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Capricorn has received US$50m from the Egyptian General Petroleum Corporation (EGPC)

Since 30 June 2025, the company has received a total of US$102m, and its accounts receivable is approximately US$115m (H1’25 - US$182m) (excluding expected credit loss adjustments).

The company expects to receive further material payments against arrears before year end.

Capricorn continues to invest in its Egyptian asset base and has fulfilled all exploration commitments on its legacy acreage. At South East Horus, Capricorn, with its joint venture partner Cheiron (the Joint Venture), has elected to continue into Phase 2 following test results. The Joint Venture will also be pursuing an application for a new development lease on the North Um Baraka (NUMB) concession due to encouraging test results from an exploration well drilled earlier this year. Additionally, the NUMB concession will be included in the modernised concession agreement allowing for continued exploration. On the West El Fayoum concession, commitments have been fulfilled, and the results are such that the Joint Venture will relinquish the block.

Customary ratification of the modernised concession agreement is now expected to take place in Q1 2026 due to limited time for additional business in the current session of Parliament. The modernised concession agreement will have an operational start date of 01 July 2025.

Capricorn remains on track to deliver above the mid-point of FY25 production guidance of 17,000-21,000 boepd with year-to-date production averaging 19,924 boepd to mid-October, of which 41% are liquids.

Ahead of the EG Ronda 2026 licensing round set to be held in Equatorial Guinea, geoscience data solutions provider, Searcher, has launched a major seismic reprocessing initiative covering 8,500 km of offshore data from the region

Promising highest-resolution imaging with fast-track results available immediately and final deliverables scheduled for release before the round opens in April 2026, bidders can expect convenience when it comes to de-risking efforts. 

As the government prepares to offer up to 24 blocks in the upcoming licensing round, these will be backed by Searcher's latest broadband pre-stack depth migration (PSDM) and full waveform inversion (FWI) techniques-driven reprocessed legacy datasets, ensuring high-definition view of the subsurface for confident decision-making.

“This project is about more than reprocessing data—it’s about delivering actionable insight,” said Alan Hopping, Managing Director of Searcher. “By combining cutting-edge imaging with fast-track delivery, we’re giving explorers a head start and helping Equatorial Guinea showcase the true potential of its offshore basins.”

The initiative aligns with the Ministry of Mines and Hydrocarbons’ goal of revitalising the energy sector and stimulating new exploration activity. With results available ahead of the licensing round, Searcher’s work provides a powerful foundation for evaluating opportunities and unlocking the next phase of offshore discovery.

The company's first subsea project in Angola, McDermott has delivered engineering, procurement, construction, installation, pre-commissioning and commissioning activities for TotalEnergies' Begonia field development

The Begonia field is located in Block 17/06, approximately 150 kilometers off the coast of Angola.

Awarded in 2022, the project followed the company's integrated execution model, drawing on its global engineering and procurement expertise, growing onshore fabrication capabilities in Luanda and offshore installation supported by its versatile marine fleet. McDermott's Amazon vessel alone installed more than 40 kilometers of rigid pipelines, while its North Ocean 102 vessel completed the project's subsea umbilical scope.

"This milestone reflects the strength of our integrated subsea capabilities, executed seamlessly from engineering through offshore installation," said Mahesh Swaminathan, McDermott's senior vice president - subsea and floating facilities. "It reinforces the strategic value the Amazon brings to our operations, especially in markets where deepwater infrastructure plays a vital role in advancing energy security. This outcome also speaks to the strength of our partnership with TotalEnergies, the commitment of our local teams and partners in Angola, as well as the strategic importance of West Africa in our portfolio."

The Begonia development consists of five subsea wells tied back to the existing Pazflor floating production, storage and offloading (FPSO) vessel in Block 17. First oil was achieved in July of this year, with the new infrastructure expected to add approximately 30,000 barrels of oil per day to Pazflor's existing production capacity.

The HI gas development offshore Nigeria will push ahead as Shell-subsidiary, Shell Nigeria Exploration and Production Company Limited, and Sunlink Energies and Resources Limited, have taken a final investment decision (FID) on the project 

The partners target 350 mn standard cu/ft (approximately 60 thousand barrels of oil equivalent) of gas per day at peak production, which will be supplied to Nigeria LNG (NLNG; Shell interest 25.6%) -- a primary producer and exporter of liquefied natural gas (LNG) to global markets. Production is expected to begin before the end of this decade.

“Following recent investment decisions related to the Bonga deep-water development, today’s announcement demonstrates our continued commitment to Nigeria’s energy sector, with a focus on Deepwater and Integrated Gas,” said Peter Costello, Shell’s Upstream President. “This Upstream project will help Shell grow our leading Integrated Gas portfolio, while supporting Nigeria’s plans to become a more significant player in the global LNG market.”

The increase in feedstock to NLNG, via the Train 7 project that aims to expand the Bonny Island terminal’s production capacity, is in line with Shell’s plans to grow its global LNG volumes by an average of 4-5% per year until 2030. It will also bolster NLNG’s contribution to Nigeria's national economic development goals, including jobs in construction and operations.

The HI field was discovered in 1985 and lies in 100m of water depth around 50km from the shore. The current estimated recoverable resource volumes of the HI project are approximately 285 mmboe (million barrels of oil equivalent). 

With an aim to boost mutual partnership between the petroleum sector and international financial institutions, Karim Badawi, Minister of Petroleum and Mineral Resources, held a meeting with a delegation from the Africa Finance Corporation (AFC), including Sameh Shenouda, CEO and chief investment officer at the corporation, and Ato Giazi, senior director of product solutions

Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC) was also present during the discourse.

The delegates explored financing opportunities for projects to advance local production, particularly in the field of oil refining, with the goal of reducing imports and bridging the gap between production and consumption of petroleum products, especially diesel.

