E&P

Essar lies in the concession area C 103.

While carrying a history of severe geopolitical instability, Libya's resilience in still being able to attract global investment interests speaks volumes about the richness of its reserves

Known to hold Africa's largest proven oil resources, Libya moves North African supply dynamics. International oil companies are increasingly returning to reactivate dormant fields and tap into high-potential basins. Central to this resurgence is the Sirte Basin, a historically prolific region offering significant infrastructure proximity.

Recently, the country has reported several successful appraisals, marking a critical turning point for international investment, signaling restored commercial confidence and renewed momentum in Libya’s long-term energy output goals.

Resource discovery and infrastructure integration

OMV has classified the Essar well in Libya’s Sirte Basin as commercially viable following technical and economic evaluations. Previously, the Libya NOC too approved the discovery's commercial viability. 

The well lies in the concession area C 103, where OMV holds 12% interest.

With an indication of total recoverable resources reaching up to 45 million barrels of oil, the reservoir is being prepared for development by Zueitina Oil Company. It will be easier to hit production timelines from thew concession sooner as it lies adjacent to existing production and processing facilities, ensuring cost-efficiency as well. The discovery highlights Libya’s potential as one of Africa’s most important energy regions and marks another milestone in the long-standing partnership between OMV and the NOC.

“The Essar discovery is a major milestone for OMV and our partners at the NOC. It confirms not only Libya’s considerable potential, but also the value of long-term partnerships, technical excellence, and our unwavering commitment on the ground. Strategic collaborations such as this are essential to providing the energy the world needs. I am proud of what we have achieved together and look forward to the next chapter in Libya”, said Berislav Gaso, OMV executive vice president for energy.

Upstream strategy in North Africa

OMV holds Libya strategically important as part of its upstream growth interests in North Africa. The company has been an active player in Libya for around 50 years and is among the country’s long-standing international energy partners. It resumed operations in the country in 2024, after a hiatus of more than ten years.

OMV has extensive experience in the exploration and production of oil and gas in North Africa and relies on close cooperation with local partners as well as the continuous optimization of existing assets. Libya holds Africa’s largest proven oil reserves and ranks among the world’s most significant oil-producing countries.

Petrobras secures several PSCs with Petroci. (Image source: Petrobras)

With deepwater knowledge gathered over several decades in pre-salt basins, Brazil's national energy company, Petrobras, is now looking towards Africa because of its mirror image geology 

Being conjugate basins, Brazil and Africa share very similar geological patterns, making it structurally and technically easier for Petrobras to explore and generate production.

Alternative to declining pre-salt reserves

While Petrobras' massive pre-salt fields off the coast of Rio de Janeiro are highly lucrative today, these are gradually declining in production count and might stop producing by the 2030s. The Brazil oil major is thus strategising resources diversification to replenish its oil resreves. It keeps seeking new frontiers to expand exploration portfolio, generating long-term value and sustainability for the company. 

Eight blocks in Ivory Coast

After closing major exploration deal in Ghana, Petrobras has signed production sharing agreements (PSCs) with Petroci Holding to secure exploration interests across eight offshore blocks in Ivory Coast.

The PSCs were formalised through the major's wholly-owned subsidiary Petrobras Netherlands BV during a signing ceremony in Abidjan, where Petrobras' executive director of exploration and production, Sylvia Anjos, was present. This gives Petrobras a 90% stake as operator of Blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702. Petroci, on the other hand, retains a 10% stake in all these blocks.

African Atlantic margin potential

"With this acquisition, Petrobras assumes a significant presence in Ivory Coast, a country located in a region of high exploratory potential, with geological characteristics similar to those of our sedimentary basins. We will apply our experience and technical capacity to these blocks and we are confident that, with them, we will be able to uncover all the possibilities that we believe exist on the African Atlantic margin," said the president of Petrobras, Magda Chambriard.

This is in line with Petrobras' business plan for exploration portfolio diversification, focusing on new prospects not only in Brazil but internationally. It will promote value creation and long-term business sustainability for the major. 

Eni has invested in Ghana Blocks in line with IILX strategy.

With Ghana strategically positioning itself to maximise offshore resource extraction, Tano Basin off the coast of West Africa remains its biggest asset, drawing substantial foreign direct investment prospects

The prolific petroleum province houses vast deepwater discoveries holding sustainable economic growth potential to last generations. This is why in line with national regulatory standards, the Government of Ghana is actively collaborating with international energy majors to sustain long-term oil production, boost domestic gas supplies, and optimise existing marine infrastructure. 

Finalisation of key memoranda of understanding

The Government of Ghana has finalised two memoranda of understanding (MoU) with Eni Ghana and Vitol Upstream Tano Ltd on offshore Blocks GH WB 3 and GH WB 8 in the Tano Basin. 

