The company is gathering information and working with applicable regulators. 

A pre-requisite to the grant of production right in Block 11B/12B offshore South Africa, Africa Energy Corp has obtained approval of its request for a deadline extension for the submission of a new Environmental and Social Impact Assessment (ESIA) to 4 May 2026

Operator of 11B/12B, Africa Energy Corp holds interest on the block through its investment in Main Street 1549 Pty Ltd. 

The extension to the ESIA has been granted in light of the recent decision by the Western Cape High Court in South Africa to set aside an environmental authorisation for offshore exploration operations in Block 5/6/7 (held by an unrelated party) so that additional, new and amended environmental assessments can be conducted and placed before the Minister of Mineral and Petroleum Resources for reconsideration.

An application for leave to appeal this decision to the Supreme Court of Appeal has been launched by the unrelated party. The company is therefore engaging with its advisors, including legal counsel, to determine the amendments and additions which may be required to its ESIA as a result of the High Court decision. Due to the High Court decision, which is pending appeal to the Supreme Court of Appeal, there is no certainty on the timing of the grant of the environmental authorisation after the submission of the amended ESIA. To navigate the challenges, the company is continuing to gather information and work with applicable regulators. 

Main Street currently holds a 10% participating interest in Block 11B/12B, offshore South Africa. Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B and completion of the restructuring of Main Street, the company expects to hold a 75% direct interest in Block 11B/12B. Both the assignment of the withdrawing parties' interest in Block 11B/12B to Main Street and the completion of the Main Street restructuring require grant of the production right in relation to Block 11B/12B.

Africapitalism is the core economic philosophy for Heirs Energies. (Image source: Heirs Energies)

Driven by its African identity, Nigerian independent Heirs Energies operates with an in-house development approach, partnering largely with indigenous contractors

Following its inspiring success story with OML 17, the company is ready to take on further challenging projects, now eyeing the Republic of Congo. 

Heirs Energies CEO, Osa Ighiehon, reveals to Oil Review Africa what it takes to thrive as an African independent in today's energy industry and much more: 

How would you define the Africapitalism approach? 

Africapitalism is an economic philosophy pioneered by our Heirs Holdings Group chairman, Tony O Elumelu, CFR. It provides a powerful and practical framework for a more impactful role for the business sector in Africa's development. At its core, is the conviction that the private sector must be a primary catalyst for creating both economic prosperity and sustainable social wealth.

It’s about changing the old story where business in Africa was only about taking resource extraction. Now, it’s about making sure that every investment we make creates value, both commercially and socially, with the latter enabling and uplifting our communities whilst strengthening our economies.

For us at Heirs Energies, this is our north star. When we took over OML 17, it was our chance to prove this works. We set out to demonstrate that African capital, managed by African expertise, could not only revitalise a distressed asset, but do so in a way that delivers shared and enduring prosperity. Today, the results speak for themselves: we doubled production, restored security to the area, and, crucially, embedded community development into our core operations.

But the real success is that we did this while also funding scholarships, providing healthcare, and creating jobs for locals. For us, making a profit and having a positive social impact are two sides of the same coin. This is Africapitalism in action.

What should independents from Nigeria keep in mind while acquiring assets from IOCs? 

Nigerian independents must understand that they are not merely purchasing an asset; they are inheriting a legacy and a material responsibility. The acquisition is the simplest step. The profound challenge lies in the transformation that need to follw for the journey to end well. International Oil Companies typically divest assets that no longer fit their global portfolio, often because they are capital-intensive, have operational challenges, burdened by years of underinvestment, and entangled in complex social and security challenges. The incoming independent must be prepared for this reality from day one.

