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The Democratic Republic of the Congo (DRC) Albertine Graben Oil to be Transported via East African Crude Oil Pipeline (EACOP)

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3 years ago

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Crude Oil

The respective Ministries of Uganda and the DRC have taken steps towards an agreement whereby oil produced at the DRC’s Albertine Graben blocks will be transported via the East African Crude Oil Pipeline

JOHANNESBURG, South Africa, May 11, 2023/APO Group/ — 

The respective ministries of Uganda and the Democratic Republic of the Congo (DRC) have taken steps towards establishing a formal agreement which would see oil produced at exploration blocks in the DRC’s Albertine Graben transported via the East African Crude Oil Pipeline (EACOP) – a 1,443km-long heated pipeline connecting Uganda’s Kingfisher and Tilenga oilfields with international markets via the Tanga Port in Tanzania. A bilateral meeting took place in Kampala this week between Uganda’s Minister of Energy and Mineral Development, Hon. Dr. Ruth Nankabirwa Ssentamu and the DRC’s Minister of Hydrocarbons, Hon. Didier Budimbu Ntubuanga, centered on the strengthening of regional relations and advancing access to regional infrastructures. The meeting laid the foundation for a formal memorandum of understanding (MoU) to be signed between the countries – following the preparation of reports by technical teams of both countries – kickstarting a new era of energy security and regional trade on the back of the EACOP.

Serving as the voice of the African energy sector, the African Energy Chamber (AEC) (https://EnergyChamber.org/)  commends the steps taken by both Uganda and the DRC to maximize the development of the EACOP for regional security. As a strong advocate for the development of the pipeline, the AEC recognizes this as a step in the right direction towards monetizing DRC oil, increasing revenue generation through exports, and trigging newfound growth across the East African economy.  

“The bilateral meeting held between the energy and petroleum ministries of Uganda and the DRC represents a crucial step towards lifting East Africa out of energy poverty. At the Chamber, we commend the efforts taken by the countries towards maximizing the EACOP. The pipeline offers critical opportunities, not just for Uganda and Tanzania, but for the East African region as a whole,” stated NJ Ayuk, Executive Chairman of the AEC.

The bilateral meeting held between the energy and petroleum ministries of Uganda and the DRC represents a crucial step towards lifting East Africa out of energy poverty

While the construction of the EACOP continues to be faced with interference by international environmental groups, the bilateral meeting and upcoming MoU are a testament to the role the pipeline will play in East Africa. Representing a future major oil producer, the pipeline will enable Uganda to export oil from oilfields located in the Albertine Rift Basin, located on the country’s western border, shared with the DRC. With an MoU, the pipeline will also enable the DRC to export oil. The Albertine Graben – also known as the Lake Albert Basin – lies on the western border of Uganda and the eastern border of the DRC, and despite its significant potential, much of the rift area remains underexplored. Now, with the DRC opening up 30 oil and gas blocks for exploration in 2022, new discoveries are on the horizon as players move to replicate success seen across the border in Uganda.   

The EACOP steps into this picture, offering a solution to getting high-demand crude to international markets. In addition to benefits created through revenue generation from exports, the pipeline and associated upstream buzz is expected to open opportunities for job creation, infrastructure development, market access and other crucial economic prospects. The pipeline will also enable East African consumers to tap into regional energy supplies, thereby tackling security across the energy-poor region.

Currently, the EACOP is on track to commence production in 2025, with both the governments of Uganda and Tanzania confident that they will be able to secure the funding required. While international lenders have recently pulled out of the development, caving into pressure from environmental activities, China is expected to step in as the primary financier, leveraging the country’s already strong presence in both the region and the pipeline’s development to see the EACOP’s completion. As the construction gains momentum and the DRC begins opening up its oil-rich Albertine Graben prospect, East Africa is on the precipice of widespread economic growth on the back of oil and gas monetization and intra-African infrastructure development.

“The Chamber has and will continue to maintain its unwavering support for the development of the EACOP. The pipeline will bring the economic development opportunities that East Africa so desperately needs. The region has significant quantities of untapped oil and gas, and it would be a crime to leave them in the ground. With over 600 million people currently without access to electricity and over 900 million without access to clean cooking solution, Africa needs its oil and gas to develop, industrialize and grow. The AEC will continue supporting and promoting this critical infrastructure project,” Ayuk said.

Distributed by APO Group on behalf of African Energy Chamber.

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Novum Studio Secures New Funding to Launch Ahoy Project, an AI-Native Enterprise Transformation Platform, Building on Its 20-Million-User Gen Z App Frog

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7 hours ago

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July 24, 2026

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Novum Studio
  • Novum Studio has raised a new round of funding to launch Ahoy Project, its enterprise AI solution, with internal testing scheduled for July 2026.
  • Ahoy Project is positioned as the infrastructure for AI-native enterprise transformation – an AI-native communication platform serving as the underlying system, delivered as an end-to-end tailored solution.
  • The launch expands the company beyond Frog, its Gen Z consumer social app that has reached 20 million users across the U.S. and Europe.
  • Novum Studio said it is applying lessons from operating high-frequency social platforms at scale to workplace communication and knowledge systems.

NEW YORK, USA – Media OutReach Newswire – 24 July 2026 – Novum Studio, the company behind Frog – a Gen Z social app often described as a “new-generation Snapchat” – said it has raised a new round of funding and will use the proceeds to launch Ahoy Project, an AI-native enterprise communication and collaboration platform, with internal testing scheduled for July 2026.

The Novum Studio team at London Tech Week 2025.

Unlike conventional workplace software, Ahoy Project will not be sold as a standalone software subscription, the company said. Novum Studio provides the infrastructure and a full tailored solution for enterprises undergoing AI-native transformation, with the communication platform serving as the underlying system on which that transformation is built.

Founded as a consumer social company, Novum Studio has reached more than 20 million users across the U.S. and Europe. Frog gained traction among younger users through spontaneous, real-time sharing designed around authenticity and low-pressure interaction. The company said its experience building large-scale social “spaces” – where millions of people communicate, form groups and coordinate in real time — directly informs its approach to enterprise collaboration.

The new funding will support the launch and international expansion of the enterprise business as artificial intelligence reshapes how organizations communicate, collaborate and operate, the company said.

Novum Studio was founded by Anna Danyi, who graduated from the London School of Economics and Political Science (LSE) in 2018 and began her career in consulting and technology. Before founding Novum Studio, she built multiple consumer applications and exited through an acquisition. In 2025, Forbes China recognized her among the Top 100 most influential global Chinese figures in AI digital products area.

“We spent years understanding how millions of users communicate online,” Anna Danyi said. “In the AI era, communication itself is becoming intelligent. We believe the next generation of platforms will not only connect people — they will understand workflows, collaboration and organizational behavior.”

From Consumer Social to Enterprise AI

Modern organizations face growing challenges as critical knowledge, decisions and workflows become fragmented across chats, meetings and disconnected tools, the company said. Ahoy Project addresses this as a conversation-driven, AI-native collaboration layer: it captures context from day-to-day communication to build a searchable enterprise knowledge base and support workflow coordination.

Core capabilities include conversation-based knowledge organization, AI-assisted collaboration and workflow support integrated directly into team communication. Because the platform sits at the layer where work is discussed and decided, it can serve as the foundation for a broader AI-native operating model – with Novum Studio designing and delivering the surrounding transformation solution for each enterprise client.

Ahoy (Popeye AI) turns everyday team conversations into a searchable enterprise knowledge base.

A New Direction for Social Technology

Novum Studio said its expansion reflects a broader shift across the technology industry. Platforms such as TikTok and Instagram defined how content was distributed and consumed in the mobile social era; as AI becomes embedded in digital products, the company believes the next stage will center less on feeds and more on intelligent systems that understand communication and coordination.

“We are no longer just building products where people post content,” Anna Danyi said. “We are building systems that understand how humans communicate and operate together.”
 

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Energy

Venezuela Energy Week to Host Houston Industry Showcase, Unlocking United States (U.S.) Commercial Engagement Ahead of October Summit

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10 hours ago

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July 24, 2026

By

African Energy Chamber

Ahead of Venezuela Energy Week 2026, U.S. exploration companies, independent operators, oilfield service providers and investors are invited to explore commercial opportunities across Venezuela’s upstream sector at the Houston Industry Showcase next month

HOUSTON, United States of America, July 23, 2026/APO Group/ –Venezuela Energy Week will host an Industry Showcase in Houston on August 18, 2026: a targeted industry roadshow designed to engage U.S. energy stakeholders ahead of the October summit. Held at The Post Oak Hotel, the showcase will convene senior representatives from across the U.S. upstream ecosystem – including exploration and production companies, Texas-based independents, oilfield service companies, engineering and technology firms, commercial banks, private equity firms and family offices – to assess commercial pathways for participation in Venezuela’s energy sector.