The Minister reviewed the Ministry's strategic plan, which sets investment priorities in the areas of research, production, refining, petrochemicals, mining, and green energy. While past investments and production were reassessed, the teams evaluated plans to conduct an aerial survey of mineral deposits for the first time in 40 years, besides considering incentive packages to attract emerging mining companies.

Shenouda affirmed the Corporation’s aspiration to enhance cooperation with Egypt in the petroleum and mining sectors.

The meeting also reviewed new projects to increase local production in the refining sector, including the Suez cooking and diesel production complex project that is currently being implemented. 

Oil Review Africa catches up with Christopher Hudson, President of dmg events, ahead of ADIPEC 2025

Excerpts from an interview: 

Energy across Africa, as elsewhere in the world, is seeing major shifts and advancements. How does ADIPEC 2025 reflect this changing industry landscape and help meet the needs? 

Energy is one of the most dynamic and rapidly evolving sectors. According to the International Energy Agency (IEA), global energy demand rose by 2.2% last year, outpacing the average annual increase of 1.3% recorded over the last decade. At the same time, the global population is projected to reach 9.8 billion by 2050, with over 750 million people still lacking access to electricity, and more than 2.1 billion people remain without access to clean cooking. Rising urbanisation and living standards are reshaping energy demand, with air conditioning alone expected to be one of the largest contributors to electricity demand growth in the coming decades. This reveals the sector’s increasing need to not only produce more energy but to produce it in a way that is equitable and sustainable.

In this context, ADIPEC 2025 is being held under the theme of ‘Energy. Intelligence. Impact’. It reflects a simple but powerful truth: meeting the world’s growing need for secure, affordable and sustainable energy will depend on how intelligently we harness every resource – human, technological and natural – to deliver meaningful results for economies and communities alike.

At its core, the theme recognises that intelligence – both human and artificial – is transforming the way energy is produced, managed, and consumed. From AI-driven optimisation and digital integration to advances in hydrogen, LNG, and decarbonisation, intelligent innovation is reshaping the global energy landscape. ADIPEC serves as the meeting point for these forces, where ideas translate into action and impact can be measured in investment, policy, and progress.

AI is a major topic of discussion in the context of energy, due to its high demand. How is ADIPEC responding to the challenges and opportunities of the AI-energy nexus? 

Artificial intelligence is reshaping both global energy demand and the industry’s ability to respond. Data centres already consume around 1.5% of global electricity, and with AI workloads, that demand could more than double by 2030, rising from 415 TWh to 945 TWh. A single advanced AI model can require as much electricity to train as 100 households use in a year, while an AI query may consume 10 times more energy than a standard search.

This convergence is both a challenge and an opportunity. AI requires enormous energy, but it can also optimise grids, cut waste, improve operational efficiency, and accelerate decarbonisation. At ADIPEC 2025, we have expanded our AI Zone into five experiential areas showcasing how AI is transforming systems, people, and infrastructure. Alongside this, more than 80 conference sessions are dedicated to the AI–energy nexus, from predictive analytics to governance frameworks.

For Africa, this is particularly significant. Many countries are rapidly digitalising while also expanding power systems. The ability of AI to enhance reliability and reduce costs could be transformative for energy access and economic growth.

How is the diversity of the African continent and its vast energy sector reflected across ADIPEC 2025’s programme? 

Africa is a core part of ADIPEC’s community. This year, we are proud to welcome a strong delegation of African ministers and leaders, including those from Nigeria, Kenya, Uganda, Sierra Leone, Zimbabwe, Gambia, Equatorial Guinea, and Egypt. Their participation enriches ADIPEC’s Strategic Conference and exhibitions, ensuring Africa’s perspectives are reflected in discussions on natural gas, hydrogen, downstream, and low-carbon solutions.

dmg events is also the largest organiser of energy and infrastructure events across Africa, with long-standing operations in Nigeria, Mozambique, Kenya, Ethiopia, Ghana, Tanzania, South Africa, Egypt and Morocco. This presence gives us a unique vantage point to bridge African priorities with global dialogue.

Africa holds some of the world’s largest reserves of natural gas, oil, and minerals, as well as enormous potential in renewables. ADIPEC is committed to supporting this potential by convening African voices alongside global leaders, unlocking partnerships that can expand access, accelerate industrialisation, and strengthen Africa’s contribution to global energy progress.

Some of ADIPEC 2025’s notable African speakers include: Honourable J. Opiyo Wandayi, Cabinet Secretary for Energy and Petroleum, Kenya; Honourable Sen. Dr. Heineken Lokpobiri, Minister for State (Oil), Petroleum Resources, Nigeria; Rt. Honourable Ekperikpe Ekpo, Minister for State (Gas) Petroleum Resources, Nigeria; Honourable Chief Adebayo Adelabu, Minister of Power, Nigeria; Honourable Julius D. Mattai, Minister of Mines and Mineral Resources, Republic of Sierra Leone; Honourable Ruth Nankabirwa Ssentamu, Minister of Energy and Mineral Development, Uganda; His Excellency Karim Badawi, Minister of Petroleum and Mineral Resources, Arab Republic of Egypt; His Excellency Antonio Oburu Ondo, Minister of Mines and Hydrocarbons, Equatorial Guinea, Honorable Julius D. Mattai, Minister of Mines and Mineral Resources, Republic of Sierra Leonne; Honourable July Moyo, Minister of Energy and Power Development, Zimbabwe; His Excellency Nani Juwara, Minister of Petroleum and Energy, Gambia; Honourable Cheikh Niane, Deputy Minister of Petroleum and Energy, Senegal, and Mathias Katamba, board chairman, Uganda National Oil Company.