Dangote Petroleum Refinery, Africa’s largest refinery, has raised $2.5 billion through a private placement of new equity, with investor demand reaching 3.7 times the size of the initial offering, the company said on Thursday.
The fundraising, which the company described as Africa’s largest publicly disclosed primary equity private placement by value, marks the refinery’s first equity capital raise involving external investors beyond its existing shareholders.
The proceeds will be used to support the expansion of the refinery and petrochemical complex, strengthen the company’s balance sheet and provide additional financial flexibility for future growth, Dangote Petroleum Refinery said in a statement.
The company said the offering attracted a broad range of international and African institutional investors, sovereign-related investment vehicles, development finance institutions and strategic partners.
Among the investors were Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank), the statement said.
Aliko Dangote, president and chief executive of Dangote Industries and chairman of the refinery, said the transaction would broaden the company’s shareholder base while complementing internal cash flow and external financing for its expansion plans.
“It further demonstrates our commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.
David Bird, the refinery’s chief executive, said the level of investor demand reflected confidence in the company’s operations and long-term strategy.
“The demand we saw is a testament to our operational excellence, execution capacity and investor confidence in DPRP’s leadership,” Bird said.
He added that the fundraising would position the company to continue executing its long-term growth strategy while expanding refining and petrochemical capacity.
The company also acknowledged the support of its advisers in completing the transaction.
Senior executives from some of Southern Africa’s top power utilities and grid operators are confirmed to speak at the Power Africa Today conference during African Energy Week (AEW) 2026 in Cape Town from October 12-16.
Their participation reflects the growing focus on transmission infrastructure, grid modernization and regional power market integration as the continent works to match generation growth with the networks needed to deliver it.
South Africa’s Eskom has stabilized its generation fleet after years of load-shedding, recording more than 340 consecutive days without power cuts and a 98.9% energy availability rate in the 2025-26 financial years.
Group Chief Executive Dan Marokane will speak at Power Africa Today as the utility advances a government-mandated unbundling that will separate its transmission assets into an independent system operator.
Joining Marokane is Velaphi Ntuli, Eskom’s Chief Nuclear Officer at Koeberg Nuclear Power Station. Koeberg, Africa’s only operating nuclear plant, secured 20-year license extensions for both units in 2024 and 2025, ensuring 1,860 MW of baseload capacity through 2045.
With the updated Integrated Resource Plan (2025) calling for 5,200 MW of new nuclear capacity, Ntuli’s presence brings the role of nuclear baseload into the wider grid discussion at Power Africa Today.
In Uganda, installed generation capacity has more than doubled from 850 MW in 2014 to over 2,050 MW, but the transmission network has not kept pace. The Uganda Electricity Transmission Company (UETCL) is addressing this challenge through the Amari Power Transmission Project, a $50 million partnership with UK-based Gridworks that became the first independent transmission project in Africa to reach construction in early 2026. UETCL is also advancing the 298 km Uganda-Tanzania interconnector, due to begin construction in 2026-27. CEO Richard Matsiko will speak at the conference.
Meanwhile, Zambia’s ZESCO has introduced open-access grid regulations allowing private producers to wheel power through its network and adopted a multi-year tariff framework to give investors predictable returns.
The utility is targeting 1,000 MW of solar by end of 2026 to counter hydropower shortfalls and in May 2026 signed a memorandum of understanding with Stanbic Bank and GreenCo Power Services to jointly develop a portfolio of renewable projects for commercial and industrial customers. Managing Director Justin Loongo joins the Power Africa Today lineup to discuss these projects.
At regional level, Stephen Dihwa, Coordination Centre Executive Director of the Southern African Power Pool (SAPP), joins the conference as a time when regional integration is scaling. SAPP coordinates power planning, operations and trading across 12 SADC member states, nine of which are now physically interconnected.
In February 2026, the SAPP and the East Africa Power Pool signed an agreement to harmonize cross-border trading rules, while a World Bank-backed technical assistance program is supporting the expansion of the regional electricity market.
“Power utilities are at the heart of Africa’s industrial future,” says NJ Ayuk, Executive Chairman of the African Energy Chamber. “If we are serious about making energy poverty history, we need stronger collaboration between utilities, governments, investors and technology providers. Power Africa Today is where that collaboration takes shape.”
Power Africa Today brings together policymakers, utilities, investors and developers to address the regulatory, financial and infrastructural challenges of building interconnected electricity markets across the continent.
The conference takes place as part of AEW 2026 in Cape Town from October 12-16.