Our journey with OML 17 is a case study in successfully tackling this reality to achieve a historic turnaround. When we took over, the asset was in severe distress, with terminal delivery of field production at a mere 3% shortly after. This wasn't an operational hiccup; it was a systemic failure, indicating near-total loss to theft and sabotage. We recognised that a purely technical or capital solution would fail. The real breakthrough came from rebuilding the entire ecosystem of trust. We engaged host communities not as a periphery activity, but as the core of our security and operational strategy, while forging strong, collaborative partnerships with government and security agencies. The definitive response by Government to oil and gas asset security that emanated, which has been sustained, is foundational to this spectacular outcome. This catalytic work enabled us to elevate reconciliation to over 99%; a transformation that turned a dying asset into a secure, reliable national contributor.

Critically, independents must resist the inertia and excuses that have plagued and caused the decline of the past two decades. Our advantage is not in the depth of our balance sheets, but in our delivery and growth focus, our solution-mindedness, and our genuine desire to develop our communities and countries. For instance, at Heirs Energies our engineers pioneered a rigless through-tubing intervention technique that restored shut-in wells at 65% lower cost and 32% faster than conventional methods. This innovation, born of a necessity to do more with less, unlocked significant value and added millions of cubic feet of gas to the domestic market.

Ultimately, the most vital lesson is this: our social license is as important as our legal license. The community is not a hurdle to overcome; they are the most crucial stakeholder we must engage with for sustainable operations. If they are not active partners in our success, we have no durable foundation to build upon. For the Nigerian independent, success is a blend of operational innovation, genuine partnership, strategic security and tenacity. 

This is the first of a two-part interview 

The MoU will develop local content in Namibia.

Tapping into Namibia's rapidly evolving upstream oil and gas sector, McDermott and Namibia's Petroleum Training and Education Fund (PETROFUND) have signed a Memorandum of Understanding to collaborate on academic and industrial training initiatives in the industry

The collaboration will give Namibian students, job seekers and service providers exposure to international standards of training, mentorship and employment opportunities. The upskilling and knowledge transfer aspect of the agreement is designed to equip the local workforce with the skills needed for technical roles such as engineering, fabrication, operations and project management to unlock the country's offshore energy potential.

"This MOU furthers our commitment to developing local content and building a sustainable oil and gas workforce in Namibia," said Mahesh Swaminathan, McDermott's Senior Vice President, Subsea and Floating Facilities. "By investing in the next generation of Namibian talent, we help prepare them to lead future projects as Namibia emerges as a key player in Africa's energy landscape."

"Our partnership with McDermott supports PETROFUND's mandate to build the capacity of Namibia's workforce and service providers to participate in the emerging opportunities within the country's upstream oil and gas industry," said Nillian Mulemi, PETROFUND Chief Executive Officer. "Capacity-building collaborations with international service companies promote the exchange of global best practices and technical expertise with local talent, thereby positioning Namibia's workforce and service providers to play active roles across the full value chain of the upstream industry, while driving and sustaining economic growth in the country."

This initiative advances local content in Namibia's oil and gas industry, providing them with a platform to participate in and benefit from progress across the energy value chain.

Europa indirectly holds an 80% working interest in the EG-08 PSC.

The Minister of Hydrocarbons and Mining Development for Equatorial Guinea has granted a 12-month extension to Europa Oil & Gas (Holdings) plc on the initial two-year period of the EG-08 production sharing contract

This is in accordance with the exploration periods and their extensions set out in Article 2 of the PSC, as well as with the PSC amendments recognised in Articles 29.1 and 9 of the Hydrocarbons Law. Europa has a 42.9% equity interest in Antler Global Limited, which holds an 80% working interest in the EG-08 PSC, with the remaining 20% held by GEPetrol (Guinea Equatorial de Petroleos), the national oil and gas company of Equatorial Guinea, representing the State’s interest. The formalities to finalise the extension are ongoing and are expected to be completed in the coming days.

William Holland, chief executive officer of Europa, said, “I am pleased to have secured the Ministers' approval for this extension which will provide plenty of time to finalise the farm out process for EG-08, where we continue to make good progress. Concurrently, the technical team are working on detailed engineering plans for drilling the Barracuda prospect, which we hope to spud in 2026.”