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Sonatrach-ExxonMobil Gas Deal to Open New Play in the Ahnet-Gourara Basin

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Sonatrach

The deal signifies a pivotal step in Algeria’s hydrocarbon development, marking a strategic partnership aimed at tapping into the nation’s gas reserves

JOHANNESBURG, South Africa, May 24, 2024/APO Group/ — 

Algeria’s state oil company Sonatrach and energy major ExxonMobil have signed a deal to develop two major gas fields in southern Algeria’s Ahnet and Gourara basins. The agreement, signed by Sonatrach’s Chief Executive Rachid Hachichi and ExxonMobil’s Head of Exploration John Ardill represents a milestone in Algeria’s energy sector, highlighting substantial progress and newfound opportunities for investment. Both parties will prioritize technological advancements alongside the adoption of best sustainability practices and environmental protection measures.

As the voice of the African energy sector, the African Energy Chamber (AEC) strongly supports this agreement and its role in fostering collaboration between international oil companies (IOC) and African nations. Such partnerships are vital for unlocking Africa’s vast energy potential – a focus of the upcoming African Energy Week (AEW): Invest in African Energy in Cape Town from November 4-8.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Algeria’s partnership with ExxonMobil signifies a pivotal moment for the country’s energy landscape

Algeria, a key gas exporter to Europe, is strategically positioning itself as a player in the global energy market through the facilitation of collaborations with IOCs. The anticipated synergy with ExxonMobil is set to bolster Algeria’s capability to address escalating energy needs. In 2022, Algeria led Africa in natural gas production, reaching a record 132.7 billion cubic meters. The country’s output continued to rise, exceeding 136 billion cubic meters in 2023, with natural gas contributing two-thirds of its total oil equivalent production. Through comprehensive exploration campaigns and targeted initiatives, the nation aims to unlock untapped reserves, fostering partnerships and driving sustainable development across its energy sector.

Algeria’s proactive engagement with IOCs and utilization of technological advancements position it to effectively leverage its abundant natural resources to meet the increasing energy demands of both domestic and international markets. These developments are encouraged by the nation’s Hydrocarbon Law, implemented in 2019, which aims to simplify fiscal terms to entice investment and accelerate exploration efforts. In addition to ExxonMobil, these measures have enticed other players to invest. Multinational energy company Chevron is showing interest in tapping into Algeria’s gas-rich Ahnet, Gourara and Berkine basins, while Indonesia’s national oil company Pertamina plans to invest over $800 million in the Menzel Lejmat Nord block. Pertamina hopes to drill 12 oil wells in Block 405a. Additionally, TotalEnergies signed an MoU with Sonatrach last month to develop gas resources in the North-East Timimoun region, focusing on cost reduction and emissions management.

Meanwhile, Algeria is set to invest $50 billion in oil and gas projects by 2027, aiming to boost production from assets like the Hassi R’Mel gas field and bring new developments online. Sonatrach has recently initiated phase two of the southwest gas project, launching three key fields – Hassi Ba Hamou, Hassi Tidjerane, and Tinerkouk.

Algeria’s strategic approach to develop its oil and gas resources will be complemented by ExxonMobil’s extensive experience and longstanding commitment to energy development in Africa. ExxonMobil has a rich history of over a century of operations in Africa, demonstrating a longstanding commitment to the region’s energy development. Since 2006, the company has pledged more than $46 billion to investments across the continent, underscoring its dedication to driving economic growth and sustainable energy solutions across the continent. The partnership between Algeria and ExxonMobil will therefore be instrumental in enhancing exploration efficiency, optimizing production processes, ensuring sustainable resource utilization practices and leveraging the company’s extensive experience and track record in managing complex energy projects across Africa.

“Algeria’s partnership with ExxonMobil signifies a pivotal moment for the country’s energy landscape. It underscores the potential for collaboration between African nations and IOCs to unlock energy resources, ultimately driving sustainable development and eliminating energy poverty across the continent,” states NJ Ayuk Executive Chairman of the AEC. “By forging such partnerships, Algeria not only secures access to advanced technologies and expertise but also positions itself as a regional gas exporter to European nations.”

This partnership signifies a crucial effort to revitalize Algeria’s energy sector, presenting opportunities for responsible and sustainable utilization of its abundant natural resources. This year’s AEW theme – Energy Growth through an Enabling Environment – perfectly aligns with Algeria’s approach to attracting investment and fostering sustainable energy practices through partnerships. This signifies Algeria’s commitment to energy sustainability, resonating with the broader objectives of the AEW: Invest in African Energy.

Distributed by APO Group on behalf of African Energy Chamber.

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

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

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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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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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