ExxonMobil could inject as much as $15 billion into the development of Angola’s hydrocarbon reserves by 2030, following the success of commercial oil discoveries in the southern African country. The energy major is developing a series of large-scale projects and is committed to supporting community development through capacity building and outreach programs aimed at improving STEM-related opportunities. These endeavors are poised to strengthen the Angolan oil and gas industry while bolstering industrialization and broader economic growth.

This week, the African Energy Chamber – led by Executive Chairman NJ Ayuk – met with company leaders from ExxonMobil as part of a working visit to the country. During the meeting, the parties discussed the government’s efforts in opening up the sector and how fiscal policies have made doing business in Angola that much more competitive. ExxonMobil – celebrating 30 years of operations in Angola – has been at the forefront of many large-scale developments in the country, and the major’s renewed focus on infrastructure-led exploration; local content development; and investments in STEM will unlock new opportunities for the country. 

ExxonMobil’s rich production history in Angola underscores both the country’s oil and gas potential and the company’s commitment to spurring development in Africa. Considered a golden block, the company’s deepwater Block 15 in Angola represents one of the most successful offshore concessions in the region, with 18 commercial discoveries made. Producing for 20 years, the block hit a milestone of 2.5 billion barrels of cumulative oil production in 2023. This year, ExxonMobil made an oil discovery at the Likember-01 research well in the block. The operation, which took place in the Kizomba B development area, revealed the existence of high-quality hydrocarbon-bearing sand packages. The find follows a discovery made in 2022 at the Bavuca South-1 exploration well in Block 15, which formed part of a redevelopment plan to deliver 40,000 barrels per day (bpd) of new oil production.  

The development area is operated by ExxonMobil and developed in partnership with Angola’s state-owned Sonangol and international energy companies Equinor and Azule Energy. The Likembe-01 well is the first to be drilled as part of a broader incremental production initiative, which is spearheaded by Angola’s national concessionaire, the National Oil, Gas and Biofuels Agency and aims to increase output at already-producing concessions in the country. ExxonMobil also has an 20% participating interest in Block 17, a 15% participating interest in Block 32 and continues to operate Blocks 30, 44 and 45 in the Namib Basin, offshore Angola, with a 60% participating interest in the three blocks. This month, ExxonMobil surpassed a production level of 200,000 bpd. This represents significant materiality, a key condition for establishing Angola as a competitive oil province as well as positioning the country as a top performer in the company’s global portfolio.

Going forward, the company is committed to drilling in the Namibe basin, with plans to invest $200 million to drill an offshore frontier exploration well by the end of 2024 in partnership with Sonangol. The campaign aims to uncover new oil and gas reserves in Angola’s underexplored acreage and, if successful, the supermajor could inject as much as $15 billion into the development of the basin by 2030. The development of a large commercial discovery is poised to result in revenue of between $20 billion and $40 billion for the country, which will serve to promote socioeconomic development, economic diversification and local content and community advancement.

“ExxonMobil’s investment in Angola continues to grow because of the enabling environment that the government continues to create for the industry. The government is making sure that the country remains competitive – especially in terms of fiscals – and is significantly improving market attractiveness for companies. This enables world-class project developments and the AEC commends the government for laying this strong foundation,” stated Ayuk.

Apart from oil and gas development, ExxonMobil is a strong advocate for STEM-related education in Angola. The company is committed to advancing opportunities for Angolan people in this area and strives to address challenges related to STEM education in the country. Specifically, the company aims to create opportunities for girls and women in STEM. During the AEC-ExxonMobil meeting, the parties discussed the critical role investments in STEM play in the country and how the company is spearheading efforts to promote education. Additionally, the parties outlined the vital role of women in the energy sector. For its part, ExxonMobil has been at the forefront of promoting gender equality in the industry. Industry leaders such as Melissa Bond, former Country Manager for Angola at ExxonMobil, and Katrina Fisher, Lead Country Manager/Managing Director for Angola at ExxonMobil, have championed these endeavors. During the upcoming AEW: Invest in African Energy conference this November (4-8), the AEC aims to bring women in energy and STEM discussions to the main stage, highlighting the importance of these topics.

