E&P

The agreement was signed in the Angolan capital Luanda. (Image source: QatarEnergy)

Interests in Blocks 8 and 22 offshore the Republic of Angola has been secured by QatarEnergy, alongside its partners Shell and Sonangol E&P

The energy major from Qatar signed an agreement with Angola’s National Agency for Oil, Gas, and Biofuels (ANPG) to formalise the interests. 

Under the agreement, and subject to the relevant governmental approvals and final contractual arrangements, QatarEnergy will hold a 30% working interest, while Shell (the operator) will hold 50%, and Sonangol will hold 20% in the two offshore blocks.

Commenting on this occasion, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said, “QatarEnergy is pleased to sign this agreement and to establish a presence in the energy sector of the Republic of Angola as part of our international upstream exploration strategy and growth efforts. We would like to thank the Angolan authorities, and our partners Shell and Sonangol, for their cooperation and support. We look forward to a longstanding and fruitful partnership.”

The agreement was signed in the Angolan capital Luanda on the sidelines of the Angola Oil & Gas Conference. 

Previously, the government of Egypt approved for Qatar Energy a 40% stake in an offshore concession where Eni is the operator with 60% interest.

The concession is applicable for the North Rafah offshore block located in the Mediterranean Sea, off the northeastern coast of Egypt. It spans nearly 3,000 sq km in water depths of up to 450 meters.

“We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy,” said Al-Kaabi.

“We extend our thanks to the Ministry of Petroleum and Natural Mineral Resources in Egypt, and our partner Eni for their valued support and cooperation. We look forward to working together to achieve our exploration objectives,” he added. 

Angola's largest privately owned energy company, Etu Energias has signed a sale and purchase agreement (SPA) with Cabinda Gulf Oil Company Limited (CABGOC or Chevron) for the acquisition of a 31% Working Interest (WI) in Block 14 and a 15.5% WI in Block 14K offshore Cabinda

This follows the exercise of pre-emption rights by Etu Energias, as an existing partner in both licenses. Etu Energias currently holds a 29% WI in Block 14 and a 14.5% WI in Block 14K. With completion of the acquisition, Etu Energias will become the largest interest holder of one of Angola's longest established deepwater producing assets. The company is also aiming to assume the role of Operator on Block
14, subject to regulatory approval.

The acquisition is supported by a framework agreement with BW Energy and Chariot Limited, and will be funded by a debt facility provided by Shell Western Supply and Trading Ltd..

The transaction can take up to early 2027, following customary conditions including approval by the Agencia Nacional de Petroleo Gas e Biocombustíveis (ANPG), other regulatory entities and the receipt of required third-party consents.

Edson R. dos Santos, chairman and chief executive officer, Etu Energias, said, "This transaction is a very important milestone in the development of Etu Energias as an Angolan company with a global vision. It’s about more than production and reserves; it’s about building enduring capabilities in Angola and developing deepwater operating expertise that can create value for many years to come.”

“Block 14 has been producing for more than a quarter of a century and we believe it still holds significant value. We have an in-depth knowledge of these assets, having been a partner on the licenses for many years, and believe that we can unlock further value from them for the benefit of Etu Energias, our partners and the economy of Angola going forward.”

"We are grateful to Chevron for a professional process and for the operating standards they have established over many years. We look forward to working with the ANPG and our partners to complete this transaction." 

Block 14 is a producing deepwater license offshore Cabinda in water depths of 200 to 1,600 metres. The block has produced more than 900 million barrels of high-quality, Brent-linked crude since first oiil in 1999, with production peaking at approximately 200 kbopd.

Production comes from nine fields developed through the Benguela Belize Lobito Tomboco and Tombua-Landana hub facilities (BBLT & TL), supported by active waterflooding and well intervention programmes. Abandonment obligations for Block 14 are fully funded through existing escrow provisions.

Block 14K contains the Lianzi field, a cross-border unitised development between Angola and the Republic of Congo, tied back to Block 14 infrastructure.

Weatherford secures new work in the Middle East (Image source: Adobe Stock)

Weatherford has been awarded two five-year contracts for well related services in Kuwait, it disclosed in its recent Q2 results announcement

The work covers the provision of annular casing packers for high-pressure, high-temperature (HPHT) Triassic-Palaeozoic wells and ESP feed-through packers.