 

As Venezuela looks to expand production, U.S. companies remain well positioned to contribute technical expertise, capital and operational capabilities across the upstream value chain. Chevron’s longstanding presence in the country highlights the continued importance of U.S. industry participation, while the scale of Venezuela’s resource base continues to attract interest from major international energy companies, including ExxonMobil and ConocoPhillips. Opportunities extend across exploration, field development, production optimization, infrastructure rehabilitation and digital modernization as Venezuela seeks to strengthen its energy sector.

 

Demand is also expected to grow for oilfield service companies, engineering firms, technology providers and financial institutions that can support upstream investment and project execution. Companies including SLB, Halliburton and Baker Hughes have been identified as potential partners in advancing production optimization and infrastructure rehabilitation, while commercial banks, private equity firms and family offices will play an important role in financing future investment opportunities.

 

Against this backdrop, the Houston Industry Showcase will provide a structured engagement platform at a time when select international operators continue to operate under U.S. Treasury-authorized frameworks, and where policy considerations in the U.S. continue to shape engagement parameters in Venezuela’s energy sector.

 

The event will enable U.S. exploration companies, independent operators, oilfield service providers and investors to assess technical and commercial pathways across exploration, field services, project delivery and broader supply chain opportunities, while supporting early-stage dialogue between international investors and Venezuela-focused stakeholders in a structured commercial environment ahead of the October summit.

 

To register for the Houston Industry Showcase on August 18, visit www.venezuelaenergyweek.com/rsvp-houston. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2026 in Caracas this October, contact info@venezuelaenergyweek.com.

 

Supporting Venezuela’s Earthquake Recovery

 

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

 

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/4fM0rLr).

 

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

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Business

Africa Trade Gateway Delivers US$5.3-Million Cross-Border Transaction in First Energy Sector Trade in Southern Africa

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10 hours ago

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July 24, 2026

By

Afreximbank

The transaction represents an important milestone for both the participating institu-tions and the ATG ecosystem as it marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transac-tion in Southern Africa

HARARE, Zimbabwe, July 23, 2026/APO Group/ –A US$5.3-million cross-border fuel (gasoil) trade transaction has been successfully completed with support of the Africa Trade Gateway (ATG), African Export-Import Bank’s (Afreximbank’s) (www.Afreximbank.com) flagship digital trade ecosystem, demonstrating the value and efficacy of the Gateway in powering African trade.

The transaction, which saw Zimbabwean fuel importer Witeva Trading source a gasoil shipment from a leading commodity trader and supplier in Switzerland, with Innbucks Microbank Ltd. participating as the local issuing financial institution and Afreximbank providing confirmation support under agreed trade finance structure, demonstrates how African businesses can leverage one connected ecosystem to identify opportunities, access finance and complete international trade more efficiently.

The ATG made it possible for the commercial opportunity to be connected to the right ecosystem participants, bringing together the buyer, supplier and participating financial institutions to support a successful execution of the transaction.

The transaction represents an important milestone for both the participating institutions and the ATG ecosystem as it marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transaction in Southern Africa.

This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem

It also demonstrates how African Businesses can use a single digital ecosystem to identify commercial opportunities, connect with verified counterparties, access trade-finance support and execute cross-border transactions more efficiently.

Peter Olowononi, Director, Regional Operations, Southern Africa, at Afreximbank, said:

“This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem. By creating a digital ecosystem to expand access to trade finance, Afreximbank is enabling more businesses to participate easily in regional and international trade.”

Emeka Onyia, Director, Digital Business, at Afreximbank, added:

“The Africa Trade Gateway is more than a mere digital platform; it is the ecosystem that helps trade happen. We help businesses discover opportunities, connect with trusted buyers, suppliers and financial institutions, and facilitate the journey from commercial opportunity to completed transactions. Every successful deal strengthens the network, attracts new participants and creates more opportunities for African trade.”

“As more businesses, banks and trade partners join the ecosystem, every successful transaction expands the marketplace, strengthens trust across the network and increases opportunities for future trade,” Mr. Onyia added.

Distributed by APO Group on behalf of Afreximbank.

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