Ghana has launched a rural electrification programme aimed at connecting 159 unelectrified communities in the Savannah Region to the national electricity grid by the end of 2026, as part of the government’s “Big Push” infrastructure initiative.
The Rural Electricity Intensification Project (REIP), being implemented by the Ministry of Energy and Green Transition, was officially launched on Tuesday. Eight communities in the West Gonja Municipality were simultaneously connected to the national grid.
Deputy Minister for Energy and Green Transition Richard Gyan-Mensah, speaking on behalf of the sector minister, said the electrification programme forms part of President John Mahama’s “Big Push” agenda, which prioritises expanding electricity access in rural communities.
He said the project is expected to support economic growth, improve healthcare and education services, and enhance security in the beneficiary communities.
Gyan-Mensah said Ghana has achieved about 90% electricity access, placing it among the leading countries in Africa in terms of electrification. However, he said several rural communities remain without electricity, with the government targeting universal electricity access by 2030.
He said the government has allocated GH¢2 billion for electricity expansion under the first phase of the Big Push programme, covering the Savannah, Central, Oti and Volta regions.
More than GH¢600 million of that amount has been earmarked for the Savannah Region, where 107 communities will be connected to the national grid under existing contracts, he said.
Gyan-Mensah added that additional communities are being electrified under the Self-Help Electrification Project (SHEP), bringing the total number of beneficiary communities in the Savannah Region to more than 159.
He said electricity coverage in the region is currently estimated at between 50% and 60%.
He also said the government’s solar street lighting programme is progressing, with several communities in the region expected to benefit in the coming months.
Savannah Regional Minister Salisu Be-Awurebi said the project would help address longstanding electricity access challenges in the Eastern Gonja area while expanding power supply across the region. He said the initiative reflects the government’s efforts to extend infrastructure to underserved communities.
Member of Parliament for Damongo Samuel Abu Jinapor said the project to connect the eight communities began in 2023 and has now been completed under the current administration. He described reliable electricity as essential for improving livelihoods, supporting businesses, strengthening healthcare and education services, and promoting economic development.
Read Also:Zambia: President commissions 100-MW Chisamba Phase II Solar Plant, Says Power Cuts Have Ended
Jinapor said cooperation across political divides had contributed to the project’s completion, adding that such collaboration ultimately benefits local communities.
Residents welcomed the connection to the national grid after years without electricity.
“We thank the government very much for giving us the opportunity to see light and, most especially, our MP Abu Jinapor for this historic moment,” said Leticia, a resident of one of the beneficiary communities.
“We used to travel to Sawla to charge our phones, but now we can charge them in our own homes.”
She said access to electricity would improve daily life while creating new opportunities for businesses and young people in the community.
Oil prices rose for a fifth consecutive trading session on Thursday afternoon, climbing above $100 per barrel to their highest level in nearly two months, as escalating Houthi attacks on tankers in the Red Sea heightened concerns over Middle East oil supplies.
In early European trading, Brent crude rose 4.21% to $98.03 per barrel, while the U.S. benchmark, West Texas Intermediate (WTI), gained 3.16% to $89.57 per barrel, edging closer to the $90 mark.
The gains came as the Iran-aligned Houthi movement appeared to follow through on its pledge to target Saudi Arabia’s oil exports transiting the Red Sea and the Bab el-Mandeb Strait.
The Red Sea is a critical export route for Saudi crude. In recent months, the Kingdom has redirected more than 70% of its crude exports that previously departed from the Persian Gulf to the Red Sea port of Yanbu.
According to reports, at least two oil tankers turned away from the Bab el-Mandeb Strait after Yemen’s Houthi movement claimed it had struck two Saudi tankers in the strategic waterway. The group alleged that the vessels had violated a naval blockade declared earlier this week, marking the latest escalation in regional tensions.
One of the tankers was reportedly carrying Saudi crude destined for India, while the other was transporting oil to China.
“We targeted two Saudi oil tankers, named Encelia and Layla, for violating the blockade decision issued by the armed forces,” Houthi military spokesperson Yahya Saree said, according to Al Jazeera.
Thursday’s rally extended oil’s gains to a fifth straight session, with prices now up nearly 20% since tensions in the region escalated about two weeks ago.
“The fact that the Houthi rebels reportedly attacked two Saudi tankers near the Bab el-Mandeb Strait off Yemen has increased concerns about further escalation,” Maya Westerlund, Strategy & Macro Research Intern, FICC Markets at Sweden’s SEB, said in a research note on Thursday.
