NUPRC is aiming for a transparent licensing round. (Image source: NUPRC)

The Nigerian Upstream Petroleum Regulatory Commission has pledged to make sure that the 2025 Licensing Round is conducted with utmost transparency 

The Commission is dedicated to eliminating corruption from the process as its Chief Executive, Engineer Gbenga Komolafe, announced that it is a danger to Nigeria's growth and prosperity, while speaking at the International Anti-Corruption Day.

According to him, unchecked corruption can have devastating effects on the oil and gas sector because of the high stakes and substantial revenues involved. One of the most effective ways that the Commission has been addressing this is by digitalising processes to replace bureaucratic handling.

“The most compelling illustration of this reality was the Nigeria 2024 Licensing Round. For the first time in Nigeria’s upstream petroleum sector, bid submissions were conducted fully online; commercial bidding was digital and real-time.

“Evaluation processes were automated, measurable, and auditable; human interference was deliberately minimised to near-zero levels. The outcome was a bidding exercise governed by competence instead of connection, process instead of persuasion, and merit instead of influence.

“This achievement did not go unnoticed. The Nigeria Extractive Industries Transparency Initiative (NEITI) formally commended the process, verifying that the Nigeria 2024 Licensing Round was conducted free of corruption and procedural compromise,” said Komolafe. 

He also called the Nigerian youth to participate in the upcoming licensing round, acknowledging their significance in advancing the country's petroleum sector. 

“That is why preparations for the Nigeria 2025 Licensing Round continue under the same digital framework, unchanged and uncompromised: This continuity answers a fundamental question asked by young Nigerians, which is: Is good governance temporary or permanent? Our response is clear. Integrity at the Commission is not episodic but institutional,” he said.

Speaking of NUPRC's role in Nigeria’s development as the regulator of the upstream petroleum sector, retired appeal court justice Oludotun Adebola Adefope-Okojie said, “The NUPRC regulates the wealth of Nigeria because oil accounts for over 80% of Nigeria’s FX and 70% of government revenue. It is a gatekeeper of Nigeria’s wealth. The Commission doesn’t just process documents but destiny. With this great duty comes great responsibility.”

“With the recent announcement of the 2025 licensing round, there is an opportunity for fresh players to step forward and demonstrate their capability. The time for the youth is now. Building on the success of the 2024 licensing round, I believe it will be transparent where the younger generation, who are frustrated, will be given more opportunities to participate in the award of licenses and leases.

“I believe it should be a deliberate policy; we need to give youths a chance to participate. They have done this in the tech space. They have produced the top unicorns in Africa. They can bring in the right partners to help Nigeria’s goal of increasing oil production,” she added.

Angola is key to BW Energy's strategy.

The Angolan offshore draws in more investors as BW Energy and Maurel & Prom have decided to be partners in one of the most prominent ventures in the region, Azule Energy 

Both the parties have formed a consortium and signed an agreement for a combined acquisition of 20% non-operated interest in Block 14 and 10% in Block 14K offshore Angola. In other words, BW Energy’s net share will be 10% in Block 14 and 5% in Block 14K.

Confirming that the company will be holding 10% in Block 14 and 5% in Block 14K alongside Maurel & Prom, whose experience it values, BW Energy's CEO, Carl K. Arnet said, “The entry to Angola is a key step in BW Energy’s West Africa growth strategy and provides further diversification of our resource base. Firstly, we see clear upsides beyond the current production in Block 14. And, more importantly, we build a position for potential future operated development opportunities in the country.”

“Angola is a mature hydrocarbon basin with an active M&A market and strong political support for the energy sector. We see attractive opportunities for BW Energy to apply our strategy of developing proven reserves and stranded assets through the re-use of existing energy infrastructure to unlock significant value over time,” he added, establishing the company’s long-term regional growth strategy in Angola. 

Block 14 is a mature deepwater asset comprising nine producing fields, while Block 14K is a tie-back to the main block. The asset is operated by Chevron, and the licence currently runs to 2038. Gross production is approximately 40 kbopd, with net to BW Energy at 4 kbopd. Current producing reserves are estimated at 9.3 mmbbls net to BW Energy, with several identified opportunities to further increase recoverable volumes. Abandonment and decommissioning costs are covered by existing provisions.

The Deepsea Mira rig is a sixth-generation semi submersible. (Image source: NOL)

Northern Ocean Ltd's Deepsea Mira has been booked by a Shell plc subsidiary for deployment in Namibia starting April 2026

The rig will be used for operations on one firm well and another optional well, with an estimated duration of 45 days for the firm well and a projected firm backlog of approximately US$16mn. This contract will increase NOL’s firm backlog to approximately US$387mn. 

The Deepsea Mira rig is a sixth-generation enhanced and extended CS 60 E semi submersible that has been designed to withstand harsh environment. 

Delivered by Hyundai Heavy, the mobile offshore drilling unit (MODU) is equipped to access water depths of up to 3,000 meters.

The rig's history with Namibia goes way back, serving majors like TotalEnergies, and also Rhino Resources, which has extended its hire period. 

The infill well might add to the FSO capacity. (Image source: Vaalco Energy)

To reach optimised production results, Vaalco Energy has begun the spudding of the ET-15 infill well on the Etame platform as part of Phase Three Drilling Programme offshore Gabon

This infill well is anticipated to significantly add to the production generation capacity of the floating storage and offloading vessel (FSO) that is operational on the Etame Block since 2022 following an extensive transition and field reconfiguration process. While a low cost solution, the FSO boasts of a high storage capacity and improved operational performance. It has helped Vaalco reach  operational excellence, and production uptime and enhancement.

George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are excited to commence our drilling campaign in offshore Gabon and are beginning the near-term series of value creation catalysts that we outlined to the market in our Capital Markets Day presentation this past May. The drilling rig arrived in late November, and we have spud our first well, the ET-15. We are initiating the programme at the Etame platform with this infill well and the pilot holes. After drilling at the Etame platform, we expect to move the rig to the SEENT and Ebouri platforms where we have several wells and workovers planned to enhance production, lower costs and potentially add reserves. As we enter 2026, with major projects underway in both Gabon and Côte d’Ivoire, we are looking to drive meaningful growth that we believe will translate into value for our shareholders for the remainder of the decade.”

As previously announced, the Company secured a drilling rig in December 2024 in conjunction with its Phase Three Drilling Programme, with an affiliate of Borr Drilling.