On behalf of the Government, the Minister for Energy and Green Transition of the Republic of Ghana, John Jinapor, signed the MoU's in the presence of executives from the Ghana National Petroleum Corporation.

Exploration strategy and deepwater scope

Eni has invested in these Blocks in line with its near-field and infrastructure-led exploration (ILX) strategy to extract maximum potential by means of infrastructure repurposing or utilising prospects from existing ones.

While the two Blocks span across an area of approximately 2,100 sq km in water depths ranging from 750-2,800 m, Eni will be aiming output that will add to these Blocks' potential by connecting them to established producing areas.

Eni's commitment to Ghana's upstream framework

These MoUs are follow-ups on the Memorandum of Intent that was signed last year, sealing the major's long-term commitment to Ghana’s upstream petroleum sector. The major will be operating in the region, not only in terms of business intent but also with an aim to contribute to uplifting Ghana's petroleum resources in accordance with the country's legal and regulatory framework.

Eni's presence in Ghana dates back to 2009, with offshore hydrocarbon exploration and production activities now generating 40,000 barrels of oil equivalent per day. The company is the operator of the OCTP project with a 44.4% share in partnership with Vitol (35.6) and GNPC (20%). The joint venture’s portfolio of projects also includes initiatives in the areas of training, economic diversification, access to water and sanitation and access to energy. 

Sintana has acquired 44% interest in Maravilla Oil and Gas.

One of Africa’s most active emerging energy frontiers, Namibia’s Walvis Basin is a prospective exploration site for operators both major and small

The image of West Africa conjures, for operators, major high-impact exploration opportunities. Keen on securing interests in the region, Sintana Energy has strategically expanded its offshore footprint by acquiring a significant stake in Maravilla Oil and Gas. International reach besides, the acquisition will also strengthen Sintana's on-ground presence as it pledges local community development in Namibia’s Erongo Region. It will give the company a technical edge through regional synergies with existing acreage. The company will leverage the acquisition to capitalise on upcoming multi-operator offshore drilling campaigns and region-wide exploration milestones.

Sintana Energy has announced the acquisition of a 44% interest in a privately held Namibian company called Maravilla Oil and Gas that is focused on high-impact opportunities in West Africa 

This opens up for Sintana Energy several doors across Namibia's frontier acreages as Maravilla continues to expand regionally. Maravilla already owns 80% controlling shareholding in Namibian private company, Paragon, which in turn owns a 100% operated interest in Petroleum Exploration License 37 (PEL 37) located in the Walvis Basin offshore Namibia. Sintana's investment in Maravilla provides an indirect 35% interest in PEL 37.

Exploration on PEL 37

With this acquisition, Maravilla will get increased support from Sintana in resources development, as they collaborate to mature and refine opportunities including an inventory of prospects on PEL 37. Spread across an area of 17,295 sq km in relatively shallow waters (100 - 1,500m), with identified prospects at water depths between 300 and 600m, and with multiple large fans directly overlying a proven, mature oil-prone Aptian source rock. 

The license comes with an extensive technical database already in place, including 2,813 sq km (2014) of 3D seismic data, ~1,000 line kms of 2D seismic data (2014), and historical drilling activity (Cormorant-1 (2018), Sasoil (1995)).

Sintana also holds a 10% indirect interest in PEL 82, which lies north of PEL 37, and is operated by an affiliate of Chevron Corporation. PEL 82 is approximately 70% covered in 3D seismic and is home to the Murumbe-1 and Wingat-1 wells that had previously revealed light oil prospects. This geographic and technical setting of the two licenses will be mutually benefitial in future drilling outcomes and read through implications.

They will also focus on identifying and evaluating capital-efficient, high-impact opportunities in West Africa more broadly.

Chevron is gearing up for a busy year exploration-wise, with an inaugural exploration well expected in 2027. PEL 82 besides, in April 2026, Eco (Atlantic) Oil & Gas Ltd announced the farm down of interests in three of its licences in the Walvis Basin (adjacent to PEL 82 and PEL 37) to bp PLC, and is expecting to conduct significant activities on these licences over the coming 12-24 months. This includes seismic acquisition, reprocessing and potential exploration well decisions.

In conjunction with Sintana's investment, Maravilla will make a Namibian $1mm donation to the communities in the Erongo Region to be distributed in co-ordination with the Office of the Governor, Natalia IGoagoses and the Knowledge Foundation, led by Knowledge Katti.

Cost-effective exposure to high-impact exploration

Robert Bose, CEO of Sintana, said, "Expanding our platform though an investment in Maravilla is the continuing demonstration of our ability to secure cost-effective exposure to high-impact exploration licenses in emerging basins. The expansion of our Walvis Basin footprint positions us to participate in the next chapter of Namibia's offshore success. We look forward to providing updates on progress in the coming quarters."