Africa Oil Corp Joins African Energy Week (AEW) 2024 as Silver Sponsor, Reinforcing Strategic Expansion in African Energy

Canadian oil and gas exploration company Africa Oil Corp expanded its stake in Block 3B/4B offshore South Africa earlier this year. The acquisition aligns with the company’s commitment to strengthen its presence across strategic basins in Africa. Building on this momentum, Africa Oil Corp has joined the African Energy Week (AEW): Invest in African Energy 2024 conference –  taking place in Cape Town from November 4-8 - as a silver sponsor. The company’s return to the event reflects its dedication to cultivating collaboration and driving innovation across the African energy sector.

AEW: Invest in African Energy stands as the premier platform for project operators, financiers, technology providers, and governments, recognized as the definitive venue for sealing deals in African energy. For more information about this pivotal event, visit www.AECWeek.com.

The company’s decision to increase its stakes in Block 3B/4B follows indications of substantial hydrocarbon reserves in South Africa’s Orange Basin, with potential discoveries estimated at up to four billion barrels of oil equivalent across 24 prospects. These hydrocarbon reserves are significant for South Africa as the nation seeks to enhance energy security and diversify its energy portfolio.

Adjacent to its South African operations, the company also holds indirect interests in neighboring Blocks 2912 and 2913B in Namibia through a 31.1% shareholding in Impact Oil & Gas Limited. These blocks, operated by French multinational corporation TotalEnergies alongside QatarEnergy and state-owned NAMCOR, feature the Venus light oil and associated gas field. The Venus-1X discovery in 2022 confirmed a high-quality light oil-bearing reservoir, with subsequent appraisal wells further de-risking the field and supporting its development. Africa Oil Corp’s strategic farm-down agreement with TotalEnergies in January 2024 ensures continued involvement in the Venus development project as well as exploration and appraisal program on Blocks 2913B and 2912 will continue, underscoring its commitment to advancing opportunities in the region.

In West Africa, the company signed two production sharing contracts with Equatorial Guinea’s Ministry of Mines and Hydrocarbons last year to increase its activities in Blocks EG-18 and EG-31, offshore Equatorial Guinea. The company owns an 80% interest in each block alongside national oil company GEPetrol which owns 20%. Block EG-31 is in close proximity to existing developments such as the Alba gas field and the onshore Punta Europa LNG gas terminal, indicating infrastructure support and strategic positioning for leveraging discoveries of potential hydrocarbon finds. While in Block EG-18, the company has found a large Cretaceous-age basin floor fan potential, similar to those found in Namibia and South Africa and intends to continue investigating it.

Meanwhile, Africa Oil Corp holds a 50% equity interest in Prime Oil & Gas Coöperatief U.A. (Prime) which operates in Nigeria’s deepwater Niger Delta Basin. Prime has assets in three fields – namely, the Akpo, Egina, and Preowei. The Akpo West tie-back project commenced operations in early 2024, contributing an additional 14,000 barrels per day of condensate production. Development of the Akpo field commenced in 2005, with a total of 44 wells planned, including 22 for production, 20 for water injection and two for gas injection, with first production achieved in March 2009. The Egina field, 150 km off the coast of Nigeria in the Gulf of Guinea, has 150 km of water depths.

“Africa Oil Corp’s exploration and development activities ranging from Nigeria’s mature market to Namibia’s frontier basins are indicative of its strategic agility and commitment to pioneering new frontiers in the continent's energy landscape. By leveraging its expertise across diverse environments, the company is dedicated to unlocking the full potential of Africa’s hydrocarbon resources, enabling sustainable growth and energy security across the continent,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

During AEW: Invest in African Energy, Africa Oil Corp will outline its strategic investments and projects across the African nations in which it operates. The company’s participation at AEW: Invest in African Energy 2024 as a silver sponsor highlights its strategic commitment to strengthening partnerships, driving technological advancements and contributing to the sustainable development of Africa’s energy resources.
Distributed by APO Group on behalf of African Energy Chamber.