In a landmark deal, Houston-based hydrocarbon exploration company VAALCO Energy has reported that all involved parties have finalized a production sharing contract (PSC) for Block P offshore Equatorial Guinea. According to the joint operating agreement, which was approved by the government of Equatorial Guinea in March 2024, the PSC provides for a development and production period of 25 years from the date of approval.

With a resource base of over 20 million barrels of oil, Block P is home to the Venus discovery and an exploration area, operated by VAALCO Energy (60%), alongside Equatorial Guinea’s national oil company GEPetrol (20%) and Nigerian oil and gas company Atlas Petroleum International (20%). VAALCO Energy is nearing a final investment decision on the development, after which the company will move straight into a drilling campaign. The Venus conventional oil field is expected to start commercial production in 2026 and is forecast to peak in 2028.

As the voice of the African energy sector, the African Energy Chamber (AEC) commends this significant milestone. The AEC believes that VAALCO Energy’s commitment to boosting offshore oil production marks a critical step towards reversing production declines in Equatorial Guinea. As a major oil and gas producer with proven offshore plays, the country has the potential to contribute to long-term energy security across West Africa. Block P serves as a catalyst to this goal and the AEC supports VAALCO Energy and its partners in their ongoing exploration and production efforts.

Committed to maximizing Africa’s hydrocarbon potential, VAALCO Energy plans to double its crude production to over 50,000 barrels of oil per day by 2027. The production increase falls under the company’s strategy to grow its output from maturing fields. In another move set to bolster VAALCO Energy’s exploitation of crude resources, the company entered a deal in March 2024 to acquire Swedish offshore exploration company Svenska Petroleum Exploration. The $66.5-million, all-cash transaction includes the acquisition of Svenska’s 27.39% interest in the deepwater producing Baobab field in Block CI-40 offshore Ivory Coast.

Having been significantly de-risked through the drilling of 24 production wells and five injection wells and boasting a 20-year production history, the high-performing Baobab field is poised to serve as an important upside opportunity for VAALCO Energy. As part of efforts to diversify its portfolio and boost production from its African assets, VAALCO Energy is planning a dry-docking and upgrade of Baobab’s FPSO unit in 2025, which will lead to significant production growth from the field’s planned 2026 drilling program.

In addition to Equatorial Guinea and Ivory Coast, VAALCO Energy is eyeing locations for its next drilling campaign at the Etame block offshore Gabon, with operations set to start in late-2024. So far, the company has extracted 127 million barrels from its Etame permit and is focused on ensuring the block continues to produce over the next decade. VAALCO Energy is maintaining its focus on high production uptime and enhancements at the permit to minimize decline until the new drilling campaign begins and is working to optimize production from new flowline configurations for final processing before being pumped to the field’s FPSO.

VAALCO Energy is deeply committed to community development in the markets where they operate. In 2022, VAALCO Energy launched the Adopt the Beach program to maintain the Cape Lopez Beach in Gabon and partnered with conservation organization Space for Giants to protect Africa’s ecosystems and wildlife. Since 2019, VAALCO Energy has been actively engaged in enhancing local social benefits, with its Solar Lights project aiming to illuminate 2,300 rural areas in Gabon with solar lighting. VAALCO Energy also supports Nissi House, a vital non-governmental organization combating child trafficking and underage labor by providing shelter to at-risk children and their families. The company also ensures that in-country leadership in the countries where it operates are all local and have made a point of hiring Africans on all their projects, which ties into their robust local content strategy.

“With their boots-on-the-ground working philosophy and appetite for African assets, VAALCO Energy has shown a spirited dedication to bringing energy to where it is needed the most. The company continues to work with its partners on the continent – uniting financial resources with technical expertise – to drive high-impact exploration and production programs. The Chamber supports these efforts to exploit Africa’s energy resources for the benefit of the population, while transforming upstream markets into investor-friendly destinations. We see the company as a major contributor to improving Africa’s upstream landscape” says NJ Ayuk, Executive Chairman of the AEC.

Distributed by APO Group on behalf of African Energy Chamber.

On the afternoon of 6 August 2024, H.E. Han Jing, new Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Republic of Zambia, arrived in Zambia. Ambassador Han was welcomed at the Kenneth Kaunda International Airport by Ms. Etambuyu Gundersen, Permanent Secretary for International Cooperation and Relations, Ms. Hellen Chifwaila, Director for Political Affairs, and Ms. Cheswa Silwizya, Chief of Protocol, from the Zambian Ministry of Foreign Affairs and International Cooperation, and senior officials from the Chinese Embassy.

Ambassador Han thanked the Zambian side for its warm reception. He said that 2024 is a big year for China-Zambia relations and he is honored to be appointed Chinese Ambassador to Zambia at a time when the two countries are jointly celebrating the 60th anniversary of their diplomatic ties and preparing for the next FOCAC summit. He looked forward to working with the Zambian side to implement the consensus reached by the two heads of state and work for a better future of China-Zambia relations, building on their all-weather friendship.

Permanent Secretary Gundersen conveyed greetings from H.E. President Hakainde Hichilema and said that the Zambian side values its all-weather friendship with China, the Ministry of Foreign Affairs and International Cooperation stands ready to support Ambassador Han during his tenure in Zambia, and that the Zambian side looks forward to working with the Chinese side to make good preparation for the upcoming FOCAC summit. 

Distributed by APO Group on behalf of Embassy of the People’s Republic of China in the Republic of Zambia.