Meanwhile, ExxonMobil has been outspoken in its philanthropic efforts in Angola. In May, ExxonMobil and the National Basketball Association (NBA) Africa announced the launch of a new Jr. NBA League in Luanda. The new league will feature 40 boys’ and girls’ teams for youths in the country aged 16 and under. The league is set to reach as many as 10,000 youth participants in 2024. The league will culminate with the playoffs and finals in September this year and will feature all-girls basketball clinics as part of the NBA’s Her Time to Play initiative – providing opportunities for girls to play the game and pursue careers in coaching and athletic leadership.

“The AEC commends the progress ExxonMobil continues to make in promoting women in energy, STEM-related education and economic growth in Angola. The company has been a champion of these critical issues and the AEC looks forward to working closely with the company to support the next generation of oil, gas and science in Africa,” concluded Ayuk.

Distributed by APO Group on behalf of African Energy Chamber.

The six-year licensing round, launched by Angola’s national concessionaire – the National Oil, Gas&Biofuels Agency (ANPG) – has been a cornerstone in the country’s strategy to attract and secure substantial investments in its oil and gas sector. With up to 55 blocks on offer in total, the licensing round is designed to offer regular and transparent opportunities for IOCs and competitive Angolan operators to explore and develop the country’s hydrocarbon potential.

Representing the voice of the African energy sector, the African Energy Chamber (AEC) – led by Executive Chairman NJ Ayuk – met with ANPG CEO and Chairman Paulino Jerónimo in Launda as part of a working visit to the country this week. The parties discussed measures in place to enhance the country’s enabling environment and the profound impact of the ongoing multi-year licensing round. The ANPG has been making great strides towards attracting foreign investment in exploration and production in line with national objectives to stimulate oil production and drive long-term economic growth. The AEC commends the efforts by the regulator and believes the foundations have been laid for industry-wide expansion.

Recent developments in the industry underscore the impact of license reform and promotion. In January 2024, the ANPG concluded the country’s 2023 licensing round, whereby 12 blocks were available in the Lower Congo and Kwanza basins. The regulator announced that 53 bids were submitted, demonstrating the scale of interest in the country’s acreage. The tender invited both national and international entities to participate, emphasizing criteria for operator status and the formation of contractor groups for the onshore blocks. Looking ahead, the ANPG is preparing for the next round of the licensing initiative, which is expected to further stimulate investments and partnerships, offering more opportunities for stakeholders to capitalize on Angola’s proven reserves. Featuring 10 blocks in the Kwanza and Benguela basins, the round will be launched in 2025.

Meanwhile, the ANPG is actively promoting exploration and production in the frontier Namibe Basin, confident in its identified leads and matured prospects across blocks and free areas. Energy major ExxonMobil plans to invest $200 million into exploring Blocks 30, 44 and 45 in the Namibe Basin, where the company, in partnership with NOC Sonangol, plans to drill an offshore frontier exploration well by late 2024.

Additionally, the ANPG’s extensive operational scope includes overseeing more than 40 operational concessions across Angola, with 16 currently in production across various offshore and onshore categories. These include three onshore, five in shallow water, six in deep water, and two in ultra-deep water. In addition to the production activities, there are numerous concessions under exploration – including 14 onshore blocks, one in shallow water, 11 in deep water and one in ultra-deep water. Further development efforts are ongoing for four deep-water concessions. The pipeline of future opportunities includes seven upcoming concessions. Additionally, there are concessions currently under negotiation, which consist of four onshore blocks located in the Lower Congo and Kwanza Basins, and three deep-water blocks (24, 49 and 50). This extensive array of operational, exploratory and developmental concessions highlights the significant potential and active investment landscape within Angola’s oil and gas sector.

