The African Petroleum Producers Organization (APPO) signed the African Energy Bank (http://apo-opa.co/3WAyFYG) into implementation in June 2024, kickstarting a new era of oil and gas financing in Africa. Offering an alternative source of funding for African hydrocarbon projects, the bank is expected to play a major part in advancing project development in both emerging and mature markets such as Angola.

APPO Secretary General Omar Farouk Ibrahim will speak at the Angola Oil&Gas (AOG) conference takin place on October 2-3 in Luanda. Ibrahim’s return to the conference reflects the growing importance of Angola as a major African producer and creates fresh opportunities for collaboration among APPO members, international oil companies and junior exploration and production companies.

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

The African Energy Bank was created out of a need to enhance access to financing in Africa’s oil and gas industry. Given the catalyzing role hydrocarbons play in driving economic growth and energy security, the bank offers newfound avenues to finance and move projects forward. With an initial start-up capital of $5 billion – raised from $83 million in subscription fees by its member states ­– the bank’s implementation comes as Angola opens 29 blocks for exploration – including the country’s first-ever marginal fields. The strategic timing of the implementation creates greater opportunity for companies to finance new projects in Angola’s upstream sector.

In 2025, Angola will launch its next limited public tender (http://apo-opa.co/4bZS9dC), offering ten blocks for exploration in the Kwanza and Benguela basins. At present, 11 blocks are available on permanent offer as well as four onshore blocks. The country is also promoting investment in marginal fields – creating the opportunity for junior players to contribute to project development in basins with a commercial track record. As a founding member of APPO, Angola has leveraged its participation in the organization to strengthen its regulatory and legal landscape to entice investment in blocks opportunities. The country is recognized as both an attractive market to do business – given its strong regulatory frameworks – as well as a strategic market to invest – given its multi-year licensing structure and proven petroleum systems.

Meanwhile, APPO facilitates cooperation within the refining, petrochemical, transportation and distribution industries, engaging with member countries to promote fuel security in Africa. Angola itself has ambitions to become a regional petroleum hub, given its stable production and renewed focus on downstream infrastructure development. On the logistics side, Angola’s integrated terminal and logistics hub in Soyo – with a capacity to produce 65,000 barrels per day (bpd) and store two million barrels – will start operations in 2026. The project offers investors an exemption on imports and a ten-year tax holiday, Additionally, The Kwanza Terminal and Pipeline Routes Project – offering similar incentives to that of the Soyo project – will start operations in 2029. The project will produce 25,000 bpd with a storage capacity of one million barrels.

Meanwhile, on the refining side, Angola has three new refineries under construction aimed at enhancing capacity and supporting regional petroleum distribution. These include the 200,000 bpd Lobito refinery, coming online by 2026; the 100,000 bpd Soyo refinery, coming online in 2025; and the 60,000 bpd Cabinda refinery, the first phase of which will come online in 2024. During AOG 2024, Ibrahim will discuss the impact these developments will have on Africa’s energy security and the need to increase investment in oil and gas projects.

Distributed by APO Group on behalf of African Energy Chamber.

Independent exploration and production company Marathon Oil entered a five-year LNG sales agreement last year with diversified natural resource company Glencore Energy UK for its equity natural gas from the Alba Field offshore Equatorial Guinea. The agreement aims to optimize gas operations by redirecting partial volumes from the methanol plant to the LNG facility next year. Further boosting gas monetization in the country, the agreement serves to diversify the utilization of gas for the benefit of local communities.

Amid this gas monetization drive, Marathon Oil has joined the African Energy Week (AEW): Invest in African Energy 2024 conference – scheduled for November 4-8 in Cape Town –  as a silver sponsor. Under the theme Energy Growth Through an Enabling Environment, AEW: Invest in African Energy gathers investors and developers to explore opportunities in Africa’s energy sector. Marathon Oil’s sponsorship reflects its commitment to investing in Africa’s energy future as well as its focus on maximizing Africa’s natural gas resources.  

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

The Alba Field – one of the nation’s largest gas fields – is vital for the country’s energy landscape, supported by critical infrastructure such as the Alba Plant LPG facility, the Equatorial Guinea LNG plant – operated by Equatorial Guinea LNG Operations – and the Atlantic Methanol Production Company’s (AMPCO) methanol production facility. These projects fall under Equatorial Guinea’s larger Gas Mega Hub (GMH) initiative, which aims to position the country as a regional processing hub for LNG.

