E&P

Petralon boosts production in DI-3 well offshore Nigeria

Petralon 54 has revamped its production capacity significantly.

Petralon Energy is an African exploration and production company with proven capacity to acquire, develop, finance, and operate oil and gas assets

Operating through its subsidiary Petralon 54, the company holds a 100% working interest in the Dawes Island Field in the Eastern Niger Delta.

In just under six months, Petralon 54 has revamped its production capacity significantly through its recently established DI-3 well. Operations began on 14 March 2026 and has since delivered average additional daily production of approximately 2,800 barrels of oil per day (bopd), bringing the field's combined production capacity to approximately 4,800 bopd.

DI-2 has been onstream since October 2025 and DI-3 builds directly on the performance of its predecessor. Together, the two wells have sustained back-to-back drilling programme on a field that was non-producing at the time of Petralon's acquisition in 2021. Till date, the company has exported over 350,000 barrels of oil from the field via the Bonny Oil and Gas Terminal, which is located around 30km from the field. The DI-3 well became operational with zero lost-time incidents and it reflects the company's commitment to world-class health, safety, and environmental standards across its operations.

Dawes Island is located approximately 15km from Port Harcourt in the Eastern Niger Delta. The island covers roughly 46 sq km and holds an estimated 17.6 mn barrels of recoverable oil. “Our success at Dawes Island was built on the conviction that Nigerians could acquire, develop, and operate world-class energy assets. That conviction once required courage, today, it stands on proof. The easy thing after DI-2 would have been to pause, but the determination and resilience of every single member of the Petralon team drove us forward, and DI-3 is the result of that effort. Progress like this is only possible through the strong collaboration we have built with our host communities, our regulator, and our partners. This is only the beginning of what Dawes Island can deliver," said Ahonsi Unuigbe, founder and chief executive officer of Petralon Energy.

Through the commencement of DI-3 production, Petralon Energy validates another major step in the phased development of Dawes Island. The company stays focused on growing production, strengthening its position as a leading indigenous operator in Nigeria's upstream sector, and advancing its longer-term ambition for the field.

Perenco Congo's production uplift from Tchibouela East

Perenco started a new five well drilling campaign on the Masseko field.

Perenco Congo has completed drilling campaign on the Tchibouela East field offshore Republic of Congo

The results of the five infill well campaign, which concluded at the end of 2025, now show a sustained material uplift in production, providing an additional 6,000 barrels of oil per day (bopd).

The drilling campaign entailed advanced offshore drilling techniques, including horizontal and u-shaped wells, which resulted in higher oil recovery, while reducing operational risks.

Following the posiIve results from the Tchibouela East campaign, Perenco Congo has now started a new five well drilling campaign on the Masseko field, designed to increase producIon from the field as well as testing a new geological horizon.

“We have seen a sustained uplift in production following the recent five well infill campaign on the Tchibouela East field. This positive result clearly demonstrates our ability to extend field life and maximise the value of acreage for the benefit of all stakeholders. Tchibouela East has been in production for almost thirty years and we are pleased to help ensure that the field can produce for many more years to come. The operational tempo continues and we are now drilling on the Masseko field, where initial results from first production are encouraging,” said Gregoire de Courcelles, managing director of Perenco
Congo.

Europa associate to farm out stakes offshore Equatorial Guinea

Europa associate to farm out stakes offshore Equatorial Guinea.

Europa Oil & Gas (Holdings) plc's associated entity, Antler Global Limited has secured a binding farmout agreement with Fuhai (Beijing) Energy Limited, a subsidiary of Fuhai Group New Energy Holding Co Ltd, to transfer a 40% stake in the offshore Equatorial Guinea EG-08 production sharing contract (PSC)

Following an initial announcement on 1 September 2026, the involved parties have agreed to extend the transaction's completion longstop date to 30 October 2026.

While the Ministry for Mining and Hydrocarbons Department of Equatorial Guinea has already given clearance, the deal is still awaiting Outbound Direct Investment (ODI) authorisation from the Beijing Municipal Development and Reform Commission.

New Chinese regulations introduced on 1 July 2026 have lengthened the overall processing period for outbound investments. Nonetheless, the MDRC confirmed that Fuhai's paperwork is being actively processed, and Chinese authorities remain satisfied with the submission.