His Excellency President Dr Julius Maada Bio has outlined remarkable improvements in affordable and quality healthcare in his State Opening of Parliament address, indicating that healthcare infrastructure investments have increased significantly through collaboration with partners.

“Our commitment to affordable and quality healthcare aligns with the global call for Universal Health Coverage. Building on the successes of the past five years, we have leveraged health financing through partnerships with the World Bank, Global Fund, and FCDO, among others, implementing schemes to reduce patient out-of-pocket costs.

“We have recruited 5,000 healthcare workers, increased the number of doctors to over 600, and invested in capacity building to improve healthcare efficiency. Training on new procedures, deploying new technologies to support disease detection, diagnosis, and patient management and ensuring the delivery of essential medicines and supplies to reach the last mile users have enhanced our national health system.

President Bio also updated on the Public-Private Cost Recovery Pilot Scheme and mobile medical services through Hospitals-On-Wheels, confirming that the efforts had further reduced healthcare costs for patients. He added that his government’s partnership with Mercy Ships had also provided 5,000 free surgeries to citizens with other public-private projects ongoing.

“Healthcare infrastructure investments have increased significantly through collaboration with partners, including JICA, Partners in Health (PIH), and the UAE Government. We are rehabilitating 16 Government Hospitals and have completed a new hospital in Jojoima, a 110-bed field hospital in Port Loko, and the 142-bed Julius Maada Bio Paediatric Centre of Excellence in Lumley, Freetown.

“Additional projects include constructing the Waterloo Hospital, the 166-bed Hospital Centre of Excellence in Kono, a new midwifery school in Kenema, therapeutic oxygen plants, regional laboratory facilities, the rehabilitation of the obstetric fistula operating theatre in Bo and installing solar electrification at 6 Hospitals and 200 Peripheral Health Units (PHUs).

“Our healthcare initiatives have led to significant improvements in child and maternal health. Sierra Leone has met the 80% global standard for Special Care Baby Units in every district, with survival rates at these facilities at 87%. Special Care Baby Units will soon be extended to the remaining two districts, Karene and Falaba. New programmes focused on reducing child mortality and maternal mortality rates have been established.

“Introducing the first WHO-approved malaria vaccine (1.7 million doses are available until 2025) and routine HPV vaccinations for girls aged ten have strengthened our health outcomes,” he stated.

Today’s event at the Sierra Leone Parliament was marked by a lively and enthusiastic atmosphere, drawing a diverse and significant attendance. Parliamentarians, government ministers, members of the diplomatic corps, local leaders, and a large crowd of citizens filled the well of Parliament to hear President Julius Maada Bio address the second session of the sixth parliament.

His speech resonated with the audience, as it not only celebrated past successes but also inspired confidence and hope for continued progress. The detailed roadmap for future initiatives showcased a forward-thinking vision aimed at fostering national growth and development, garnering strong support and enthusiasm from those in attendance.

Distributed by APO Group on behalf of State House Sierra Leone.

His Excellency President Dr Julius Maada Bio today delivered his State Opening of Parliament Address, emphasising that agriculture and Food security are the cornerstones of a nation’s stability and prosperity.

“They transcend mere sustenance and form a crucial pillar of national resilience, economic growth, and social wellbeing. Without the ability to feed our people, we risk sitting atop a volatile precipice poised for unrest and turmoil. The adage ‘a hungry man is an angry man’ holds profound truth, highlighting the direct link between food scarcity and national security.

“In my address to this esteemed House last year, I emphasised that prioritising investments in agriculture can mitigate food price volatility, enhance our resilience to external shocks, and advance our journey towards food self-sufficiency.

President Bio called for increased investment in the agriculture sector because it had the power to create jobs, reduce dependency on essential food imports, boost export earnings from cash crops, and catalyse sustainable economic growth. He added that investment was a safeguard for national security and a vision for a prosperous future.

“As we prioritise ‘FEED SALONE’ in our new Medium-Term National Development Plan, our vision for a robust food production system is private sector-led, transforming every aspect of our agricultural value chains.

“My Government has focused on addressing key constraints such as finance, soil fertility, water management, mechanisation, quality seed input, infrastructure, and the deployment of technology and research to boost agricultural productivity,” he said.

Today’s event at the Sierra Leone Parliament was marked by a lively and enthusiastic atmosphere, drawing a diverse and significant attendance. Parliamentarians, government ministers, members of the diplomatic corps, local leaders, and a large crowd of citizens filled the well of Parliament to hear President Julius Maada Bio address the second session of the sixth parliament.

The event’s high turnout underscored the importance of the President’s address, as anticipation and optimism filled the air. The assembly of various dignitaries and citizens highlighted the inclusive nature of the event, reflecting a collective interest in the country’s governance and future direction.

In what was largely considered a comprehensive and engaging address, President Bio detailed the accomplishments of his government, which were met with widespread approval from the majority present. He emphasised the significant strides made in various sectors, outlining achievements that ranged from economic reforms to infrastructural developments.

The President also laid out his administration’s ambitious plans for the coming years, focusing on sustainable development, improved public services, and enhanced governance.

His speech resonated with the audience, as it not only celebrated past successes but also inspired confidence and hope for continued progress. The detailed roadmap for future initiatives showcased a forward-thinking vision aimed at fostering national growth and development, garnering strong support and enthusiasm from those in attendance.

Distributed by APO Group on behalf of State House Sierra Leone.