While Angola and Libya have distinct political and institutional landscapes, both rank among Africa’s leading hydrocarbon producers with significant resource potential. In Crude Oil: Power, Turnaround and Transformation in Angola, NJ Ayuk, Executive Chairman of the African Energy Chamber, examines how Angola strengthened its investment climate through a series of regulatory reforms. Although focused on Angola, the book offers valuable insights into how policy certainty can complement geological potential in attracting investment.

A defining moment in Angola’s upstream transformation came in 2019, when the country separated Sonangol’s commercial responsibilities from regulatory oversight through the establishment of the National Oil, Gas and Biofuels Agency (ANPG). The reform streamlined decision-making, improved transparency and helped reinforce investor confidence, supporting an upstream investment pipeline expected to exceed $60 billion between 2025 and 2030.

As Libya continues advancing its upstream sector, experiences from markets such as Angola illustrate how clear institutional frameworks can strengthen investor confidence and support project development over the long term. Building on recent production gains, continued efforts to enhance regulatory clarity and streamline investment processes could further reinforce Libya’s position as a leading destination for upstream capital.

Angola also introduced a permanent offer licensing mechanism, allowing companies to negotiate available acreage outside traditional bid rounds. The approach has provided greater flexibility for investors while ensuring opportunities remain available beyond periodic licensing rounds. As Libya re-engages international investors through its renewed licensing program, flexible mechanisms that encourage continuous investment could help broaden participation over time.

Beyond licensing reform, Angola introduced policies to extend production from mature offshore assets while implementing dedicated natural gas legislation that supported new discoveries, including Gajajeira-01 gas exploration well, and accelerated gas commercialization through greater regulatory clarity and clearly defined investor rights.

Libya likewise possesses substantial undeveloped oil and gas resources. As the country advances future upstream developments, predictable frameworks for brownfield redevelopment, marginal fields and gas monetization could help unlock additional investment while supporting domestic energy security and long-term production growth.

“Geology alone does not attract investment. Investors commit capital where regulation is predictable, contracts are respected and governments compete for long-term partnerships. Angola’s experience shows that reform is not about giving resources away – it is about creating the confidence that allows capital to develop them,” says Ayuk.

Libya’s production recovery demonstrates the resilience and potential of its energy sector. As the country looks toward its next phase of growth, Angola’s experience underscores how regulatory reform and policy certainty can complement resource wealth, helping translate production gains into sustained investment and long-term sector development.

The upcoming 2027 edition of LEES will build directly on this trajectory, expanding Libya’s investment pipeline across hydrocarbons, renewables and infrastructure while deepening international participation following record deal activity in 2026.

In 2026, the fourth edition of LEES delivered its most significant upstream package to date: a $20 billion, 25-year Waha Concession amendment between Libya’s National Oil Corporation (NOC) and TotalEnergies alongside ConocoPhillips. The agreement targets a production increase to 850,000 barrels per day through redevelopment of mature assets including North Zella and NC-98, fully financed through foreign capital under an enhanced recovery and infrastructure upgrade framework.

https://apo-opa.co/3QZPuw6

At LEES 2026, NOC Chairman Masoud Suleman signed a MoU with Chevron to evaluate oil and gas exploration opportunities, field development and enhanced recovery initiatives, later expanding cooperation to assess unconventional resources across the Sirte, Murzuq and Ghadames basins. Suleman also oversaw a letter of intent between NOC subsidiary NAGECO and TGS to expand multi-client seismic acquisition programs and generate high-resolution subsurface data supporting future licensing rounds and exploratory drilling.

At the government level, Minister of Oil and Gas Dr. Khalifa Abdulsadek formalized a Libya-Egypt petroleum cooperation MoU aimed at strengthening technical collaboration, infrastructure development and capacity building across the oil, gas and mining sectors. During the summit, the Libyan Council for Oil, gas and Renewable Energy signed a strategic partnership with Business France focused on expanding private-sector participation and supporting Libyan SMEs.

https://apo-opa.co/4eUoPZP

The 2024 edition of LEES acted as a platform for advancing projects already under development, most notably showcasing progress on TotalEnergies’ 500 MW Sadada solar PV project with the General Electricity Company of Libya (GECOL), first announced during the inaugural 2021 summit. The project remains a cornerstone of Libya’s renewable energy strategy, supporting grid stabilization and diversification away from oil-dependent power generation in partnership with the Renewable Energy Authority of Libya.