BOST Energies Limited (BOSTenergies) has successfully concluded its 2026 Health, Safety and Environment (HSE) Week with a colourful closing durbar, reaffirming its commitment to strengthening a culture of health, safety and environmental stewardship across its operations.
Held from 11 to 17 July 2026 under the theme, “Engage, Educate, and Empower People for Improved HSE Culture,” the week-long programme brought together employees, management, stakeholders and members of the media to promote safety awareness, healthy living and environmental responsibility.
The celebration featured a range of activities designed to deepen HSE awareness, including a health walk, community clean-up exercise, health screening, media engagement, an HSE quiz competition and the grand closing durbar.
The initiatives provided opportunities to educate employees and stakeholders on HSE best practices, encourage preventive healthcare, strengthen stakeholder engagement and reinforce the principle that safety is everyone’s responsibility.
Speaking at the closing ceremony, the Managing Director of BOSTenergies, Afetsi Awoonor, reaffirmed the company’s commitment to maintaining the highest standards of health, safety and environmental performance across its operations.
“Health, safety and environmental excellence remain at the heart of everything we do at BOSTenergies. While HSE Week provides an important platform to reinforce these values, our commitment extends far beyond this week. We must all continue to engage, educate and empower one another to ensure that safety remains a way of life throughout our organisation,” he said.
Awoonor further encouraged employees and stakeholders to remain vigilant, uphold safe work practices and continue contributing to a resilient HSE culture across the company.
According to BOSTenergies, the successful celebration reflects its continued investment in safeguarding the wellbeing of employees, protecting the environment and driving operational excellence through robust health and safety practices.
The company expressed appreciation to its employees, partners, facilitators, members of the media and other stakeholders whose support and active participation contributed to the success of the 2026 HSE Week.
As BOSTenergies advances its ambition of becoming West Africa’s leading net-zero integrated energy logistics and trading company, it says it remains committed to embedding health, safety and environmental excellence into every aspect of its operations, helping to build a safer and more sustainable future.
Abu Dhabi National Oil Company (ADNOC) said it has approved a final investment decision (FID) worth $6.2 billion (22.6 billion dirhams) to develop the Umm Shaif Gas Cap project with partners TotalEnergies, Eni and China National Petroleum Corporation (CNPC).
The state-owned energy company said the project is expected to produce more than 600 million standard cubic feet per day (scfd) of natural gas and associated gas liquids by 2030, equivalent to nearly 10% of the United Arab Emirates’ current daily gas consumption.
The investment forms part of ADNOC’s strategy to increase domestic gas production and expand its liquefied natural gas (LNG) business as demand for natural gas continues to grow.
The United Arab Emirates holds the world’s seventh-largest proven natural gas reserves.
ADNOC said the project includes three engineering, procurement and construction (EPC) contracts worth a combined $5.1 billion (18.8 billion dirhams), awarded to consortiums comprising UAE and international contractors.
The development also includes a $365 million (1.3 billion dirhams) drilling and integrated drilling services programme to be carried out by ADNOC Drilling over 18 months. The programme covers 14 wells and will use three existing drilling rigs.
ADNOC Managing Director and Group Chief Executive Sultan Ahmed Al Jaber said the project would support the company’s strategy to expand gas production and strengthen its position as a supplier of liquefied natural gas.
Production from the Umm Shaif Gas Cap project is expected to begin in 2030, according to the company.
Nigeria’s upstream oil regulator said on Tuesday that 31 companies had emerged winners of 37 oil and gas blocks in the country’s 2025 licensing round, following a competitive bidding process.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said 143 companies submitted 200 bids for 37 of the 50 blocks offered in the round, which was held in Abuja on July 21.
The awarded blocks are located across several oil and gas regions, including the Niger Delta onshore and shallow waters, the Niger Delta deep offshore, as well as frontier basins such as the Benin, Anambra, Chad and Benue basins.
The regulator said 16 blocks were located in the Niger Delta onshore, 18 in shallow waters, one in deep offshore, while the remaining blocks were spread across the frontier basins.
“After a keenly contested bidding process, 31 companies have emerged winners of 37 oil and gas blocks,” the commission said in a statement.
NUPRC said the level of investor interest in frontier basins marked a first for Nigeria’s energy sector, with previously less-developed areas attracting significant participation.
Among the successful bidders were SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, Gupsco Energy Limited, Concept-Reel Petroleum Services Limited and Clinton Oil Field.