Marathon Oil inked a Heads of Agreement last year with Noble Energy and Equatorial Guinea to advance the second and third phases of the GMH in 2023. This agreement builds on the success of the project’s initial phase, which involved tying up the Alen Field in the Gulf of Guinea to the Punta Europa LNG Terminal on Bioko Island, delivering first gas in February 2021. The GMH strategy is a key component in monetizing gas resources both within Equatorial Guinea and regionally. By connecting multiple gas fields  – such as the Alen field and the Alba gas field – to centralized processing and export facilities, the GMH not only optimizes resource utilization but also enhances energy security and economic development in the region. Additionally, Marathon’s partnerships with US independent Chevron and other industry leaders have been pivotal in advancing the GMH strategy, ensuring that Equatorial Guinea remains a key player in the regional gas market.

Meanwhile, the company is set to be acquired by multinational energy company ConocoPhillips in an all-stock transaction valued at $22.5 billion – expected to finalize in Q4 2024. This acquisition will integrate Marathon Oil’s robust portfolio and expertise in exploration and production with ConocoPhillips’ own capabilities and expertise as well as a new stream of investments. By combining complementary assets and operational excellence, the merger positions the combined entity to enhance investments in Africa’s energy sector. This strategic alignment is set to drive economic growth and enhance energy security across the continent, leveraging ConocoPhillips’ global reach and Marathon Oil’s established presence in key African markets.

“Marathon Oil’s long-standing operations in Equatorial Guinea, particularly in advancing LNG production and gas infrastructure, reflect its dedication to the country’s energy goals. The company’s contributions, such as the development of the Alba Field and the LNG facility, have been vital for growing the sector and driving economic development,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

Returning to this year’s edition of AEW: Invest in African Energy, Marathon Oil will bring a wealth of expertise in exploration, production and sustainable energy practices. By collaborating with industry leaders and African stakeholders, Marathon Oil aims to support the continent’s journey towards energy independence and sustainable development.

Distributed by APO Group on behalf of African Energy Chamber.

Angola is preparing to launch a limited tender in 2025, offering ten blocks for exploration in the Kwanza and Benguela Basins. According to the National Oil, Gas&Biofuels Agency, Kwanza Basin assets include Block 22, Block 35, Block 37, Block 38 and Block 36, offering a strategic opportunity for companies to invest in a highly-prospective and commercially-proven offshore play.

During the Angola Oil&Gas (AOG) pre-conference program – taking place ahead of the main event on October 1 ­– geophysical services company WesternGeco will present a workshop entitled Unlocking the Hydrocarbon Potential of Angola: Focus on the Kwanza Basin Offshore. Led by WesternGeco’s Exploration Lead Sugandha Tewari and New Ventures Manager Miles Dyton, the session will provide strategic insight into the prospectivity of open blocks featured in the 2025 Limited Tender.

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

A division of SLB since 2000, WesternGeco offers a library rich in seismic data covering the three main basins in the Angolan offshore market. Data aims to support investment decisions as the country strives to unlock the full potential of its offshore hydrocarbon basins. For companies looking to invest in the offshore Kwanza Basin – which bears geological similarities to the prolific Lower Congo Basin – this data will help de-risk exploration by greatly enhancing the basin’s prospectivity.

The offshore Kwanza Basin is particularly attractive given its proven petroleum system, undeveloped blocks and ongoing major projects. The first large-scale deepwater development in the Kwanza Basin – the Kaminho project – achieved FID in May 2024 and is on track for first production by 2028. Situated in Block 20/11, the project features the Cameia and Golfinho fields and lies in water depths of 1,700 m. Developed by energy major TotalEnergies, the Kaminho project will utilize an FPSO to produce 70,000 barrels per day. The project is expected to lay the foundation for continued development and production activities in the basin, all of which will be supported through datasets such as those of WesternGeco.

While major projects underscore the significant potential that lies in the offshore Kwanza Basin, the geological complexity of the area has been known to make exploration risky due to challenges associated with imaging subsurface and reservoir intervals. As such, WesternGeco has gathered extensive datasets across the basin – as well as Angola’s two major basins: Lower Congo and Namibe – to not only de-risk exploration but support fresh investments offshore.

