Industry

The US$750mn facility was born out of an innovative capital mobilisation strategy. (Image source: Heirs Energies)

Nigerian company, Heirs Energies Limited's dual-tranche senior secured reserve-based lending (RBL) facility was bestowed with the Best Oil & Gas Deal of the Year title at the EMEA Finance Project Finance Awards 2026

The US$750mn facility was born out of an innovative capital mobilisation strategy to become self sufficient in local resources exploration. Heirs Energies successfully translated this vision into reality with African Export-Import Bank's support as it helped in project execution.

The facility aims to accelerate field development, optimise production, and support Heirs Energies' long-term growth ambitions, while maintaining disciplined capital management.

Commenting on the recognition, Osa Igiehon, chief executive officer of Heirs Energies, said, "This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision. The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible."

Haytham ElMaayergi, executive vice president, Global Trade Bank at Afreximbank, said, “We are truly honoured that the US$750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognised as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards.

"This recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high-quality assets and clear long-term growth plans. Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

"We congratulate Heirs Energies and all the partners involved in the transaction and are pleased to see this important financing recognised on such a respected international platform.”

Samuel Nwanze, executive director and chief financial officer of Heirs Energies, said "This award validates the strength of the transaction and the confidence our financing partners placed in Heirs Energies.
The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimisation, and sustainable value creation. We are pleased to see the transaction recognised on such a respected global platform."

The oil price has risen further with the escalation of hostilities between the US and Iran, with Brent crude standing at around US$86/bbl on Tuesday 14 July

Recent days have seen renewed US attacks on Iranian infrastructure, and Iranian attacks on US bases in the region as well as ships and oil tankers, along with President Trump’s announcement of a 20% fee on cargo transiting the Strait and a renewed blockade of Iranian ports.

Brent crude had fallen to around US$70/bbl earlier this month following the announcement of the ceasefire, and the IEA had predicted in its July monthly oil market report that the market could return to surplus by the end of the year. This prediction looks to have been upended by recent events, with the risk to disruption to shipping once again raising the prospect of supply shortages.

“The escalation disrupts global energy supplies, with a near halt in ship navigation in the Strait of Hormuz, and heightens the risk of further escalation, including targeting oil production and refining infrastructure in the region, which could make the damage structural rather than temporary,” noted Samer Hasn, senior market analyst at XS.com. “…we saw widespread targeting of the Iranian mainland and islands and targeting of American bases at several points in the region, in addition to targeting ships and oil tankers, and these events are still recurring until the time of writing. To make matters worse, we saw an unexpected and sudden return of escalation between Saudi Arabia and the Houthis in Yemen.

“With this stormy series of events, we must calmly rearrange our hypotheses. I believe we are now in a round of negotiating under fire, following the failure at the table after the signing of the recent memorandum of understanding. The major obstacle lay in reaching an understanding regarding the implementation of the fifth article of the signed memorandum of understanding, which concerns the management of the Strait of Hormuz.”

“The latest developments have shifted market focus from oversupply concerns to the risk of prolonged disruptions to Gulf energy exports, with the duration of US enforcement measures and the security of Hormuz now likely to determine whether oil prices remain elevated,” commented MUFG Research.

Crispus Nyaga, research analyst at Empire FX, said, “Looking ahead, prices could extend their climb, potentially nearing previous highs, should shipping through the Strait of Hormuz come under severe restrictions and regional security deteriorate further. However, efforts by Gulf oil exporters to circumvent the waterway could help ease the upside pressure to some extent. A return to diplomatic talks and a formal end to military operations could support a recovery in maritime traffic, allowing energy exports to normalise and prices to ease gradually, although this scenario could remain unlikely over the short term.”

Tolls in the Strait now look impossible to avoid, commented deVere Group’s CEO Nigel Green. “Investors keep treating Hormuz disruption as a spike that fades once the fighting stops. This time, for me, looks different,” he said.

“Once a toll exists in practice, taking it away again becomes its own political fight. I would price this as a permanent cost of moving global energy, not a headline that blows over.”

Kent to deliver construction management in Angola. (Image source: Adobe Stock)

Integrated engineering and project delivery company, Kent, has been awarded a contract by CABGOC (Cabinda Gulf Oil Company Limited) for Construction Management Services in Angola

Under the scope of the contract, Kent will deliver integrated construction management services across CABGOC’s operations, including the supervision and coordination of on-site construction activities and associated field execution support, leveraging its multidisciplinary expertise, Kent will support safe, efficient, and high-quality delivery across key disciplines such as mechanical, electrical and instrumentation, fabrication, and project planning.

Services will include the mobilisation of a highly capable workforce, combining a strong local presence with international expertise. The project will prioritise the development of local capability through structured knowledge transfer and skills development, supported by Kent’s global operational readiness training programme, helping to build a sustainable regional workforce.

This award reflects Kent’s continued growth in delivering complex construction and asset support services, as well as its commitment to helping clients achieve safe, reliable, and lower-carbon energy outcomes.

“Being awarded this contract by CABGOC is a testament to the strength of our relationship and our shared focus on safe, efficient project delivery,” said Iain Eddie, Executive Vice President of EMEA & APAC at Kent. “We are proud to support this project with our construction management expertise and look forward to delivering excellence while creating lasting value locally.”

The Engineering Construction Industry Training Board (ECITB) and training organisation, Ascending, have collaborated to foster safety and competency schemes in Mozambique that will be helping the region's energy workers.

Ascending, an ECITB Global Licensed Training Provider, delivers the International Health and Safety Passport (IHSP) and International Competence: Engineering Construction (ICE) scheme to workers in Mozambique’s energy industries.

As well as delivering training in Portugal, Angola and Guyana, Ascending operates three certified training facilities in Mozambique with the mission of “improving lives and organisations”.

Ricardo Martins, who is Head of Ascending Academy Global, said, “Our aim is to help raise safety standards and develop competent professionals in Mozambique ready to operate in high-risk environments.

“We don’t just deliver training – we build capability, develop careers and create real opportunities on a global scale. Every certification achieved is more than a milestone; it’s proof that investment in skills transforms lives and strengthens industries.

“Through our collaboration with leading organisations such as ECITB Global, we ensure that our trainees gain internationally recognised qualifications that open doors across the energy and engineering sectors.”

Executive Director Filipe Francisco, Ascending’s country manager for Mozambique, said, “The IHSP is an international certification recognised over the world, so it is great to have a partner like ECITB that give us that credibility when it comes to health and safety.”

Ricardo added, “The course is more than just a certification, it is the first step towards building a strong safety culture, empowering individuals to identify risks, prevent incidents and contribute to safer workplaces every day.”