Other winners included Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.
The commission said the successful bidders would only receive final awards after paying the required signature bonuses and obtaining approval from the petroleum minister in line with the Petroleum Industry Act (PIA) 2021.
NUPRC Chief Executive Oritsemeyiwa Eyesan urged the winning companies to complete the required payments promptly and begin developing the assets, warning that failure to meet stipulated conditions within 90 days could result in the loss of the awards under the regulator’s “drill or drop” policy.
The licensing round is part of Nigeria’s efforts to attract investment into its oil and gas sector and expand exploration activity, particularly in frontier basins.
Zambian President Hakainde Hichilema on Tuesday commissioned the $70 million Chisamba Phase II Solar Power Plant, a 100-megawatt (MW) facility that doubles the Chisamba Solar Complex’s generation capacity to 200 MW.
Hichilema said the government’s investments in the energy sector had ended electricity load-shedding, as new generation projects come online and feed power into the national grid.
“The end of load-shedding has nothing to do with elections. It is because projects we initiated are now maturing and delivering power to the grid,” Hichilema said during the commissioning ceremony.
He said the 2024 drought exposed Zambia’s heavy dependence on hydropower and reinforced the government’s commitment to diversify the country’s energy mix through greater investment in solar power.
Hichilema reaffirmed the government’s target of adding 1,000 MW of solar generation capacity by the end of 2026 as part of a broader plan to increase Zambia’s installed electricity generation capacity to 10,000 MW by 2030.
He said the project demonstrated the importance of timely delivery of public infrastructure, noting that while Chisamba Phase I took more than 10 months to complete, Phase II was built in about seven months and created more than 1,400 jobs.
Hichilema said the cost of the project had been reduced from an initial estimate of $100 million to $70 million without compromising quality.
He thanked traditional leaders for making land available for energy infrastructure and called for continued public support as the government accelerates investments to strengthen Zambia’s energy security.
Earlier, Central Province Permanent Secretary Milner Mwanakampwe said the province was emerging as a major energy hub, with projects under development expected to raise installed generation capacity to 437 MW by December 2026.
ZESCO Managing Director Justin Loongo said the additional 100 MW from Chisamba Phase II, together with the existing 100 MW from Phase I, had created Zambia’s largest solar power complex with a combined capacity of 200 MW.
Loongo said the project reflected efforts to diversify Zambia’s electricity mix in response to climate change and thanked the Ministry of Energy, traditional leaders, PowerChina and development partners for supporting its implementation.
Head of the Presidential Delivery Unit Kusobile Kamwambi said the government’s energy diversification strategy was improving electricity security through policy reforms led by the Ministry of Energy.
In a vote of thanks, Chief Chamuka said government reforms had helped attract investment and create jobs in the area.
He urged residents to protect electricity infrastructure from vandalism and pledged to make more land available for the development of an additional 50-MW solar power plant.
The African Petroleum Producers’ Organization (APPO) has signed a memorandum of understanding (MoU) with the Qatar-based Gas Exporting Countries Forum (GECF) to strengthen strategic cooperation in the petroleum industry.
APPO Secretary General Farid Ghezali and GECF Secretary General Philip Mshelbila signed the agreement on behalf of their respective organisations on July 20, 2026, at APPO’s headquarters in Brazzaville, Republic of Congo.
The signing ceremony was witnessed by Congo’s Minister of Hydrocarbons, Stev Simplice Onanga, who attended as the guest of honour.
The MoU aims to strengthen the GECF-APPO energy dialogue by promoting joint projects and other areas of mutual interest between the two organisations.
The Doha-based GECF represents the world’s leading gas-exporting countries and seeks to promote constructive dialogue between producers and consumers to enhance the stability and security of global gas supply and demand.
The Deputy Managing Director of BOSTEnergies Limited Company, Ghana’s state-owned strategic fuel stocks company, Salifu Nat Acheampong, has rejected claims by some players in the country’s downstream petroleum sector that the company has abandoned its core mandate by engaging in fuel trading.
Speaking on Friday, the final day of the two-day 7th Ghana International Petroleum Conference (GHiPCON) in Accra, Acheampong responded to concerns raised by industry participants about BOSTEnergies’ role in the downstream petroleum sector.
He said the company’s participation in fuel trading was not a departure from its core mandate but part of its stock management strategy.
According to Acheampong, BOSTEnergies periodically releases existing fuel stocks onto the market to create room for fresh supplies, a process that he said had led some industry players to mistakenly conclude that the company had shifted its focus.