The AOG 2024 workshop will share the value extracted from the large data footprint offshore with the aim of providing an update on the prospectivity of the Kwanza Basin. Data has been collected and processed using state-of-the-art processing technology, linking key existing discoveries and leveraging machine learning. As such, attendees will gain insight into the basin’s geological overviews; will understand its geological complexity; and will review the required technology to overcome challenges.

Participants will also have the opportunity to examine petroleum systems modeling and discuss the basin’s untapped hydrocarbon potential. Additional topics include the basin’s tectonostratigraphic architecture; how regional seismic helps to map leads and prospects; and how seismic technology can be used to de-risk exploration.

Don’t miss this opportunity to gain strategic insights from industry experts Tewari and Dyton. To register for the workshop and the AOG conference, visit https://apo-opa.co/3SoMGGy or contact us at sales@energycapitalpower.com. Access the pre-conference technical program here (https://apo-opa.co/3SnmHz3).

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

French major TotalEnergies announced the sale of its stake in 18 Oil Mining Licenses (OMLs) in Nigeria – the majority of which are onshore – to Mauritius-based company Chappal Energies (http://apo-opa.co/4bYS3Do) this month. As an independent energy company, Chappal Energies specializes in revitalizing brownfield assets and unlocking latent value in Nigeria and Africa’s oil and gas resources. 

The transaction is the latest in a series of deals in which junior and independent explorers – as well as African national oil companies (NOCs) – are increasingly taking ownership of onshore assets, as global majors look to divest in favor of large-scale offshore operations. This trend will be explored at the Invest in African Energy 2025 Forum (http://apo-opa.co/4fnjhWX) taking place in Paris in May 2025, along with available farm-in, merger and acquisition opportunities involving Africa’s onshore acreage. Showcasing Africa’s leading investment prospects, the forum aims to attract financial and technical partners to the sector, with a view to maximizing Africa’s oil and gas production.

The Nigerian market is a prime example of this industry shift. In January, British multinational Shell (http://apo-opa.co/4fdkxvX) announced it would be selling its Nigerian onshore subsidiary – which holds stakes in 15 OMLs – to Renaissance, a consortium where four out of five companies are local Nigerian exploration and production firms. Earlier this month, Nigerian multinational Oando completed its acquisition of Eni’s (http://apo-opa.co/4c2tNjJ) onshore business, while Chappal Energies acquired Equinor’s ownership in offshore OML 128 last November. Nigeria’s current 2024 bid round (http://apo-opa.co/4bYfUmE) features two onshore blocks in the Niger Delta, which represents one of the world’s most established hydrocarbon provinces supported by extensive multi-client seismic data.

Angola is another major upstream market with untapped onshore potential, having primarily focused on offshore exploration and production to date. Redevelopment of the country’s onshore Kwanza Basin is being led by Angolan NOC Sonangol (http://apo-opa.co/4fdkyQx) and Angola-focused oil and gas company Corcel, which spud the Tobias-14 well last September and is currently conducting initial flow testing. In Angola’s latest onshore licensing round, nine companies were selected as operators and five as non-operators after national regulator ANPG received more than 50 bids (http://apo-opa.co/4bZQVz2) for 12 onshore blocks in the Lower Congo and Kwanza basins. The country’s upcoming 2025 round features four onshore blocks on offer, opening up attractive entry opportunities for indigenous and independent explorers. 

Onshore prospects are also driving Africa’s frontier oil and gas markets. Earlier this month, Canadian independent ReconAfrica and joint venture partner NAMCOR spud the Naingopo exploration well in Namibia’s onshore Kavango Basin. The Kavango basin is home to the Damara Fold Belt (http://apo-opa.co/4fdkArD), a highly prospective play estimated with  over 22 trillion cubic feet of undiscovered gas. Successful finds in the basin could establish Namibia as a major onshore market, in addition to the country’s prolific offshore Orange Basin discoveries.

For junior and independent explorers, the advantages of entering Africa’s onshore market are myriad: lower operational costs and easier access to equipment and infrastructure, coupled with faster drilling times and reduced environmental risks. At a time when the global market demands strong fiscals and local value addition for exploration projects, Africa’s onshore prospects represent a strategic pathway to enhanced participation of African home-grown explorers and diversification of the upstream landscape.

 IAE 2025 (http://apo-opa.co/4fdkAYF) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.  

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