South Sudan is seeking new investment to expand oil production, open up exploration acreage and upgrade petroleum infrastructure. It plans to raise crude output from about 174,000 bpd to 230,000 bpd in the near term and has 14 exploration blocks available. The country, which holds an estimated 3.5 billion bbl of proven oil reserves, is […]
The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO) have formally established the Africa Energy Bank (AEB), with $5 billion in authorized capital to finance oil and gas projects across the continent. The two organizations announced the launch at the bank’s inaugural general meeting in Abuja, Nigeria, on Oct. 31. The AEB […]
The African Energy Chamber, an advocacy group, has also argued that Africa has a “sovereign right” to develop its natural resources, which, according to the group, includes 125 billion barrels of oil and 620 trillion cubic feet of natural gas.
Under the 2015 Paris Agreement, hundreds of countries pledged to hold global temperatures to below 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial levels. Since then, governments and companies – including in Africa – have faced increased pressure to reduce their reliance on fossil fuels.