“It appears some sort of alliance has been forged against a state-owned institution like BOSTEnergies,” Acheampong said.
He said BOSTEnergies was established to maintain Ghana’s strategic petroleum reserves and questioned why some industry players continued to criticise the company’s operations.
Acheampong argued that countries must retain control over strategic fuel reserves to safeguard national security.
Referring to Iran, he said the country would have been in a weaker position to sustain its operations if it had entrusted its petroleum reserves entirely to private sector operators.
“Just imagine if Iran had entrusted all its strategic petroleum reserves to private entities. Do you think Iran would have been able to defend itself?” he said.
Acheampong reiterated that BOSTEnergies had not deviated from its statutory mandate.
He said the company remained fully committed to maintaining Ghana’s strategic petroleum reserves while operating on sound commercial principles to ensure its financial sustainability.
He urged stakeholders to view BOSTEnergies’ commercial activities within the broader context of strengthening the country’s long-term energy security and institutional sustainability, rather than as a departure from its statutory responsibilities.
The Chamber of Oil Marketing Companies (COMAC) has renewed its call for the Ghanaian government to remove the 16% tax on liquefied petroleum gas (LPG), saying the move would make the fuel more affordable and increase consumption.
COMAC Board Chairman Gabriel Kumi, who is also managing director of Trinity Oil, made the call during a panel discussion at the 7th Ghana International Petroleum Conference (GHiPCON) in Accra.
Kumi said neighbouring Côte d’Ivoire had removed taxes on LPG and subsidised the fuel for rural households, helping to raise consumption to about 700,000 metric tonnes, compared with Ghana’s annual consumption of about 350,000 metric tonnes.
LPG consumption in Côte d’Ivoire per day as published by theglobaleconomy.com
“We started consuming LPG before Côte d’Ivoire, but today they consume about 700,000 metric tonnes, while Ghana consumes about 350,000 metric tonnes,” Kumi said.
“That is because they have taken measures to ensure LPG remains affordable. In Ghana, however, we continue to tax it. Research has shown that if the government removes these taxes, consumption could increase by about 20%,” he said.
Kumi said the cost of refilling a 14.5-kg LPG cylinder, at about 250 Ghana cedis, remained beyond the reach of many households. He argued that a worker earning a monthly salary of about 1,000 cedis would have to spend roughly a quarter of their income on a single refill.
LPG consumption trend in Ghana per day as published by theglobaleconomy.com
He urged the government not only to remove taxes on LPG but also to introduce subsidies for rural households to encourage cleaner cooking.
Kumi also called for an assessment of the government’s free LPG cylinder and improved cookstove distribution programme to determine whether it had achieved its intended objectives.
He said the free distribution of LPG cylinders would have a greater impact if the fuel itself became more affordable.
South Africa’s state-owned power utility, Eskom, has dismissed reports alleging a radiation leak during routine maintenance at Unit 2 of the Koeberg Nuclear Power Station, saying there was no release of radioactive material beyond the plant’s containment structures.
“At no stage was there any release of radioactive material beyond the containment structures, and there was no risk to surrounding communities or the environment,” Eskom said in a statement.
The utility added that no iodine tablets were administered to employees and that there was no impact on workers, the public or the environment.
According to Eskom, highly sensitive radiation monitoring equipment detected two brief, localised airborne radioactivity events inside a controlled work area within the Unit 2 containment building during scheduled steam generator inspections on July 2 and July 7, 2026.
It said the airborne radioactivity remained confined to the designated work area and was managed in accordance with established radiation protection procedures.
The utility said the incident had no impact on nuclear safety, plant operations, maintenance activities or the planned completion of the outage in November 2026. Unit 1 remains in full operation.
Eskom classified the incident as Level 0 (No Safety Significance) on the International Nuclear and Radiological Event Scale (INES), the lowest possible rating, and said it notified South Africa’s National Nuclear Regulator (NNR) in line with regulatory requirements.
The company said it remained committed to maintaining the highest standards of nuclear safety, regulatory compliance and operational transparency.
Eddy Current Testing
Eskom said Eddy Current Testing (ECT) is a non-destructive inspection technique used to assess the condition and wall thickness of steam generator tubes, helping detect early signs of wear that could affect plant performance or safety.
The inspections are carried out using robotic probes inserted into the steam generator tubes. During the inspections, a minute quantity of microscopic oxide particles, known in the nuclear industry as “crud”, became airborne within the enclosed work area.
