E&P

Block 1 CBK spans 19,929 sq kms.

Eco Atlantic Oil & Gas Ltd has transferred a 37.5% working interest in Block 1 CBK offshore South Africa to a subsidiary of Navitas Petroleum LP, which will now take over as the block's operator

The farm-down received final clearance following Section 11 regulatory approvals from South Africa's government alongside approval from the TSX Venture Exchange. The deal marks a critical step forward in the strategic framework between Eco and Navitas, building on a comprehensive joint evaluation of the block's existing geological dataset.

Spanning 19,929 sq kms adjacent to the Namibian border, Block 1 CBK holds significant oil and gas potential. Data from three legacy exploration wells on the block confirmed a gas discovery that produced tested flow rates of 32.4 million standard cubic feet per day (MMscfd), along with further gas and oil shows. Prospectivity across the acreage shares geological similarities with the nearby Kudu gas field to the north and sits directly southeast of major light-oil discoveries, including Galp Energia's Mopane, TotalEnergies' Venus, and Rhino Resources' Capricornus.

Gil Holzman, president and chief executive officer of Eco Atlantic, said, “Completion of the Block 1 CBK farm down marks another important milestone in our Strategic Framework with Navitas, extending our partnership into South Africa and demonstrating the value of our growing collaboration across multiple jurisdictions.

“Navitas is a highly experienced global operator and producer with an exceptional track record of developing offshore resources. Their expertise, tied with South Africa’s growing need to bring new domestic gas supplies online to meet in-country demand, provides strong foundations to progress the development of Block 1 CBK’s sizeable resources.

“Since announcing the Farm Down, our technical teams have worked closely together, and we look forward to a smooth operational transition to Navitas and continued collaboration with our partners and in-country stakeholders to advance Block 1 CBK and unlock further value from the licence.“We are grateful to the Government of South Africa, and particularly the Petroleum Agency of South Africa for the smooth and efficient regulatory process, as well as to Navitas, our advisers and all those involved in reaching this milestone.

“More broadly, we continue to make good progress towards completing the other strategic transactions announced earlier this year, including the acquisition of JHI, the farm down of our Namibian licences to BP, and negotiations for a new PSA covering our Orinduik acreage in Guyana. Each is progressing well and remains on track for finalisation as guided during 2026, further strengthening and advancing Eco’s portfolio across the Atlantic Margin.” 

The Ima gas field will be connected to Nigeria LNG.

In line with strategic interests for high-value natural gas developments in West Africa's energy corridor, TotalEnergies has decided upon developing the Ima Gas Field in Nigeria

This will contribute to Nigeria's domestic industrialisation objectives as it accelerates monetisation drive from its vast non-associated gas reserves. TotalEnergies' ambitions in the region is one of many such international interests ever since the country has been offering generous incentives to majors as part of upgraded regulatory reforms. Supportive government policy, strong regional partnerships, and rising global demand for liquefied natural gas (LNG) are fuelling Nigeria’s export capacity.

Final investment decision for Ima gas field

TotalEnergies (40%, operator), along with its partner AMNI (60%), have reached final investment decision (FID) for the development of the Ima gas field, straddling the OML 112 and 117 offshore licenses in Nigeria.

Lying in shallow waters by Bonny Island, the Ima gas field will be connected to Nigeria LNG (15%, TotalEnergies) via a 22 km pipeline. With a single paltform required for the Ima gas field development, the partners are aiming to start-up production in 2028. Once operational, it is expected to generate 350 million cubic feet per day (representing over 60,000 barrels of oil equivalent per day).

Supporting Nigeria LNG Train 7 expansion

One third of the gas required to power the ongoing Nigeria LNG Train 7 expansion project will be supplied by the Ima field once it's on stream. This will raise the liquefaction plant capacity from 22 million tons per annum (Mtpa) to 30 Mtpa.

The Ima field development will follow a sustainable approach ensuring cost effectiveness and emissions reduction. Electrically powered from the shore, the simplicity of the single-platform structure will require no flaring. There will be permanent methane detection and monitoring. 

While the major is developing the project in partnership with the Nigerian company, AMNI, key contracts involved in the project are also local companies. The project is thus contributing to local community development, with around 60% of the workforce expected to be sourced from host communities during the project development.

“We are very pleased to announce the FID for the Ima gas project, marking a new milestone in the deployment of our integrated gas strategy in Nigeria. After the Ubeta project sanctioned in 2024 and expected to start-up next year, Ima demonstrates again our ability to unlock new low-cost and low-emissions gas resources, following the incentives introduced by the Nigerian Government for non-associated gas developments”, said Nicolas Terraz, President Exploration & Production at TotalEnergies. “This new project will contribute significantly to Nigeria LNG gas supply and create lasting value for its partners and for Nigeria.”

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.