Investing in Angola’s energy sector presents a strategic opportunity for several compelling reasons. The nation boasts a track record of successful exploration and production in both deepwater and onshore regions. Angola is the second-largest oil producer in sub-Saharan Africa and is recognized as one of the top five most attractive countries globally for oil and gas investments, with a success rate of over 30% in its oil and gas opportunities. The presence of major IOCs such as Chevron, TotalEnergies, Azule Energy and ExxonMobil  -alongside competitive operators such as Afentra and Etu Energias – highlights the diversity of its investor base. Furthermore, the potential for partnerships with other IOCs and proficient Angolan operators enables the leveraging of local expertise and resources, fostering mutual benefit.

Several legislative reforms have been enacted to bolster Angola’s investment climate. These reforms encompass a range of initiatives, including Presidential Legislative Decrees 5/18, 6/18, and 7/18, which address exploration, development and production, including marginal fields and natural gas. Additionally, Presidential Decree 91/18 establishes rules and procedures for abandonment activities, while Presidential Decree 49/19 designates ANPG as the regulator of oil and gas activities. Furthermore, Presidential Decree 271/20 promotes local content development, and Presidential Decree 249/21 focuses on permanent offers. Finally, Presidential Decree 52/19 outlines the general strategy for awarding petroleum concessions from 2019 to 2025.

“Under the leadership of Jerónimo, the ANPG’s proactive approach in revitalizing Angola’s oil and gas sector is transforming the landscape of exploration and production, both onshore and offshore. The regulator’s comprehensive efforts are not only enhancing the country’s energy security but also attracting significant investment opportunities. This revitalization is crucial for Angola’s economic growth, creating jobs, and ensuring that the nation remains a competitive player in the global energy market,” stated Ayuk.

Distributed by APO Group on behalf of African Energy Chamber.

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) and Ak Finansal Kiralama A.Ş. (AKLease) have entered into a landmark agreement to bolster economic growth in Türkiye. This new EUR 13.65 million Commodity Murabaha Facility is designed to support private sector projects, with a special focus on small and medium-sized enterprises (SMEs).

This strategic partnership highlights ICD’s dedication to fostering private sector development within its member countries. The facility provided by ICD will enable AKLease to fund a range of private sector projects, empowering entrepreneurs to launch and scale ventures that will significantly impact Türkiye’s economy.

AKLease, a subsidiary of Akbank and a prominent player in Türkiye’s financial leasing market, will leverage this facility to extend financial support to eligible projects. The collaboration is a testament to AKLease’s commitment to driving national development through innovative and long-term leasing solutions.

Key Highlights of the Agreement:

Funding Amount: EUR 13.65 Million
Target Sector: Private sector projects, especially SMEs
Objective: Enhance the SME landscape in Türkiye by providing essential resources for business growth and development
Strategic Alignment: Supports ICD’s Private Sector Channel Development Strategy

The agreement underscores the critical role of private sector financing in economic development. By facilitating access to financial resources, the initiative will help bridge funding gaps for SMEs, driving innovation and fostering a more robust and diverse economy.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

For further details, please contact:
Nabil El-Alami Communications&Corporate Marketing Division Manager
nalami@isdb.org

About Ak Finansal Kiralama A.Ş. (AKLease): 
Established in 1988 as a subsidiary of Akbank, AKLease offers financial leasing solutions across various sectors, including manufacturing, construction, transportation, energy, and healthcare. Known for its commitment to sustainability, AKLease provides significant support to environmentally friendly investments through its unique ECOLease product, the first and only sustainability-themed offering in Türkiye’s leasing sector.

About the Islamic Corporation for the Development of the Private Sector (ICD): 
ICD is a member of the Islamic Development Bank (IsDB) Group and focuses on supporting economic development and private sector growth in its member countries through Shariah-compliant financing and investment solutions. ICD also offers advisory services to foster the establishment, expansion, and modernization of private enterprises. The organization is highly rated by international credit agencies: A2 by Moody’s, A+ by Fitch, and A- by S&P.

