Multinational energy corporation Chevron (apo-opa.co/4bdXTAl) and Equatorial Guinea’s state-owned oil company GEPetrol (apo-opa.co/4evFXUB) have signed two production sharing contracts (PSC) for offshore blocks EG-06 and EG-11 in Equatorial Guinea- representing a $2 billion investment. Situated in close proximity to producing Block B which houses the Zafiro field, the blocks are considered to be highly-prospective and are poised to play a major part in revitalizing exploration and production offshore Equatorial Guinea.

As the voice of the African energy sector, the African Energy Chamber (AEC) (apo-opa.co/4eq2ulE) commends the signing by Chevron and GEPetrol. The AEC believes that this marks an important step towards reversing production decline in the country and looks forward to a fruitful collaboration between the companies. As a major oil and gas producer with proven offshore plays, Equatorial Guinea has the potential to play an even greater role in supporting energy security in West Africa. Blocks EG-06 and EG-11 can serve as catalysts to this goal and the AEC supports Chevron and GEPetrol in their E&P efforts.

Despite a proven track record of production, declines in mature fields and lack of investment in undeveloped assets has seen national oil output in Equatorial Guinea fall in recent years. To reverse this trend, the government is incentivizing investment in offshore exploration and the recent contract with Chevron and GEPetrol represents a notable step towards making a new discovery. Previously held by energy major ExxonMobil before its exit from the country this year, Blocks EG-06 and EG-11 are located in deepwater acreage. Block EG-11 measures approximately 1,242 km² while Block EG-06 featured an oil discovery at the Acestruz-1 well in 2017. With the new PSCs, Chevron and GEPetrol will kick off a new exploration and production campaign at the blocks. The contracts include provisions on aspects such as minimum investments, exploration programs, sustainable development and benefits for the state, therefore outlining a clear development plan for the assets.

““The recent Production Sharing Contract (PSC) signing between Chevron, the Ministry, and GEPetrol marks a significant milestone in Minister Antonio Oburu’s upstream investment drive. This partnership is a testament to the country’s commitment to revitalizing exploration and boosting production offshore,” says NJ Ayuk, Executive Chairman of the AEC, noting that Equatorial Guinea is on the verge of a major comeback in oil and gas production, driven by a surge in investment, adding that “The country’s existing infrastructure and attractive fiscal policies create a compelling case for new investment.”

Beyond Blocks EG-06 and EG-11, Equatorial Guinea has seen a wave of activity in recent months. E&P company Trident Energy launched a three-well infill drilling campaign on Block G at the start of 2024, with all three wells expected to come online mid-year. The program utilizes the Island Innovator Rig which will then proceed to drill the Akeng deep exploration well in the Kosmos Energy-operated Block S. This campaign targets 180 million barrels of oil. Additionally, VAALCO Energy is developing the Venus field in Block P. The upstream program involves the drilling of two producer wells and one water injector and the company aims to bring them online by 2026. Meanwhile, Atlas Petroleum is seeking farm-in and drilling partners for Blocks EG-02 and H while three PSCs were signed in 2023 for Blocks EG-18 and EG-31 (Africa Oil Corp) and Block EG-01 (Panoro Energy).

With 1.1 billion barrels of proven crude oil reserves and 1.7 trillion cubic feet of proven natural gas reserves, Equatorial Guinea has seen great success in monetizing offshore hydrocarbons in both the domestic and regional landscape. Through infrastructure such as processing facilities at Punta Europa and a system of pipelines, the country has intentions to become a regional hub for petroleum, with development spearheaded under the country’s Gas Mega Hub (GMH) initiative – aimed at positioning the country as a central hub for processing, liquefaction and distribution. In 2023, Chevron signed a Heads of Agreement to move forward with the next phases of the development of the GMH initiative. This includes processing gas from the Alba field under new contractual terms (phase II) and from the Aseng field (phase III) – operated by Chevron’s affiliate Noble Energy.

Ongoing offshore E&P campaigns stand to support the country’s gas production, with the country’s zero-flaring policies ensuring associated gas is monetized. Equatorial Guinea aims to integrate natural gas into the economy, leveraging rising demand in both the domestic and regional landscape to commercialize previously stranded resources. As such, developments such as Blocks EG-06 and EG-11 are expected to not only increase oil production but support the country’s energy security efforts.

“The African Energy Chamber fully supports these efforts, which are expected to reverse the decline in production and pave the way for a new era of exploration, growth and prosperity in the region,” concludes Ayuk.

Distributed by APO Group on behalf of African Energy Chamber.

The African Development Bank’s (www.AfDB.org) investments in The Gambia’s energy sector have significantly improved access to affordable and reliable electricity, with at least 70% of Gambians projected to have power by the end of 2024 (50% in rural areas), according to a recent Bank country progress report. Notable projects include an interconnection with Senegal, which provides 50 megawatts of power to augment the Gambia’s bulk supply system.

The report,  approved by the Bank Group’s Board on 13 June 2024, reflects results obtained halfway through the execution of the Bank’s 2021-2025 Country Strategy Paper (CSP) (http://apo-opa.co/4euFNNh) for the Gambia. It highlights remarkable achievements in the country’s energy, agriculture, and transport sectors.

The Bank’s assistance to the agricultural sector has boosted productivity, increased production and attracted private investment. Rice yields have risen from 2.2 to 4 tonnes per hectare thanks to the implementation of the Bank’s flagship Technologies for African Agricultural Transformation (TAAT) (http://apo-opa.co/3RF7Q2J) initiative and the Rice Value Chain Transformation Program (RVCP) (http://apo-opa.co/4cw6LSR). Yields of maize, groundnut, cowpea and sorghum also improved during the first period of CSP implementation. Enhanced irrigation on 4,369 hectares increased rice production by 27,828 tonnes, and support for local seed producers has ensured sustainable supplies of seeds.

In the transport sector, the Trans-Gambia Bridge and its ancillary road network link major routes and destinations, promoting the efficient movement of goods and people, supporting trade, raising incomes and improving livelihoods throughout West Africa. The bridge construction has reduced transport costs along the trans-Gambia corridor by cutting journey times previously held up by ferry crossings. Passenger and freight transport costs are expected to fall by between 50 and 100% compared to costs before the investment in the bridge, and annual journeys by households to educational and health establishments are expected to double.

Dr. Joseph Ribeiro, the Bank’s Deputy-Director General for West Africa, said the interventions aim to help The Gambia lay the foundations for socio-economic transformation. “The AfDB has increased its support for economic diversification and resilience in the Gambia, taking into account the country’s long-term development priorities and the 2030 Sustainable Development Goals, and targeting factors of fragility,” he stated.

As of 31 March 2024, the African Development Bank had 17 active projects in The Gambia valued at $252.1 million. These projects are public operations financed mainly by grants. The transport sector accounted for the largest share of funding (51.2%), followed by agriculture and rural development (21%), energy (17.5%), water and sanitation (7.7%), governance (2.6%), and the social sector (2.6%).

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

For the second consecutive year, the Basketball Africa League (BAL) (https://TheBAL.com/) will participate in the prestigious Quai 54 (https://apo-opa.co/3RBcBdH), the world’s biggest streetball tournament, which will take place on Saturday, June 22 and Sunday, June 23 at Stade Pierre de Coubertin in Paris, France.  The BAL’s participation is part of the league’s year-round strategy to engage new and existing fans across the African Diaspora and around the world.

The team representing the BAL will feature standout players from the 2024 season, including 2024 champion and Angolan basketball legend Carlos Morais (Angola’s Petro de Luanda), 2024 All-BAL First Team and All-Defensive Team member Samkelo Cele (South Africa’s Cape Town Tigers), and 2024 BAL 3-point leader Kelvin Amayo (Nigeria’s Rivers Hoopers).  Below is the complete list of participating players:

First Name

Last Name

2024 BAL Team

Makhtar

Gueye

Dynamo Basketball Club (Burundi)

Samkelo

Cele

Cape Town Tigers (South Africa)

Kelvin

Amayo

Rivers Hoopers (Nigeria)

Jean Jacques

Boissy

AS Douanes (Senegal)

Carlos

Morais

Petro de Luanda (Angola)

Yannick

Moreira

Petro de Luanda (Angola)

George

Williams

US Monastir (Tunisia)

John

Wilkins

Rivers Hoopers (Nigeria)

The team will be coached by Karim Nesba (Morocco), who served as head coach of the City Oilers (Uganda) during the 2024 BAL season, and Victor Samnick, who won the French National League (LNB) championship in 2008 and 2011 and played collegiately at Georgetown University. 

Quai 54 is renowned for its high-energy atmosphere and top-tier competition, bringing together the best streetball talent from around the world.  Last year, the BAL team that reached the semifinals featured 2023 BAL champion Ehab Amin (Egypt’s Al Ahly), 2023 All-BAL First Team member Chris Crawford (Senegal’s AS Douanes), and 2023 All-BAL Defensive Team member Ater Majok (Petro de Luanda).

Distributed by APO Group on behalf of Basketball Africa League (BAL).

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and Banque De Dévelopement des Etats de L’Afrique Centrale (BDEAC), the regional development finance institution established to promote the development of the Economic and Monetary Community of Central Africa (CEMAC), have entered into a memorandum of understanding (MoU) formalising their cooperation and collaboration in promoting trade and economic development.

Under the terms of the MoU signed at the just-concluded Afreximbank Annual Meetings (AAM2024) in the Bahamas, the two institutions, which already enjoy a close and long-standing relationship, will expand and strengthen their collaboration and co-operation by joining forces to support the economic development agenda of Africa.

The institutions will also collaborate through a range of interventions and initiatives, including equity participation, facilitation of the identification, preparation and co-financing of projects, capacity building and consultation and exchange of information.

According to the MoU, the new cooperation framework will pave the way for a programme of structural transformation in the CEMAC region through a combination of infrastructure development, sustainability-linked interventions and trade finance.

Speaking on the signing, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank, said that the MoU constituted an important step in the consolidation of the ongoing relationship between the two institutions and created a formal platform for cooperation on issues of mutual importance.

“In addition to the possibility of cross-shareholdings in our respective capitals, this MoU will enable us to pool our strengths in support of yet more ambitious integration projects, ultimately creating the capacity-building framework necessary for the continued long-term growth of our institutions. Afreximbank is pleased to have found in BDEAC a strategically important regional partner through, and with whom, to expand our interventions in favour of the member states of the Economic and Monetary Community of Central Africa (CEMAC) in the context of intra-regional trade and implementation of the AfCFTA,” Mrs. Awani said.

Jean Paterne Megne Ekoga, Vice-President of BDEAC, signed the MoU for his institution alongside Mrs. Awani, who signed for Afreximbank.

AAM2024, which was combined with the third AfriCaribbean Trade and Investment Forum (ACTIF2024), ended on 15 June.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Manager, Communications and Events (Media Relations)
press@afreximbank.com

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com