Connect with us
Anglostratits

Business

South Sudan, Equatorial Guinea Reaffirm Africa was not Forced to Cut Production, Rejects Ideas of Political Motives

Published

on

South Sudan

South Sudan’s Minister of Petroleum, Hon. Puot Kang Chol, and Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, rejected accusations that the decision to cut production by OPEC+ was politically motivated, but rather, based on technical factors

JOHANNESBURG, South Africa, October 19, 2022/APO Group/ — 

During the 2022 edition of Africa Energy Week (AEW) (www.AECWeek.com) – taking place this week in Cape Town – African energy ministers emphasized that the decision made by the Organization of Petroleum Exporting Countries (OPEC) and its allies to cut oil production was not a political one, or a decision in which African ministers were forced to comply with, but rather the decision was based on technical data and fully supported by all members.

Speaking during a panel discussion on global energy security and moderated by African Energy Chamber Executive Chairman, NJ Ayuk, Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, and South Sudan’s Minister of Petroleum, Hon. Puot Kang Chol, reiterated that the decision to cut production by two million barrels during the Ministerial Meeting earlier this month was supported by each and every member of OPEC+.

“If OPEC decides to have a meeting and decide something, it is not something that is up for debate by others. We were not forced to agree to production cuts. Each country entered OPEC willingly. We were not forced by anyone: we did it purposefully,” stated Hon. Chol, adding that, “It was not a political decision but a technical agreement, and therefore, should only be addressed technically and not politically.”

It was not a political decision but a technical agreement, and therefore, should only be addressed technically and not politically

Citing concerns over an impending global recession and ongoing market instability, OPEC+’s decision to cut oil production aims to stabilize the market and ensure more consistency between the physical and paper markets. Yet, following OPEC’s decision, accusations that the move to cut production was based on political drivers began to surface, with the international community – the U.S. in particular – accusing the organization of bowing to Russia’s agenda.

However, as H.E. Lima stated during the panel discussion, “The decision at OPEC was not political. What the consumers and producers want is stability of pricing and demand. If you look at the price for consumers, the price has not gone down: it has been maintained.”

Over the last two years, the global oil market has seen the highest fluctuation in decades, with COVID-19 and ongoing geopolitical tensions causing prices to skyrocket, supply to be short and countries worldwide seeking more stability. At the beginning of 2022, oil prices reached the highest in years, measuring upwards of $130 per barrel – compared to 2020 lows of just short of $40 per barrel. For consumers, this has caused significant stress, with prices changing significantly and fuel being in short supply. As such, OPEC has prioritized market stability, with the production cuts expected to help meet this objective.

As H.E. Haitham Al Ghais, Secretary General of OPEC, stated during his keynote presentation at AEW 2022, “The producers of the declaration of cooperation remain a vital stabilizing force despite being in a period of great uncertainty. The last meeting was held a few days ago and the heads of delegations unanimously decided to take a proactive stance to create stability in global markets. With the very real potential of a global recession, there was a consensus among the ministers. I would like to thank the African heads of delegations for their ongoing support to provide lasting stability in global oil markets,” adding that, “Our efforts at the declaration of cooperation aim to provide stable oil markets.”

As such, the panel discussion as well as H.E. Al Ghais’ keynote address made clear the intent of both OPEC member and non-member countries, and with market stability at the forefront of the organization’s agenda, a new era of price consistency and consumer satisfaction is in full swing.

Distributed by APO Group on behalf of African Energy Week (AEW).

Business

Liberia to Preview Next Oil & Gas Licensing Round Strategy at Houston Investor Day

Published

on

The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins

HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.

Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.

Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.

At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.

The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.

As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.

Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.

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

 

Continue Reading

Business

Beyond Stabroek: Guyana’s Offshore Basin Attracts New Wave of Exploration Investment

Published

on

Etu Energias

As ExxonMobil advances appraisal activity in Stabroek and new operators target frontier acreage, Guyana is attracting global capital and building a diversified offshore portfolio designed to sustain long-term growth

GEORGETOWN, Guyana, August 7, 2026/APO Group/ –Guyana’s transformation into one of the world’s fastest-growing oil producers is entering a new phase, with a growing network of IOCs expanding exploration activity across the country’s offshore basin. Beyond the landmark discoveries that first put Guyana on the global energy map, new drilling campaigns and licensing partnerships are creating a broader exploration ecosystem designed to support long-term production growth.