The 2024 Jeep® Wagoneer S (www.Jeep.com), the brand’s first global battery-electric vehicle (BEV), which will launch initially in the U.S. and Canada, delivers 4xe capability, impressive performance credentials, a sleek aerodynamic design and state-of-the-art technology; Jeep Wagoneer S delivers exhilarating performance with 600 horsepower, more than 800 Nm of immediate torque for lightning-quick 0-60 mph acceleration time of 3.4 seconds and range of more than 300 miles (these data refer to US spec and US cycle only); Jeep brand-exclusive Selec-Terrain traction management system features five distinct drive modes: Auto, Sport, Eco, Snow, Sand, for all weather and road conditions; Debuting first, the Jeep Wagoneer S Launch Edition features elegant black cues, reimagined seven-slot illuminated grille, 20-inch wheels and standard dual-pane panoramic sunroof (Launch Edition to be US only); Tech-integrated interior with 45 inches of usable screen space – best-in-class among EVs – with segment-exclusive interactive front passenger screen, premium heated and ventilated front and rear seats and segment-exclusive 19-speaker, 1,160-watt McIntosh audio system; Available in Jeep brand dealerships in US starting in the second half of 2024, the Wagoneer S will  later be available in markets around the world. 

 The Jeep® brand is charging into the electrified SUV segment with the reveal of its first global battery-electric vehicle (BEV) – the 2024 Jeep Wagoneer S Launch Edition (US only). The all-new, all-electric 2024 Jeep Wagoneer S will launch first in the U.S. and Canada in the second half of 2024 and later be available in markets around the world. 

The Jeep Wagoneer S is offered exclusively as a BEV with a range of more than 300 miles on a single charge, delivering 600 horsepower, lightning-quick 0-60 mph acceleration time of 3.4 seconds and more than 800 Nm of instant torque. Impressive performance credentials paired with the Jeep brand-exclusive Selec-Terrain traction management system, Jeep Wagoneer S instills driving confidence and traction for all weather and road conditions (these data refer to US spec and US cycle only).

“The launch of the all-electric Jeep Wagoneer S marks a new chapter in the storied history of the Jeep brand,” said Antonio Filosa, Jeep brand CEO. “Building upon nearly a century of innovation and design, this first global EV will introduce a whole new generation of owners to an experience that is distinctly Jeep and 100% electric in every way. With new energy in the Jeep vehicle lineup, ranging from EV to V-8, customers have never had more freedom to choose their own adventure.”

Charge your way: Effortless charging solutions
To make charging of this first global Jeep brand BEV quick and easy for customers, the Jeep Wagoneer S carries an efficient 400-volt, 100-kilowatt-hour battery pack that allows owners to charge the vehicle from 20% to 80% in 23 minutes (with DC fast charger).

Every Jeep Wagoneer S Launch Edition includes a 48-amp Level 2 home charger or public charging credits of equal value through Free2move Charge, Stellantis’ 360-degree charging ecosystem, making it easy for customers to always be charged by delivering seamless charging and energy management. Wagoneer S customers can access the Free2move Charge app to conveniently search for charging stations, activate the charging session and keep track of charging history (US only).

Electrified architecture delivers outstanding performance, 4xe capability, and comfort
The foundation for the segment-leading characteristics of the 2024 Jeep Wagoneer S is the highly flexible, BEV-native STLA Large platform. Jeep brand designers and engineers flexed the STLA Large platform to adjust the length, width, suspension and powertrain configurations to tailor it specifically for the Jeep Wagoneer S to deliver instant torque and lightning-quick acceleration. 

Standard, all-electric, four-wheel drive delivers composed driving dynamics both on-road and in a variety of road conditions. Stellantis-designed electric drive modules (EDMs) independently power the front and rear wheels for instant torque response, while the Jeep brand-exclusive Selec-Terrain traction management system features five distinct driving modes: Auto, Sport, Eco, Snow, Sand.

The Jeep Wagoneer S’s 3-in-1 EDMs combine the electric motor, gearing and power electronics into a single, compact unit that is both powerful and efficient. The front EDM is equipped with wheel disconnects to reduce energy draw when cruising and to help optimize range.