“Kuwait Oil Company awarded two five-year contracts for the supply of Annular Casing Packer for Triassic-Paleozoic High-Pressure High-Temperature Wells and the supply of Electronic Submersible Pumps feed-through packers for multiple wells,” the Q2 statement noted.

It also listed a further contract in Oman for the provision of substantial drilling operations.

“Petroleum Development Oman awarded Weatherford a three-year contract to provide Integrated Drilling Services covering 247 wells in the Marmul field, supporting both production and injection operations, following the successful completion of the 837-well contract awarded in 2022.”

Other regional highlights from the quarter included new technology use in Saudi Arabia.

“In Saudi Arabia, Weatherford completed the first qualification deployment of ArrayPro with Aramco, validating a fully integrated production logging solution for horizontal wells,” the company’s statement noted.

“The ruggedised system delivered high quality real time data and reliable performance in demanding environments, supporting improved reservoir insight and production optimisation.”

In the UAE, it was also recognised as ‘Best Liner Hanger Supplier and Services Provider’ by an undisclosed national oil company.

“The Liner Hanger Systems team completed over 100 liner deployments across more than 22,000 operational hours in the previous year, demonstrating consistent delivery that reduces operational variability and supports efficient well construction and schedule reliability.”

While overall group revenues for the period were down slightly, the company remains bullish about forward prospects.

“Despite the significant disruption in the Middle East due to the Iran conflict, our second-quarter results, especially adjusted free cash flow, were strong, demonstrating the reliability and resilience of our operating paradigm,” said Girish Saligram, Weatherford’s President and CEO.

In its Q2 statement, it added that while the Middle East situation remains volatile and creates activity headwinds in the short term, the company’s longer-term thesis remains intact.

“A return to the pre-conflict operating levels is expected to be gradual, contingent on continued regional stability, and requires an absence of further geopolitical escalation,”it noted.“Our second half 2026 outlook is appropriately adjusted to reflect these dynamics and while our total year outlook has slightly reduced, the second half represents a significant ramp up in margin contribution versus the first half.”

Petrobras gets direct entry into the negotiation phase.

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.

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. 

Securing four blocks in Keta Basin

Ghana's Ministry of Energy and Green Transition has approved Petrobras' application for negotiation of exploration contracts in four blocks in Keta Basin on the west coast of Africa.

This gives Petrobras direct entry into the negotiation phase of the exploration contract terms. 

Acquiring operatorship offshore Sao Tome and Principe

In April this year, Petrobras signed a contract with Oranto Petroleum for the acquisition of a stake and Operatorship of Block 3, offshore Sao Tome and Principe, in Africa.

Petrobras is acquiring 75%, and upon completion of the transaction, the consortium will consist of Petrobras (operator, 75%), Oranto (15%), and ANP-STP (10%).

Since 2024, Petrobras has resumed its operations on the African continent and already has a stake in blocks in Sao Tome and Príncipe.

The acquisition of the block in Sao Tome and Príncipe, complied with all the company's internal governance procedures, and is in line with the 2026-2030 Business Plan. 

Offshore Ivory Coast

In 2025, the Ivory Coast government, through its Council of Ministers, approved Petrobras' declaration of interest for nine blocks. This is the first phase in the acquisition process for exploratory areas in the region, which is then followed by contractual negotiations of the exploratory blocks.

Petrobras highlights that the decision to submit the declaration of interest to the Ivory Coast government complied with all of the company's internal governance procedures, in line with its long-term strategy. 

Interests in Nigeria's frontier deepwater acreage

In May 2025, Petrobras expressed interests to invest in Nigeria's frontier deepwater acreage at an interministerial review meeting chaired by Nigeria's Vice President Kashim Shettima. 

"The presence of six ministers and the Solicitor-General of the federation in this review meeting ahead of the second session of the Nigeria-Brazil Strategic Dialogue Mechanism shows the importance we have attached to our relationship with Brazil.

"We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding (MOUs) and unlock investment flows," said Shettima.

Earlier, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, confirmed ongoing engagements with Petrobras, saying, "Apart from Ethanol, which they are hoping to engage the NNPCL for blending, Petrobras is also being actively engaged, and we expect they will form part of the delegation to Nigeria. Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters."