that it had inked deals with both Chevron and TotalEnergies to acquire interest in ROC fields. Upon final approval, which is expected before the close of Q4 2024, the arrangements will see Trident Energy with an 85% working interest in the Nkossa and Nsoko II fields, a 15.75% working interest in the Lianzi field, and operational control of all three. Trident Energy will also have a 21.5% working interest in the ultra-deepwater Moho–Bilondo field which TotalEnergies will continue to operate.

Commenting on the agreement, Trident Energy Chief Executive Officer Jean-Michel Jacoulot said, “The transaction aligns with our strategy to acquire and operate high quality assets in a safe, efficient and responsible manner.

“Building on our continued successes in Equatorial Guinea and Brazil, we are excited to unlock further value and create opportunities for our partners in the Republic of Congo, host communities and all our stakeholders.”

The ROC also has sought to enhance its refining capabilities, offering potential investors the opportunity to support upgrades to its Congolaise de Raffinage refinery, which currently operates at a rate of 600,000 tons per year.

Construction of an additional refinery, the Atlantique Pétrochimie in Fouta just south of Pointe-Noire, is expected to begin in 2024. With financial backing from the Chinese company Beijing Fortune Dingheng Investment, the refinery will process 2.5 million tons of hydrocarbon products per year, including gasoline and diesel, as well as LPG, kerosene and fuel oil, and raw materials like propylene, propane, hydrogen naphtha, and sulfuric acid.

Turning Up the Gas

With existing natural gas production either stable or in decline over the past decade, another primary drive for the ROC in 2024 is to expand and monetize production with sights on becoming a global LNG exporter in short order.

The ROC sent its first export of LNG to Italy in February 2024 from the first of the two Tango floating liquefied natural gas (FLNG) facilities located 3 kilometers offshore at the Marine XII concession. The Tango FLNG operation is a partnership with Italian multinational energy company Eni with an expected capacity of 4.5 bcm per year once construction of the second FLNG facility wraps up in 2025.

On May 21, 2024, in Brazzaville, Itoua and Algerian Minister of Energy and Mines Mohamed Arkab signed a memorandum of understanding between the two countries covering future cooperation between Algeria’s state-owned oil company, Sonatrach, and Congolese national oil company Société Nationale des Pétroles du Congo (SNPC). Though the memorandum concerns the ROC’s entire hydrocarbon sector, it highlights knowledge-sharing for industry development in LNG, LPG, and petrochemicals as well as carbon footprint reduction.

An associated gas production project at the onshore Banga Kayo block seeks to harness previously flared gas resources for LNG, butane, and propane production for domestic use and regional export in contribution to the ROC’s gas monetization goals.

The conventional oilfield at Banga Kayo, operated by China’s Wing Wah Oil Company, consists of approximately 250 wells currently producing 45,000 bpd with an expected peak of 80,000 bpd. The April 2024 signing of an amended production sharing contract (PSC) between Wing Wah and SNPC that will govern the project marked the start of development for its first phase which aims for a production capacity of one million cubic meters per day (mcm/d). Two subsequent phases slated for March and December of 2025 will up the site’s production to five mcm/d.

The Banga Kayo project design incorporates power generation and environmentally friendly water treatment for each unit of the facility, with provisions of excess power and clean water sources for the surrounding communities. The workforce at the site, currently over 3,000 members strong, is also majority Congolese. By promoting efficiency, scalability, reduced emissions, and local benefits, the Banga Kayo project exemplifies the best approach for maximizing production and progress in the ROC and elsewhere in Africa.

With the assurance of a concrete gas master plan and gas code nearing finalization, promising developments like these are certain to multiply and increase in frequency and substance in the days ahead.

Betting on a Winner

By seeking and securing mutually beneficial relationships with international oil companies of varying sizes, both in and out of Africa, and by working towards defined goals, the ROC will ensure that it remains engaged in sustainable development and on a path toward economic growth.

The ROC’s enabling hydrocarbon policies attract sizeable foreign investment and offer a profitable working environment for operators of any size that is free from the paralyzing delays they often encounter in other countries.

By continuing in this fashion, in the years to come, the ROC will likely enjoy economic benefits widespread throughout its population, and it will surely find itself where it wants to be — in its rightful place alongside the other major energy exporters of the future.

The process by which it got there will also likely serve as a valuable template for other nations seeking to convert their natural wealth into long-term prosperity.

Distributed by APO Group on behalf of African Energy Chamber

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Africa’s Lithium Pipeline Gains Momentum as Global Supply Deficits Loom

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11 hours ago

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April 9, 2026

By

Energy Capital

The upcoming African Mining Week 2026 – taking place from October 14-16 in Cape Town – will connect global investors with prospects within the lithium industry amidst an anticipated resource supply deficit by 2028

CAPE TOWN, South Africa, April 9, 2026/APO Group/ –Rising demand for lithium is positioning Africa to attract foreign investment, accelerate local beneficiation and strengthen its role in securing the global battery supply chain. A recent forecast by Wood Mackenzie projects that global lithium demand could exceed 13 million tons by 2050 under an accelerated energy transition scenario. This surge is expected to place significant pressure on supply, with deficits emerging as early as 2028. Without substantial new investments, existing lithium projects will struggle to meet demand beyond the mid-2030s.

 

Against this backdrop, Africa’s growing pipeline of greenfield and development-stage lithium projects positions the continent as an increasingly important contributor to global supply security. In 2025, Africa ranked as the largest source of new lithium supply globally, with new output from the region exceeding that of the rest of the world combined. This milestone underscores the continent’s potential to scale production and strengthen its role in the global battery minerals market.

Emerging Lithium Producers Strengthen Africa’s Supply Pipeline

Even under a slower energy transition scenario, Wood Mackenzie projects that lithium markets will remain adequately supplied until 2037, before entering deficit. This outlook reinforces Africa’s strategic role as new projects across Mali, Zimbabwe, Ghana and Namibia advance toward production.

In the Democratic Republic of the Congo (DRC), Zijin Mining, AVZ Minerals and KoBold Metals are expected to begin operations at the Manono lithium project in mid-to-late 2026, marking the country’s first lithium output. Ranked among the world’s largest hard-rock lithium deposits, Manono is expected to begin exports shortly after commissioning, diversifying DRC’s mineral output while strengthening the continent`s contribution to the global electric vehicles and battery supply chain.

Mali Emerges as a Regional Lithium Hub

Mali is also rapidly positioning itself as a key lithium producer. The Bougouni Lithium Project, commissioned in 2025, currently produces approximately 125,000 tons per annum of concentrate, with Phase Two expansion plans underway that could nearly double production capacity.

Meanwhile, the Goulamina Lithium Project, one of the largest spodumene deposits globally, is producing around 506,000 tons of spodumene concentrate annually, with expansion plans targeting one million tons per year. Together, these projects are expected to significantly strengthen Mali and Africa’s position within the global lithium market.

Ghana and Zimbabwe Expand Lithium Production and Value Addition

In Ghana, the Ewoyaa Lithium Project, developed by Atlantic Lithium, is set to become the country’s first lithium-producing mine, with production targeted for late 2027. The project is expected to produce 3.58 million tons of spodumene concentrate grading 6% and 5.5%, alongside approximately 4.7 million tons of secondary product, further strengthening Africa’s contribution to global lithium supply.

Meanwhile, Zimbabwe – currently Africa’s largest lithium producer – is accelerating efforts to move up the value chain. Government policies restricting the export of raw lithium are encouraging investment in local processing and beneficiation facilities, supporting the production of higher-value lithium products and positioning the country as a key supplier to the global battery materials market.

Investment Momentum Builds Ahead of African Mining Week

With an estimated $276 billion in new investment required to avoid the forecast supply deficits beginning in 2028, Africa’s lithium-rich countries are well positioned to attract the capital needed to expand production and downstream processing.

In this context, African Mining Week 2026 – scheduled for October 14–16 in Cape Town – will serve as a key platform for global investors, project developers and policymakers to engage on opportunities within Africa’s lithium sector. As the continent’s premier mining investment event, the conference will feature high-level discussions, project showcases and strategic networking sessions aimed at accelerating partnerships across the lithium value chain.

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

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Business

Afreximbank delivers strong FY2025 results; with a total assets and contingencies base of US$48.5 billion

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11 hours ago

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April 9, 2026

By

Afreximbank

Total assets and contingencies rose by 21% to US$48.5 billion, up from US$40.1 billion as at 31 December 2024, underscoring the Bank’s consistent growth trajectory

The Group’s balance sheet is at its strongest level ever, with liquidity levels and capitalisation well above target and good asset quality

CAIRO, Egypt, April 9, 2026/APO Group/ –African Export-Import Bank (“Afreximbank” or the “Bank”) (www.Afreximbank.com) and its subsidiaries (the “Group”) has announced strong results for the year ended 31 December 2025, underscoring sustained financial resilience, increased market confidence and strategic execution.

 

Total assets and contingencies rose by 21% to US$48.5 billion, up from US$40.1 billion as at 31 December 2024, underscoring the Bank’s consistent growth trajectory.

Net loans and advances for the Group closed the year at US$33.5 billion (FY’2024: US$29.0 billion), an increase of 16%, supported by continued disbursements across the continent and the Caribbean through various product offerings. The Group funded strategic priorities areas such as manufacturing, infrastructure, food security and climate adaptation.

The Group’s non-performing loan (NPL) ratio remained stable at 2.43% (FY’2024: 2.33%), demonstrating consistent portfolio quality.

The Group’s liquidity position remained robust, with cash and cash equivalents at US$6.0 billion (FY’2024: US$4.6 billion). Liquid assets accounted for 14% of total assets, above the Bank’s strategic minimum level of 10%. Shareholders’ funds grew by 17% to US$8.4 billion as at 31 December 2025, driven by net income of US$1.2 billion, and new equity inflows of US$299.4 million raised under the General Capital Increase II.

Gross Income increased by 6.06% reaching US$3.5 billion in FY’2025 from US$3.3 billion achieved in FY’2024.

Operating expenses increased to US$459.2 million (FY’2024: US$367.7 million), reflecting strategic staff expansion, and inflationary pressures with the Group maintained strong cost efficiency resulting in a cost-to-income ratio of 21% (FY’2024: 18%) well below the strategic ceiling of 30%.

Contrary to concerns raised by some rating agencies during the year, the Bank accessed international bond markets by successfully raising over US$800 million from Japan and China, courtesy of the Samurai and Panda bonds in 2025. This demonstrated the Group’s fund-raising capabilities and the solid nature of the Bank’s DNA as a pan-African multilateral financial institution committed to ensuring that Africa’s full and sustainable self-reliance remain firm.

Net income increased by 19% to US$1.2 billion in 2025, up from US$973.5 million in the prior year. These results were achieved through the expanded delivery of tailored financial and advisory solutions that supported trade, fostered industrialisation and enhanced economic self-reliance.

Highlights of the results for Afreximbank Group are shown below:

Financial Performance Metrics

FY’2025

FY’2024
Gross Income (US$ billion)

3.5

3.3
Net Income (US$ million)

1,156.8

973.5
Return on average equity (ROAE)

15%

15%
Return on average assets (ROAA)

3.04%

2.96%
Cost-to-income ratio

21%

18%

 

Financial Position Metrics

FY’2025

9M’2024
Total Assets (US$ billion)

42.3

35.3
Total Liabilities (US$ billion)

33.9

28.1
Shareholders’ Funds (US$ billion)

8.4

7.2
Non-performing loans ratio (NPL)

  2.43%

2.33%
Cash/Total assets

14%

13%
Capital Adequacy ratio (Basel II)                                                                         23%

24%

 

Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, commented:

 

“Despite continuing global geopolitical challenges and disruptions caused by some rating actions, the Group delivered excellent financial performance in 2025, a fitting tribute to a decade of consequential leadership under Professor Oramah, with total assets and contingencies reaching $49 billion. Pleasingly, the Group is way ahead on most of it targets in delivery on its 6th Strategic plan that ends on 31 December 2026. With recently established subsidiaries such as FEDA and AfrexInsure becoming profitable, Net income grew by 19% to stand at US$1.2 billion, underpinned by a strong capital base of US$8.4 billion. The Group’s balance sheet is at its strongest level ever, with liquidity levels and capitalisation well above target and good asset quality. These results are a testament to the unwavering execution by the Group’s hard working human capital. We entered 2026 financial year with significant momentum, ready to scale the Group’s impact, accelerate trade integration and value addition across Global Africa, and deliver greater value to our shareholders.”

Distributed by APO Group on behalf of Afreximbank.

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Events

Chinese Mainland’s Largest Conference on Chest Pain Centres Goes Global in Hong Kong

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14 hours ago

on

April 9, 2026

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Hong Kong

With robust lineup of medical conventions in 2026

HONG KONG SAR – Media OutReach Newswire – 9 April 2026 – Marking yet another milestone as the World’s Meeting Place, Hong Kong became the first city outside Chinese Mainland to host the nation’s largest conference on chest pain centres – the 15th China Chest Pain Centers Congress (CCPCC 2026), thanks to the effort of Hong Kong Convention Ambassador (HKCA) appointed by the Hong Kong Tourism Board (HKTB).
Together with two other high-profile and hugely successful medical congresses – the 41st Asia Pacific Academy of Ophthalmology Congress in February and the 17th Asian Congress of Oral & Maxillofacial Surgery in March, Hong Kong’s medical science events space was off to a strong start in 2026.

Ms Marilyn Tham, General Manager of Mega Events, MICE & Cruise of the HKTB said, “Hong Kong’s leading edge in medical sciences coupled with the city’s world-class venues and destination appeal have enabled notable success for internationally significant medical events. CCPCC 2026 is one of the large-scale medical conventions confirmed for 2026. Such robust lineup reflects event organisers’ confidence in Hong Kong as a premier hub for advancing global exchanges on medical sciences.”

Over 10 medical conventions have secured a spot in Hong Kong this year, spanning diverse disciplines, from cytology to oncology, antimicrobial resistance and more (see full list below). The breadth and depth of the events reflects Hong Kong’s growing appeal as the premier convention hub where global medical minds meet.

Globalising Chest Pain Leadership from Hong Kong

Held on 3-4 April 2026 at the Hong Kong Convention and Exhibition Centre with a concurrent venue in Shenzhen, CCPCC 2026 converged 3,000 healthcare leaders, physicians, nurses, researchers, policymakers and industry experts from Hong Kong, Chinese Mainland, the Belt and Road countries and beyond. The rich topics explored across two days encompassed cutting-edge healthcare innovations, AI-assisted clinical decision-making, intelligent emergency response systems and international accreditation standards.

Co-organised by Hospital Authority (HA) of Hong Kong, the National Clinical Research Center for Interventional Medicine, the Guangdong Chest Pain Centers Association, the Chinese Cardiovascular Association (CCA) and Oriental Huaxia Cardiovascular Health Research Institute (OHCHRI), Suzhou Industrial Park, CCPCC 2026 showcased conducive partnership.

Mr. Wenming Zeng, Secretary-General of OHCHRI, remarked, “The global influence of CCPCC has been growing over the years. Thanks to Hong Kong’s strategic location, leading medical standing and its unique role bridging Chinese Mainland and the world, this year’s congress has drawn even wider global participation, giving the event greater international significance. Hong Kong has helped showcase our event to the world, taking cardiovascular emergency intervention to a new height globally.”

A Launchpad for Mainland-spearheaded International Standards

Capitalising on Hong Kong’s strengths as a super-connector for fostering globalisation, CCPCC 2026 released for the first time the “International Standards on Chest Pain Center Construction and Accreditation”, marking Mainland’s global leadership in cutting-edge cardiovascular emergency intervention. Leveraging Hong Kong’s internationalisation, the efforts to foster global policy support and implementation of the standards will contribute to fair, accessible and timely intervention for cardiovascular emergencies around the world.