The use of new technologies and techniques played a crucial role in the overall development of the Jeep Wagoneer S. To improve the driving experience and reduce the overall noise and vibration levels to create a quiet interior cabin and a smooth ride, the Jeep engineering team improved body torsion stiffness by 35% over previous midsize-segment Jeep brand SUVs for superior ride, handling and effective response to driver input.

Premium exterior design sets new standard for all-electric Jeep Wagoneer S
A vehicle forged from premium heritage, innovation and refinement, the 2024 Jeep Wagoneer S is set to blaze its own path with its elevated style, sleek sophistication and unwavering confidence. The SUV’s exterior design is an intelligent combination of harmonious proportions, modern 4xe capability and aerodynamic efficiency that reimagines the Jeep brand’s functional side for today’s electrification era.  

The front fascia is artfully punctuated by a reimagined, seven-slot grille, transforming the functionality of breathing to seeing. No longer needed to allow airflow and cooling, the enclosed grille now illuminates the line-of-sight when approaching the vehicle. New striking ambient cast-lighting is inspired by modern architecture and delivers a distinguishable appearance even miles down the road.  

Aerodynamic surfacing is pronounced through the precise slope and curvature of the hood and windshield, both angled for optimal performance and efficiency at high speeds. A sloping roofline cascades beneath a cantilevered rear spoiler, bridging function and aesthetics with its signature Wagoneer silhouette.

Debuting first for the 2024 model year, the Jeep Wagoneer S Launch Edition will be exclusively outfitted with elegant dark accent cues. Delivering style and customization straight from the factory, the Launch Edition features 20-inch Gloss Black wheels, as well as Gloss Black and dark neutral gray exterior elements throughout. Noticeably absent is the use of chrome, as the design team looked to incorporate more environmentally friendly processes and materials. Satin-painted accent trim and a dual-pane panoramic sunroof for an open-air experience round out the exterior appearance details (US only).

Holistically efficient design approach
When it comes to an all-electric vehicle, aerodynamics is a crucial component to the overall design equation. Jeep brand designers and engineers set aggressive goals to reach optimal aerodynamic performance for maximum efficiency, range and performance while maintaining its sleek, premium appearance. By utilizing state-of-the-art tools and a rigorous testing and development process, including state-of-the-art wind tunnels, the team achieved a coefficient of drag (CD) of 0.29, which is the lowest CD ever for a Jeep vehicle and approximately 15% better than the average SUV.  

Structurally, the roof and rear liftgate spoiler are angled to minimize wake size. The vehicle’s flush pocket door handles, rear wing and integrated fins help guide air flow around the vehicle and control the separation point at the rear. Additionally, an integrated system of underbody shields, three-dimensional shaped front tire spats and unique side-sill design all direct airflow smoothly around the tires and to the rear of the vehicle for minimum drag. All of which contribute to the Wagoneer S being the most aerodynamic Jeep brand SUV ever. 

The art of interior design: A seamless integration between luxury and technology 
As the pioneers and creators of the industry’s first modern luxury SUV, the iconic 1963 Jeep Wagoneer was a cut above the competition, breaking new ground and ushering in the widespread adoption of utility vehicles. Six decades later, the 2024 Jeep Wagoneer S continues to push boundaries and evolve the iconic Jeep brand with a new embrace of technology, luxury and innovation. 

The 2024 Jeep Wagoneer S builds upon the Jeep brand’s legacy of world-class interiors that exemplify the art of travel. It’s tech-integrated interior is equally impressive as its performance numbers, with a best-in-class usable screen space of more than 45 inches, segment-exclusive interactive front passenger screen, artisan details and elegant appointments.

Building upon current-generation Jeep Grand Wagoneer design cues, the sleek, linear cockpit is fully digital with modern controls and interfaces. The focal point of the front cabin is a cross-car wing sculpture with a visually continuous display that spans the entire width of the front instrument panel with wine red accent stitching and chiseled metal decorative trim. The architecturally impactful, integrated 12.3-inch center display is framed by a rich mix of materials, including a refined cross-metal deco trim applique with a glazed laced pattern.

There are several new details throughout the interior, including a performance-inspired, wine red-stitched steering wheel with a flat-bottom design and twin spoke. The steering wheel introduces a new Cabo vinyl anti-microbial surface coating, making it easier to keep the vehicle clean.