Europa maintains a 42.9% equity stake in Antler. Once the deal closes, ownership of the EG-08 PSC will be split as follows:

- Antler Global Limited: 40% working interest (retaining operatorship)

- Fuhai (Beijing) Energy Limited: 40% working interest

- GEPetrol (National Oil Company of Equatorial Guinea): 20% state interest

Despite the regulatory slowdown, the planned timeline for the Barracuda-1 exploration well remains unchanged. Drilling operations are anticipated to begin during the first half of 2027.

William Holland, chief executive officer of Europa, said, “While ODI approval is taking longer than anticipated, the direction of travel is clear. Fuhai's application continues to be processed, and we remain encouraged that the approval is close. We have used this time to ensure that we are fully prepared to commence the drilling process for Barracuda-1 as soon as ODI approval is secured, and we look forward to testing what we believe is a very exciting prospect.”

NNPC sees strong operational efficiency in annual report

EBITDA expanded 22% to N18.0 trillion.

NNPC Limited reported strong operational efficiency and enhanced earnings resilience reflecting on its substantial bottom-line growth in audited financial results for the year ended 31 December 2025

There was, however, a drop in top-line revenue driven by a decline in international crude oil prices and reduced white product sales volumes following the full deregulation of the domestic fuel market in 2024.

The numbers were highlighted during NNPC's latest Annual General Meeting and second Earnings Call with market analysts. Profit After Tax surged by 33% to reach 7.2 trillion even when top-line revenue dropped 24% to N34.5 trillion.

EBITDA expanded 22% to N18.0 trillion while Earnings Per Share (EPS) rose 32% to N35.9. Operating cash flow increased 16% to N12.8 trillion while Return on Equity (ROE) expanded by 200 basis points, reaching 16%.

Upstream operations for the year hit multi-year highs across both liquid and gas streams. Daily crude oil production averaged 1.77 million barrels per day (mbpd), marking a five-year peak. Total annual production reached 565.8 million barrels (up 5%), with NNPC's direct equity share rising 11% to 223.7 million barrels.

Natural gas output averaged 7.2 billion standard cubic feet per day (bscfd), reaching a three-year high. Annual output rose 9% to 2,606.2 bscfd, with equity production advancing 11% to 1,154.9 bscfd.

Bashir Bayo Ojulari, group chief executive officer of NNPC Limited, said, "Our 2025 performance shows what disciplined execution and a capable workforce can deliver. We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”

The company aims to increase crude production to 2.0 mbpd by 2027 and 3.0 mbpd by 2030, while expanding natural gas production to 12.0 bscfd by 2030.

Eni sells participating interests in Baleine project to SOCAR

Eni has sold a 10% participating interest in the offshore Baleine project to the State Oil Company of the Republic of Azerbaijan (SOCAR)

The transaction reinforces international collaboration in Ivory Coast's energy sector and advances the ongoing development of Africa’s first net-zero Scope 1 and 2 upstream project.

Following the acquisition, the updated ownership structure of the Baleine field include Eni (Operator) with 37.25% shares, Vitol with 30.00% shares, Petroci with 22.75% shares and SOCAR with 10.00%.

Dual exploration model

The divestment aligns directly with Eni’s strategic initiative to streamline its upstream portfolio. Through its proprietary "dual exploration model," Eni leverages early equity dilution to monetise exploration successes rapidly while maintaining operational leadership and driving multi-phase development.

Production milestones and future growth

Baleine was discovered in 2021, ending a two-decade gap in major commercial discoveries within the basin. The giant field achieved first production in record time by 2023.

Phases 1 and 2 currently generate more than 57,000 barrels of oil and more than 78 million cubic feet of natural gas per day.

Once Phase 3 is launched, output is projected to reach 150,000 barrels of oil and 200 million cubic feet of gas daily, cementing the project’s role as the primary catalyst for Ivory Coast's energy security.

Eni’s presence in the country, established in 2015, extends beyond Baleine. The company holds a 90% operating interest in the nearby Calao and Calao South discoveries—the second-largest findings in Ivory Coast after Baleine—confirming the prolific potential of the basin.

As a globally integrated energy firm headquartered in Azerbaijan, SOCAR operates across the entire energy value chain, including upstream exploration, refining, petrochemicals, logistics, and trading. The partnership combines operational strengths to maximise the long-term potential of Ivory Coast's energy resources.

Eni is a global energy company operating across the entire supply chain, committed to achieving net-zero emissions by 2050 through innovative energy solutions and sustainable asset management.

The State Oil Company of the Republic of Azerbaijan (SOCAR) is a major international energy player engaged in exploration, production, processing, and global supply distribution.