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Panoro acquires Kosmos' stakes offshore Equatorial Guinea

The transaction will accelerate debt reduction for Kosmos. (Image source: Kosmos Energy)

In terms with an agreement in place, Panoro Energy has acquired 40.375% non-operating working interest in the Ceiba Field and Okume Complex production assets offshore Equatorial Guinea

Alongside future contingent payments that add up to US$39.5mn, the transaction is worth US$180mn.

This will give Panoro ownership of interests in Block G, with contingent payments of US$12.5mn linked to production performance at the Ceiba field and US$9mn payable in each of 2027, 2028 and 2029, subject to price and production volatilities.

The transaction enhances liquidity from monetising non-core assets and accelerates debt reduction for Kosmos. Proceeds will be used to reduce borrowings outstanding under the reserves-based lending (RBL) credit facility.

Put in place during January, the transaction process will be through mid-year. It has been approved by the Government of Equatorial Guinea, and completion only remains subject to CEMAC customary approval. Over the two-year period post completion of the transaction, Kosmos expects to realise approximately US$100mn in total savings across capital expenditures and general and administrative expenses.

Andrew G Inglis, Kosmos Energy’s chairman and chief executive officer said, “This transaction reflects our continued focus on capital discipline and balance sheet resilience. The high-grading of the portfolio by accelerating the monetisation of later-life, non-operated production assets enables Kosmos to focus our capital and expertise on our world-class assets where we can add the most value for our stakeholders over the long-term. The proceeds from the transaction enhance liquidity and accelerate debt reduction, while the contingent payments ensure we retain exposure to future upside.”

Nigeria's NNPC aims cross-border infrastructure expansion

Ojulari said that Nigeria must move towards aligned pricing frameworks. (Image source: NNPC)

The Nigerian National Petroleum Company has identified the key pillars for securing Africa’s energy future during the recently concluded 2026 International Energy Week (IEW) in London

The NNPC's group chief executive officer, Bashir Bayo Ojulari, highlighted the importance of shared infrastructure, policy alignment, coordinated investment frameworks, cross-border knowledge and technology exchange, integrated gas market development, and sustained regional diplomacy among national oil companies (NOCs).

As shared assets can lead to scale, efficiency and resilience, NNPC is prioritising the expansion of cross-border energy infrastructure, with regional gas initiatives ongoing in the region. Flagship projects such as the Nigeria–Morocco Gas Pipeline and the West African Gas Pipeline are critical for advancing regional integration and cross-border energy trade.

Ojulari said that the continent must move towards aligned pricing frameworks, transit protocols, local content standards, and joint technical regulations, drawing lessons from reforms such as Nigeria’s Petroleum Industry Act (PIA), to reduce investment friction, safeguard cross-border infrastructure, and ensure equitable access to shared energy assets.

“Our pathway is clear: grow production responsibly, scale gas as the backbone of Africa’s industrialisation, strengthen environmental accountability, and align with global decarbonisation objectives—while ensuring that Africans are not left behind in the energy transition,” he said.

Libya NOC signs exploration deal with Hungarian company

MOL Group sees Libya’s oil and gas industry as a pillar of strength.

Libya’s National Oil Corporation has signed a memorandum of understanding (MoU) with MOL Group for hydrocarbons exploration, technological and field development innovations, oilfield services opportunities, and crude supply and trading activities

Signed in Budapest by MOL group chairman and chief executive officer, Zsolt Hernadi, and chairman of the NOC, Masoud Suleman, this is a strategic partnership for the Hungarian oil and gas company as it aims to expand its international portfolio and secure diverse supply sources as a landlocked country.

Speaking on the collaboration, Hernadi, said, "We recognise Libya’s oil and gas industry as a pillar of strength and expertise. I am sure that this new agreement will act as a catalyst for further expanding our international portfolio, creating clear mutual value for both companies and reinforcing the resilience of our region. From the perspective of security of supply and energy sovereignty, particularly for landlocked countries, diversification of sources is of crucial importance."

Joint exploration potential besides, the mutual collaboration will advance exchange of information as well. "Our cooperation also goes beyond business, as we have agreed to rebuild our educational, scientific, and university ties in order to learn as much as possible from each other. Such partnerships can also help Europe to find its own path to competitiveness, rather than switching between different forms of energy dependency,” said Hernádi.

Africa to lead high-impact wildcat wells exploration

Africa will drive global activity. (Image source: Rystad Energy)

Research firm, Rystad Energy, has predicted strong momentum to remain steady in Africa's exploration scene as operators are showing healthy risk appetites with wildcat drilling activities lined-up in the region

High-impact wildcat wells were already trending in 2024 and 2025, reporting sharp success rates at 23% and 38% respectively. In a year-on-year basis, high-impact drilling has added around 2.3 billion barrels of oil equivalent, recording a 53% boost in volumes.

This will continue to be prevalent well into 2026 with Africa's Orange Basin and Gulf of Guinea driving global activity at around 40% of planned high-impact exploration wells. Almost all onshore high-impact drilling this year is expected to come from Africa, as Rystad notes a clear concentration in ultra-deepwater and frontier exploration.

“What we are seeing in 2026 is a clear shift in where operators are willing to deploy capital. Ultra-deepwater and frontier plays remain capital-intensive, but they also offer scale and material upside at a time when conventional opportunities are increasingly limited. Africa stands out because it still combines geological potential with the prospect of large, commercially meaningful discoveries, particularly for operators looking to secure long-life resources in a tightening global supply environment,” said Aatisha Mahajan, head of exploration, oil & gas research, Rystad Energy.

Factors that determine how high-impact a well is include resources size, potential hydrocarbon plays in frontier or emerging basins, and their significance to the operator.

Eni sells stake in Baleine Project to SOCAR

The Baleine field is Eni's first development in the country. (Image source: Adobe Stock)

Eni has agreed to sell a 10% stake in the Baleine Project, Cote d’Ivoire, to SOCAR, the State Oil Company of the Republic of Azerbaijan

The Baleine offshore development is operated by Eni (47.25%), with Vitol and Petroci having stakes of 30% and 22.75% respectively.

The transaction aligns with Eni's strategy of optimising its upstream portfolio by accelerating the monetisation of exploration discoveries through the divestment of equity stakes, a model known as the "dual exploration model."

The agreement also reflects the broader collaboration between Eni and SOCAR. In 2024, the companies signed three Memoranda of Understanding (MoUs) focused on energy security - aiming to expand cooperation on hydrocarbon exploration and production - as well as greenhouse gas emissions reduction and the biofuel production chain.

Eni has been present in Cote d’Ivoire since 2015. The giant Baleine deepwater field, discovered by Eni in 2021, is Eni’s first development in the country, and the first net-zero emission development in Africa, according to the company. The largest discovery in the country’s history, it achieved production in record time, in 2023. Currently, Baleine produces over 62,000 barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day, positioning Baleine, the country’s main offshore development, as a cornerstone in meeting the country's domestic energy needs.

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