The electronic door releases, which are new for the Jeep brand, can be activated with ease by the light touch of a thumb. A newly relocated start button is surrounded by a die-cast zinc metal marked with a fine, navigational haptic textured pattern.

The Launch Edition comes standard with a full suite of customizable LED lighting with daytime/nighttime settings, plus active, direct ambient lighting with up to 64 selectable colors. The spacious, five-passenger Jeep Wagoneer S is the only BEV in its segment to have standard heated and exclusive standard ventilated rear seats (US only).

Segment-exclusive McIntosh sound system
Audiophiles looking for a premium, immersive sound system need look no further than the new Jeep Wagoneer S. Thanks to a segment-exclusive partnership with McIntosh, signature audio performance is delivered through a custom-tuned, 19-speaker system. Powered by a 1,160-watt amplifier and 12-inch subwoofer for outstanding bass quality, the high-performance system delivers an immersive experience, making all vehicle occupants feel like they’re in the recording studio with their favorite artists.  

Purposeful design equation
The front cockpit of the Jeep Wagoneer S is adorned with several new details, including a new black ceramic-coated aluminum with haptic applique that appears on many of the vehicle’s touch points. Featured prominently on the driver control center, the exclusive navigational tactile pattern is cool to the touch and has a porcelain-like feel. Soft-wrapped doors are accentuated with decorative trim, including chiseled cross-metal accents to match the front instrument panel. 

The use of recycled resources and materials were consciously integrated into the Jeep Wagoneer S. The seating, console, doors and instrument panel surfaces feature a non-leather synthetic material. Additional appointments include a premium microfiber suede headliner and premium carpets comprised of recycled pre- and post-consumer materials.

Safer, smarter technology delivers immersive driving experience
Leading the way in its class among all EVs, the all-new 2024 Jeep Wagoneer S features more than 45 inches of high-definition sculpted screen space, including a segment-exclusive 10.25-inch front interactive passenger display that talks directly to the Uconnect 5 system, allowing the front passenger to provide the driver with directions with a quick touch of the screen.

The Jeep Wagoneer S driver will experience elevated driving and seamless connectivity through an all-new standard 12.3-inch driver cluster designed to be intuitive and visually impactful based on customer feedback. Working with the standard integrated navigation system, new dynamic road views better assist the driver and augment the vehicle’s standard autonomous driving system. It also features a refined set of menus, including BEV-specific elements, such as charge level, battery health and available power. When parked and plugged in, the Jeep Wagoneer S cluster will display the current charging status, which is activated when the remote key is sensed.

The standard 12.3-inch center display houses the award-winning Uconnect 5 system, offering new levels of clarity. The screen is more responsive and provides better visibility than previous generations, specifically related to readability of maps, cameras and widgets. An expansive range of saturated color and backlighting also allow better projection of system apps.

The Jeep Wagoneer S also includes Jeep Connect services as part of the Jeep app, which helps owners understand and access details, such as the vehicle’s available remaining charge. For instance, with the Dynamic Range Mapping feature, once a destination is entered into the navigation, software algorithms calculate and visually display the range that can be traveled based on the vehicle’s state of charge.

Safety, security, and premium owner benefits = driving confidence
The 2024 Jeep Wagoneer S delivers a combination of more than 170 standard safety and security features that help make instrumentation easier to see and aid in collision avoidance with advanced driver-assist technology. Features on the Launch Edition include Active Driving Assist, Intersection Collision Assist, Drowsy Driver Detection, Traffic Sign Recognition and Surround View camera.

With a flexible architecture and open software-defined platform, the Jeep Wagoneer S can receive innovative features and services, including additional automated driving, performance and other technologies via over-the-air (OTA) updates. With OTA updates, the vehicle will continue to evolve.

Jeep Wagoner S customers are automatically enrolled in Jeep Wave, a premium loyalty program filled with benefits and perks, including dedicated 24/7 support.

Distributed by APO Group on behalf of Jeep.