The utility said such minor airborne particulate events are a well-understood phenomenon during steam generator inspections at pressurised water reactors and are effectively managed through established containment, ventilation and radiation monitoring systems.
Safety systems operated as designed
Eskom said the affected work area was protected by multiple safety measures, including physical containment barriers, High-Efficiency Particulate Air (HEPA)-filtered ventilation operating under negative pressure, continuous airborne radiation monitoring through Constant Air Monitors (CAMs), and comprehensive personnel protection programmes.
The monitoring equipment automatically detected the increase in airborne radioactivity, triggering standard safety procedures. Inspection work was temporarily halted while the area was secured, ventilation systems removed the airborne particles, and radiological assessments were completed before work resumed.
Eskom said the incident remained fully contained within the controlled work area, with no release of radioactive material into the environment.
The utility said the event demonstrated the effectiveness of Koeberg’s defence-in-depth safety systems, which detected and contained the airborne radioactivity as designed while allowing maintenance activities to continue safely.
Kenya Electricity Generating Company (KenGen) has signed up Maxim Agri & Samakgro as the fifth investor in its Green Energy Park, where the company plans to build a fish feed manufacturing plant powered by geothermal energy.
KenGen said the investor plans to use 3 megawatts (MW) of electricity to develop an 8-metric-tonne-per-hour fish feed production plant at the park.
The company said the project, valued at about $3.95 million, is expected to increase Kenya’s fish feed production capacity to meet growing demand from the aquaculture sector.
Maxim Agri & Samakgro is the second investor to join the Green Energy Park this year, bringing the total number of investors to five.
KenGen Managing Director and Chief Executive Peter Njenga said the investment reflected growing demand for reliable, affordable, and sustainable energy solutions to power industrial development.
“As Kenya’s leading green power producer, KenGen is well positioned to support the country’s industrial transformation through the provision of reliable geothermal energy,” Njenga said.
Maxim Agri Director Joachim Westerveld said the new plant would increase the company’s production capacity while reducing operating costs through access to geothermal power and steam.
He said lower production costs would enable the company to supply more affordable fish feed to farmers and support growth in Kenya’s aquaculture industry.
KenGen also launched an online investor portal for the Green Energy Park, which it said is intended to provide prospective investors with information on investment opportunities at the geothermal industrial hub.
The Green Energy Park has attracted investments from the Konza Technopolis Development Authority (KoTDA), Eco-cloud, Kaishan Group, Aquilastar Corporate Investment Company, Synergetic Development Group and Maxim Agri & Samakgro.
Nigeria’s upstream oil regulator has urged newly awarded holders of Petroleum Prospecting Licences (PPLs) to accelerate investment in their assets and fulfill their obligations to host communities under the country’s petroleum law.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) made the call during the signing ceremony for the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round in Abuja on Friday.
NUPRC Chief Executive Oritsemeyiwa Eyesan said licence holders should prioritise engagement with host communities as required under the Petroleum Industry Act (PIA), describing it as critical to the success of their operations.
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She said the licences awarded under the 2022/2023 Mini Bid Round and the 2024 Licensing Round are expected to boost exploration activity, attract investment, accelerate the development of Nigeria’s hydrocarbon resources and support the country’s energy security and economic growth.
Eyesan said the awards are aligned with the federal government’s target of increasing crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
She also urged the new licence holders to move quickly to develop their assets or risk forfeiting them under the Petroleum Industry Act’s “drill or drop” provision, which allows the regulator to revoke undeveloped licences.
Earlier, Central Province Permanent Secretary Milner Mwanakampwe said the province was emerging as a major energy hub, with projects under development expected to raise installed generation capacity to 437 MW by December 2026.
ZESCO Managing Director Justin Loongo said the additional 100 MW from Chisamba Phase II, together with the existing 100 MW from Phase I, had created Zambia’s largest solar power complex with a combined capacity of 200 MW.
Loongo said the project reflected efforts to diversify Zambia’s electricity mix in response to climate change and thanked the Ministry of Energy, traditional leaders, PowerChina and development partners for supporting its implementation.
Head of the Presidential Delivery Unit Kusobile Kamwambi said the government’s energy diversification strategy was improving electricity security through policy reforms led by the Ministry of Energy.
In a vote of thanks, Chief Chamuka said government reforms had helped attract investment and create jobs in the area.
He urged residents to protect electricity infrastructure from vandalism and pledged to make more land available for the development of an additional 50-MW solar power plant.
