News

ConocoPhillips has been confirmed as a Silver Partner of African Energy Week (AEW) 2026, taking place in Cape Town from October 12–16. The company joins the event as it accelerates its expansion across Africa, strengthening its position in Libya and Equatorial Guinea while advancing a strategy centered on long-term oil redevelopment, LNG growth and regional gas monetization.

ConocoPhillips arrives at AEW 2026 following a series of strategic developments that have positioned the company across some of Africa’s most significant upstream and gas monetization opportunities. In January 2026, ConocoPhillips joined TotalEnergies and Libya’s National Oil Corporation in signing a 25-year agreement extending the Waha Concession through 2050, supporting more than $20 billion in planned investment across one of North Africa’s largest producing regions.

The agreement underpins redevelopment of mature assets while enabling new growth projects, including the North Gialo field expansion, which is expected to add approximately 100,000 barrels of oil per day (bpd), and Block NC98 in the Sirte Basin. Currently in its FEED stage, NC98 is targeting production of around 80,000 bpd of condensate and waxy crude, with first oil expected in 2028.

Meanwhile, in June 2026, ConocoPhillips signed agreements covering two frontier offshore blocks in Equatorial Guinea, increasing its exploration acreage in the Gulf of Guinea while positioning the company for future licensing opportunities. The company has simultaneously strengthened the commercial outlook for its existing gas assets through third-party tolling agreements that are extending the operating life of the Equatorial Guinea LNG (EGLNG) facility well into the 2030s.

These initiatives build on a major milestone achieved in September 2025, when ConocoPhillips signed a heads of agreement with Equatorial Guinea’s Ministry of Hydrocarbons and Mining Development, GEPetrol and SONAGAS to develop offshore Blocks b/4 and EG-27. The agreement is expected to unlock up to $9 billion in investment to commercialize offshore gas resources and secure more than two decades of feedstock supply for the Punta Europa gas complex.

The projects form part of Equatorial Guinea’s broader Gas Mega Hub strategy, which seeks to maximize existing LNG, LPG and methanol infrastructure by pooling gas resources from across the region. The company’s strengthened position in Equatorial Guinea follows the completion of its $22.5 billion acquisition of Marathon Oil in November 2024, which expanded ConocoPhillips’ African portfolio to include interests in the EGLNG facility, the Alba field, Block D, the Alba LPG plant and the Atlantic Methanol Production Company.

“ConocoPhillips has built one of the most strategically positioned portfolios in Africa by combining world-class LNG infrastructure with major upstream redevelopment opportunities. Its investments demonstrate the long-term confidence international energy companies continue to place in Africa’s energy future, while supporting industrial growth, energy security and regional integration,” says NJ Ayuk, Executive Chairman, African Energy Chamber.

At AEW 2026, ConocoPhillips will engage with African governments, national oil companies, investors and technology providers on opportunities spanning upstream oil and gas, LNG development, gas processing and regional infrastructure. As Africa continues to expand production and strengthen integrated energy value chains, the companies are expected to play an increasingly important role in unlocking investment and advancing the continent’s next phase of growth.