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Tanzania approves assignment of Afren’s former interest in the Tanga block to Octant

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3 years ago

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Tanga block

Petrodel and Octant to work together to realise Tanga’s potential

DAR ES SALAAM, Tanzania, December 11, 2023/APO Group/ — 

Petrodel Resources Ltd. (‘Petrodel’), a leading energy company in the development of oil and gas reserves, confirms Tanzania’s Minister of Energy, has approved the assignment of 74% interest in the Tanga block from Afren Tanzania Ltd. to Octant Energy Tanzania Ltd. (‘Octant’) in accordance with Section 86(2) of the Petroleum Act 2015.

The parties Petrodel (26%) and Octant (the operator – 74%) can now move into the final 3-year period and shall focus on applying state of the art technology to reprocess the 3D seismic survey of Tanga acquired in 2013.  

The Tanga block is optimally located as it includes a deep basin with a very thick sedimentary section that has the potential to host several source rock intervals and reservoir/seal pairings. Potential petroleum plays recognised to date are Lower Cretaceous sands deposited in deltaic to shallow marine environments, Upper Cretaceous submarine fans, Eocene shelf sands and Miocene fluvial and deltaic sands. Both structural and stratigraphic traps have been identified by previous mapping campaigns.

The parties Petrodel (26%) and Octant (the operator – 74%) can now move into the final 3-year period and shall focus on applying state of the art technology

Oil seeps and shows encountered in previous wells drilled on the nearby Pemba Island attest to the oil potential of the block and surrounding area. Previous interpretations have indicated the likely presence of several giant (>100 MMB) prospects within the Tanga block.

Michael J Prest, Founder and Chief Executive of Petrodel, said:

“Petrodel had been a first mover in Tanzania and was awarded Tanga, Latham & Kimbiji exploration licences under competitive tender. We farmed out an interest to Afren and so we are delighted with what is a most positive and significant development and we look forward to working with our partner Octant in realising Tanga’s significant potential.”

Petrodel was awarded Tanga, Kimbiji and Latham licenses in Tanzania in 2006. Tanzania is home to sub-Saharan Africa’s second largest gas resources, with reserves estimated at 57.5 trillion cubic feet.

Distributed by APO Group on behalf of Petrodel Resources Ltd.

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Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Export-Import Bank of Pakistan (EXIM Bank of Pakistan) Sign Reinsurance Agreement to Strengthen Pakistan’s Export Sector

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15 minutes ago

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September 1, 2026

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ICIEC

Through the agreement, ICIEC will provide reinsurance support for eligible export transactions, helping enhance risk-sharing capacity, facilitate access to credit, and enable Pakistani businesses, including SMEs, to pursue opportunities in regional and international markets with greater confidence

 




 

ISLAMABAD, Pakistan, August 31, 2026/APO Group/ –The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (https://ICIEC.IsDB.org/), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, has signed a Reinsurance Agreement with the Export-Import Bank of Pakistan (EXIM Bank of Pakistan), marking another milestone in the partnership between the two institutions.

This agreement marks an important step in strengthening Pakistan’s export ecosystem

Signed during ICIEC’s mission to Pakistan, the agreement will strengthen Pakistan EXIM’s risk-mitigation capacity and expand its ability to support Pakistani exporters through export credit insurance solutions.

Through the agreement, ICIEC will provide reinsurance support for eligible export transactions, helping enhance risk-sharing capacity, facilitate access to credit, and enable Pakistani businesses, including SMEs, to pursue opportunities in regional and international markets with greater confidence.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This agreement marks an important step in strengthening Pakistan’s export ecosystem. By combining ICIEC’s reinsurance capacity with EXIM Bank of Pakistan’s local expertise, we can expand the protection available to exporters, enhance their access to finance, and help Pakistani businesses, particularly SMEs, compete more confidently in regional and global markets. It also reflects our commitment to working with national export credit institutions to unlock new trade opportunities and support sustainable economic growth across our Member States.”

The agreement further reinforces the long-standing cooperation between ICIEC and Pakistan and reflects the shared commitment of both institutions to expanding the availability of effective risk-mitigation solutions for the country’s exporters. ICIEC looks forward to building on this partnership with EXIM Bank of Pakistan and supporting the continued development of Pakistan’s export sector.

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

 

 




 

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Afreximbank strengthens regional leadership with new appointments across Africa and the Caribbean

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16 minutes ago

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September 1, 2026

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These appointments are integral to Afreximbank’s growth ambitions and its efforts to accelerate intra-African trade, industrialisation and regional integration

CAIRO, Egypt, August 31, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has announced senior leadership appointments and confirmations to strengthen regional operations, deepen client engagement, and enhance delivery of the Bank’s mandate across Africa and the Caribbean.
 




 

These appointments are integral to Afreximbank’s growth ambitions and its efforts to accelerate intra-African trade, industrialisation and regional integration. By strengthening leadership across its regional platforms, the Bank is positioning itself to expand market coverage, improve transaction execution and deepen engagement with clients and stakeholders across Africa and the Caribbean.

Mr. Eric Intong Monchu has been appointed as Group Managing Director, Client Relations and Regional Operations, based in Cairo, Egypt, after serving in the role in an acting capacity. In this position, he will lead the Bank’s client relations and regional operations functions, strengthening coordination between business development, client coverage, and transaction execution.

Mr. Kudakwashe Matereke has been appointed Director, Regional Operations, Anglophone West Africa, based in Abuja, Nigeria. Prior to this appointment, he served as the Director, Regional Operations, East Africa. Mr Matereke brings extensive experience in trade finance, business development, and client relationship management, and will lead regional business development, client coverage, and stakeholder engagement.