https://apo-opa.co/4vbja7A

Beyond solar, 2024 also formalized Libya’s international upstream reopening through the launch of a national licensing round, drawing qualified interest from majors including Eni, Repsol and BGN Energy. Additional outcomes included exploratory discussions on a Malta-Libya undersea renewable energy interconnector, designed to evaluate cross-Mediterranean power exchange potential and long-term grid export opportunities, reinforcing Libya’s positioning as both a hydrocarbons exporter and emerging regional energy hub.

https://apo-opa.co/445y1Wh

https://apo-opa.co/4f1ytKb

The inaugural LEES 2021 marked Libya’s reintegration into global energy investment flows after a prolonged hiatus, featuring the announcement of TotalEnergies’ 500 MW solar partnership with GECOL and parallel gas-flaring reduction initiatives across western oilfields. Infrastructure-focused agreements, including upgrades linked to the Misrata Free Zone, further supported logistics and export capacity expansion. Initial discussions involving ConocoPhillips, Hess Corporation and other international operators laid the groundwork for subsequent upstream rehabilitation efforts and the wave of large-scale investments that would follow in later editions of the summit.

https://apo-opa.co/4wo8gMX

“LEES has become the decisive platform for converting Libya’s energy potential into structured, bankable investment opportunities across hydrocarbons and renewables,” says James Chester, CEO, Energy Capital & Power. “The 2027 edition will build on this momentum, further accelerating international capital inflows and long-term sector partnerships.”

Join industry leaders at the Libya Energy & Economic Summit 2027 in Tripoli and explore investment opportunities in one of Africa’s most dynamic energy markets. LEES 2027 offers a premier platform for partnerships, innovation and sector growth. Visit www.LibyaSummit.com to secure your participation. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

The Lifetime Achievement Award is the highest distinction presented during the African Energy Awards, held annually as part of AEW. The non-voting category recognizes individuals whose careers have left a lasting mark on Africa’s energy industry through sustained leadership, institutional development, investment promotion and contributions to regional cooperation.

Few leaders know SNPC as intimately as Ominga. Joining the company in 2001 in the finance and accounting department, he steadily rose through the ranks before being appointed Director General in 2018. Reappointed in 2022 and again in 2025 following the adoption of SNPC’s revised corporate statutes, his continued tenure reflects sustained confidence in a leadership style centered on long-term institutional growth, operational discipline and continuity.

Under Ominga’s leadership, SNPC has evolved from a traditional national oil company into a broader energy player with an expanding upstream portfolio and growing regional profile. The company continues to hold interests in many of the Republic of Congo’s largest producing assets while participating in new discoveries that have reinforced the country’s long-term exploration potential.

A defining feature of Ominga’s tenure has been a strategic shift toward long-term value creation through gas monetization. Under his direction, SNPC has played a central role in supporting the Congo LNG project, helping position the Republic of Congo among Africa’s emerging LNG exporters and accelerating the country’s transition toward large-scale gas development.

Institutional transformation has been equally central to his leadership. Ominga has overseen organizational restructuring, strengthened corporate governance and placed greater emphasis on operational performance, while steering SNPC toward increased use of domestic capital markets to reduce reliance on international lenders and strengthen local financial capacity. He has also prioritized workforce development, greater gender inclusion in leadership and the development of internal capabilities supporting gas and new energy initiatives.

His influence has extended well beyond SNPC. A longstanding advocate for stronger collaboration among Africa’s national oil companies, Ominga has consistently promoted regional partnerships, African financing solutions and energy sovereignty as essential to unlocking the continent’s long-term investment potential. This vision has helped elevate both SNPC’s regional profile and the Republic of Congo’s role in Africa’s evolving energy landscape.

Ominga’s leadership has also been recognized beyond the energy sector. In 2026, he was awarded the Gold Medal of the Ligue universelle du bien public, recognizing his leadership, commitment to the public good and contributions to economic and social development. The distinction reflects a leadership philosophy that extends beyond commercial performance, emphasizing institution-building, human capital development and the role of energy in supporting national progress.

“Maixent Raoul Ominga represents the kind of steady, visionary leadership that has helped transform SNPC into a more resilient and forward-looking national oil company,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “His commitment to building local capacity, strengthening governance and positioning Congo’s energy sector for the future makes him a deserving recipient of this year’s Lifetime Achievement Award. We congratulate him on this well-earned recognition.”