At the center of this momentum is ExxonMobil’s continued exploration and appraisal activity in the prolific Stabroek Block. The company has submitted a proposal for a 35-well exploration and appraisal drilling campaign, expected to run from 2028 through 2033, pending regulatory approval. The program would build on more than 30 commercial discoveries already made in the block, with drilling activity focused on evaluating new prospects and appraising existing discoveries to support future development opportunities.

Exploration activity is also extending into Guyana’s frontier acreage, with ExxonMobil advancing drilling operations at the deepwater Canje Block. The company has deployed the Noble Stena Carron drillship for exploration activity, highlighting continued industry interest in evaluating Guyana’s underexplored offshore potential beyond the established Stabroek Block.

Guyana’s strong exploration outlook comes as the country’s economy continues to benefit from rapid oil sector expansion, with hydrocarbons expected to remain a key driver of exports, government revenues and economic growth. As production scales up, attracting additional investment across exploration, services and infrastructure will be critical to supporting the next phase of development.

That momentum is being reinforced through partnerships established under Guyana’s 2023 offshore licensing round. A consortium comprising TotalEnergies, QatarEnergy and Petronas is advancing exploration activities in Block S4 under a five-year production sharing agreement signed with the government in late 2025. The award represents one of the first major outcomes of the licensing round and demonstrates continued international confidence in Guyana’s offshore resource potential.

Beyond the largest operators, a diverse group of companies is also expanding activity across Guyana’s offshore basin. Eco Atlantic is advancing exploration at the Orinduik Block; CGX Energy and Frontera Energy are progressing work in the Corentyne Block; Occidental is evaluating opportunities in the Roraima Block; while Ratio Guyana and Cataleya Energy hold interests in the Kaieteur Block. Together, these partnerships are broadening Guyana’s exploration landscape, increasing competition for acreage and creating opportunities for future discoveries.

As Guyana transitions from an emerging producer to a global energy hub, the next challenge will be converting exploration success into sustainable investment, local value creation and regional growth. These opportunities will be explored at Caribbean Energy Week 2027, held under the theme “Unlocking the Caribbean Energy Corridor: Oil, Gas, LNG & Investment for a New Global Hub.” Bringing together governments, IOCs, investors and technology providers, the event will examine how Guyana’s expanding partnerships can accelerate offshore development, strengthen regional energy cooperation and attract the capital needed to support the Caribbean’s evolving energy landscape.

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

Continue Reading

Business

Energy Capital & Power Establishes London Entity, Expanding Global Platform for Energy and Mining Events

Published

on

Energy

The move strengthens ECP’s presence in the UK and Europe, and its ability to connect African and South American markets with global investors

LONDON, United Kingdom, August 6, 2026/APO Group/ –International events company Energy Capital & Power (ECP) (www.EnergyCapitalPower.com) has officially established its UK entity in London, marking a milestone in the company’s growth strategy and reinforcing its ability to deliver world-class energy and mining events and campaigns in the UK and Europe.

By establishing a presence in a key hub like London – the pre-eminent energy and mining finance center – ECP actively shapes the global energy conversation. The expansion positions ECP to better serve clients, partners and investors seeking to develop business opportunities between Africa, Europe, the Americas and energy markets worldwide.

Opening our UK company brings ECP closer to key investors in the global energy finance capital

The milestone comes as ECP strengthens its reach through a series of investment platforms that connect global capital to energy and mining projects. These include the Venezuela Energy Week London Showcase on July 30 – with over 300 delegates registered – and the annual Invest in African Energy Forum, held in Paris as the premier event connecting global investors to Africa’s energy transformation.

ECP hosts high level summits and investor conferences in leading energy and minerals producing countries in Africa and South America, including: Venezuela Energy Week; Angola Oil & Gas; MSGBC Oil, Gas & Power; African Mining Week; Libya Energy & Economic Summit; Congo Energy & Investment Forum; South Sudan Oil & Power; and Caribbean Energy Week. The company has hosted investor forums and supported licensing round roadshows in Houston, London and Paris since 2016.

“Opening our UK company brings ECP closer to key investors in the global energy finance capital,” states CEO James Chester. “Having a permanent presence in London further cements our footprint in Europe, enabling us to fulfil our mission to bring minerals and energy investment to diverse global markets.”

With teams located across Africa, Europe and the Americas, ECP has long-facilitated strategic engagement, market intelligence and industry convening, uniting investors with leading energy and mining projects.

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

Continue Reading

Trending