Another Significant Win for HKCA Programme on its 5th Anniversary

As a HKTB-appointed HKCA, Prof Lu Shi-Juan, who is a Member of Hainan Medical Association Cardiovascular Professional Committee, played an instrumental role in bringing CCPCC 2026 to Hong Kong. This marked the latest success story of the HKCA programme, as HKTB celebrated the programme’s milestone 5th anniversary with a HKCA Networking Cocktail Event on 31 March, 2026.

Prof Lu noted, “As a Hong Kong International Convention Ambassador, I have worked closely with the HKTB to bring CCPCC to Hong Kong, which is a gateway to the global stage. Hosting the conference here showcases how Hong Kong can elevate Mainland conferences internationally, foster cross‑border knowledge exchange and help shape the future development of the broader medical and professional community.”
The HKCA programme bands together over 170 local and mainland sector leaders of 13 industries and academics to champion Hong Kong as the World’s Meeting Place. Their initiative and connections have helped Hong Kong secure 50 convention wins that have brought in nearly 100,000 high-value overnight MICE visitors.

Strong Medical Events Lineup in 2026

Over 10 medical conventions will be held in 2026 across various disciplines, including ophthalmology, oncology, antimicrobial resistance and cytology.

Event

(*first-ever in Hong Kong)

 Date / Venue Highlights
The 41st Asia-Pacific Academy of Ophthalmology Congress 2026 5-8 Feb,

HKCEC

 The largest and most authoritative ophthalmology congress in APAC, returning to HK for the fifth time, with record-breakingattendance of 11,000+ participants from 111 countries and regions.
The 17th Asian Congress on Oral and Maxillofacial Surgery 2026 27-29 Mar,

HKCEC

 Held in Hong Kong for the second time, bringing together internationally acclaimed speakers, globally renowned experts and young surgeons to foster academic exchange and professional development.
The 15th China Chest Pain Centers Congress 3-4 Apr,

HKCEC

 Chinese Mainland’s largest conference on chest pain centres, hosted for the first time outside Chinese Mainland.
*Asian Federation of Cytology Societies Conference 2026 8-10 May,

Postgraduate Education Centre, Prince of Wales Hospital

 First edition in Hong Kong, bringing together regional and international cytology experts for academic exchange and collaboration.
International Symposium on Antimicrobial Agents and Resistance 2026 12-14 Jun,

HKCEC

 A key international platform for academic exchange on infectious diseases and antimicrobial resistance.
European Society of Medical Oncology Targeted Anticancer Therapies Asia 2026 12-14 Jun,

Kerry Hotel

 A key Asia-Pacific platform for showcasing the latest advances in early-phase oncology drug development, targeted therapies and precision oncology.
Federation of Asian and Oceanian Biochemists and Molecular Biologists Conference 2026 10-13 Aug,

Cheung Kung Hai Conference Centre, The University of Hong Kong

 A major regional scientific meeting in biochemistry and molecular biology, bringing together researchers, educators and professionals from across Asia and Oceania for academic exchange and collaboration.
* 2026 World Cancer Congress 24-26 Sep,

HKCEC

 A leading global forum advancing cancer control and research.
2026 Asia-Pacific Longevity Medicine International Summit 1-4 Oct,

TBC

 A leading international platform and regional collaborative hub dedicated to longevity medicine and innovation, attracting top longevity scientists, medical experts, cross-industry entrepreneurs and investors from over 50 countries.
10th Asia Cornea Society Scientific Meeting 2026 11-13 Dec,

TBC

 A key regional forum for cornea specialists to exchange the latest clinical insights, diagnostics and treatments, and to strengthen collaboration across the Asia-Pacific ophthalmology community.
Association of Pacific Rim Universities (APRU) Global Health Conference 2026 7-9 Dec,

Henry Cheng International Conference Centre, CUHK

 Third time in Hong Kong, convening leading academics, policymakers and practitioners to address critical global health challenges through interdisciplinary collaboration and innovation.

 

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