Each appointee brings valuable experience and deep knowledge of African and Caribbean markets

Mr. Humphrey Nwugo has been appointed Director, Regional Operations, Eastern Africa, based in Kampala, Uganda, following a similar regional operations role in Southern Africa. He brings extensive experience in banking operations, syndications, corporate finance, and regional execution, and will oversee the Bank’s regional operations, market coverage, and client engagement in Eastern Africa.

Mr. Peter Adeshola Olowononi has been appointed Director, Regional Operations, Southern Africa, based in Harare, Zimbabwe. Prior to his appointment, he served as Director, Client Relations, Anglophone West Africa. Mr. Olowononi brings extensive experience in client coverage, transaction origination, and regional business development, and will lead the Bank’s operations and strategic engagement across Southern Africa.

Mr. Roy Reid has been appointed Chief Operating Officer, Caribbean Office, in Bridgetown, Barbados, effective 15 July 2026. Prior to his appointment, he served as Senior Advisor at the Office of the Prime Minister of Jamaica. Mr Reid brings more than 20 years of experience across government advisory, financial services, investment management, fintech, and business development, and will support the Bank’s operations, regional coordination, and stakeholder engagement across the Caribbean.

Collectively, the appointments strengthen the links between client coverage, regional operations and transaction execution. With most of the appointees progressing from within the Bank, they bring strong institutional knowledge, established client relationships and a clear understanding of Afreximbank’s strategic priorities. This continuity will support faster execution, greater responsiveness to market needs, and delivery of the Bank’s growth, trade, and development targets across Africa and the Caribbean.

Speaking on the appointments, Dr George Elombi, President and Chairman of the Board of Directors at Afreximbank, stated: “These appointments highlight the depth of leadership and professional talent within Afreximbank, as well as our commitment to placing experienced executives at the centre of executing the Bank’s development mandate: a mandate to change the structure of African trade. Each appointee brings valuable experience and deep knowledge of African and Caribbean markets. Above all, each shares a strong belief in the Bank’s founding philosophy that Africa’s development destiny lies with Africans and that our collective mission is to restore the dignity of the African.”

The Board of Directors, management and staff of Afreximbank extend their congratulations to Mr Intong Monchu, Mr. Matereke, Mr. Nwugo, Mr. Olowononi and Mr. Reid on their appointments and wish them success in their respective roles.

Distributed by APO Group on behalf of Afreximbank.

 




 

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Airshow China kicks off its 100-day countdown to the 30th Anniversary

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21 minutes ago

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September 1, 2026

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Airshow

ZHUHAI, CHINA – Media OutReach Newswire – 31 August 2026 – The 100-day Countdown to the 16th China International Aviation & Aerospace Exhibition (Airshow China 2026) was launched on August 28 in Zhuhai, Guangdong. Scheduled for December 7-13 this year, Airshow China 2026 will mark for the official start of its 100-day countdown on August 29.

A commemorative logo marking the 30th anniversary of Airshow China was unveiled at the event. The logo features a three-dimensional, gold-toned “30” as its visual symbol, incorporating tech-inspired aviation and advanced manufacturing elements, complemented by gradient ribbons in blue, purple and magenta. Founded in 1996, Airshow China is celebrating its 30th anniversary this year.
“Over the past three decades,” said Li Xiaodong, Deputy Secretary-General of the People’s Government of Zhuhai Municipality and Deputy Secretary-General of the Zhuhai Executive Committee of Airshow China, in his remarks at the event, “Airshow China has grown increasingly international, professional and market-oriented, establishing itself as one of the world’s premier airshows. In 2026, Airshow China will continue to benchmark itself against world-class exhibitions and contribute to the development of aviation industry clusters.”
 




 

During the World Airshow Dialogue session, aviation industry representatives from home and abroad delved into topics on global industrial-chain coordination, green aviation, the low-altitude economy (also known as advanced air mobility), aircraft engines aftermarket services, and the development of the general aviation industry.

Representatives from peer event organizer International Aviation and Space Salon (MAKS) and major aviation players including Boeing delivered video remarks extending greetings and sharing insights. They voiced anticipation for returning to the upcoming Airshow China with state-of-the-art products and services to foster deeper-going industrial exchanges.

At the subsequent round-table dialogue session, Dai Haibin, spokesperson for AVIC General Aircraft Company, noted that Airshow China has served as an excellent platform for debuting key aircraft and other equipment, among them the AG600 “Kunlong” amphibious aircraft.

Xu Shixin, Chief Operating Officer of Embraer China, observed that the Chinese market boasts huge potential and a well-developed industrial system, unlocking broad opportunities for cooperation in areas such as green aviation and the low-altitude economy. Drawing on its accumulated technological expertise, Embraer stands ready for deeper collaboration on eVTOL (electric vertical takeoff and landing) aircraft development and the building of a low-altitude transportation ecosystem.

At the event, Zhuhai Airshow International Culture Communication Co., Ltd. inked IP merchandise cooperation agreements with Beijing Institute of Technology, Zhuhai; Alipay (Hangzhou) Digital Service Technology Co., Ltd, and Truly HONEST Investment Limited, among other partners. The cooperation covers product development integrating traditional culture with aerospace technology, AI-powered digital commemorative ticket stubs enabled by NFC technology, and derivative products based on sci-fi intellectual properties.

Over its 30-year history, Airshow China has undergone remarkable expansion: from less than 8,000 square meters at its debut in 1996 to 450,000 square meters at its latest edition. The number of participating countries and regions has jumped from 25 to 47, cementing Airshow China’s status as one of the world’s most influential aviation and aerospace exhibitions.
 




 

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