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As Oil Prospecting Licence 245 (OPL 245) undergoes conversion, the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, and Eni's chief executive officer, Claudio Descalzi, met in Abuja to explore how the development can advance the Nigerian deepwater sectors

A significant feature of the agreement is the discontinuation of the international arbitration proceeding at the International Centre for Settlement of Investment Disputes (ICSID), thus allowing the conversion of the existing license into two development licences, Petroleum Mining Leases (PML) 102 and 103, and two exploration licences, Petroleum Prospecting Leases (PPL) 2011 and 2012, to Nigerian Agip Exploration Limited (NAE) as operator, alongside its partners Nigerian National Petroleum Company Limited (NNPC) and Shell Nigeria Exploration and Production Company Limited (SNEPCO). 

The agreement will considerably push Nigeria's deepwater development with Eni set to apply its know-how on the Zabazaba and Etan fields for optimal output. An extensive programme has been devised to generate approximately 500 MMbbl of reserves from the fields, including the deployment of a 150 kbopd capacity FPSO processing facility, while gas (200 MMSCFD at peak) will be exported through Nigeria LNG. The highly potential PPL 2011 and PPL 2012 exploration licenses will also be developed in line with the Zabazaba and Etan fields for a well-synced operational and production output from all facilities involved.

President Tinubu and Mr Descalzi also discussed Eni’s significant investment portfolio — including the Abo and Bonga fields and Nigeria LNG — as well as on potential new developments designed to expand the country’s offshore production capacity. Within this framework, and in line with its long-term strategy in the country, Eni has recently expanded its interests in deep-water developments, with the acquisition of an additional stake in OML 118, now holding 15%.

United Kingdom-based geophysical company, Metatek-Group Ltd, deployed its modern technology to conduct an airborne survey of the Kwanza Basin onshore Angola 

Full Tensor Gravity Gradiometry (eFTG), scalar gravity, magnetic and LiDAR data not only offered new insights into the subsurface but also identified precise locations that hold the most potential for future drilling programmes. Data accuracy from near-surface through to deep basement is covered by eFTG, which is known to be the highest-resolution airborne gravity gradiometry technology.

When operators are planning surface access, geomorphological interpretation and environmental baselining, they can resort to high-resolution terrain models generated by LiDAR data.

The gravity and magnetic data captured enables enhanced imaging of the Basin’s architecture, including fault and transfer zone geometries and regional structural domains, alongside more detailed analysis of sediment thickness and the distribution of salt, carbonate and volcanic bodies. 

Hydrocarbon resources besides, critical minerals could also be identified from selected priority areas flown at higher resolution. This will especially support the Angolan state-owned oil company Sonangol's diversification plans to critical minerals.  

Conducted in partnership with Angolan-based upstream consultancy Striped Horse and the Agencia Nacional de Petroleo, Gas e Biocombustiveis (ANPG), the survey captures the full Kwanza Basin, with over 36,000 kilometres flown.

The complete dataset - together with optional interpretation products including block viability ranking - will be available for licensing from Q2 2026 under a multi-client model.

Mark Davies, CEO of Metatek, said, “This survey represents a step-change in regional and prospect-scale subsurface understanding of the onshore Kwanza Basin. The integration of eFTG, gravity, magnetics and LiDAR deliver a robust, basin-wide framework enabling more informed exploration and de-risking seismic planning and acreage decisions.”

Rex-subsidiary, Lime Petroleum Holding AS, has completed hooking up the mobile offshore production unit (MOPU) and the floating storage and offloading unit (FSO) on the Seme Field in Benin

The FSO Kristina has been anchored in place as well. A flow-line has been laid from the Stella Energy 1 MOPU to the FSO. Commissioning of the production system is well underway, with oil now flowing into the FSO. 

This comes as part of 100-day three-well work-programme to redevelop the Seme Field. The campaign will see the drilling of two horizontal production wells in the H6 formation (previously developed), as well as a deeper vertical appraisal well to gather data from the H7 and H8 reservoirs, to facilitate the potential advancement to Phase 2 of the development.

With all connections now in place, the company will be further conducting testing and commissioning activities to attain production optimisation and start regular production. The production start-up and optimisation in the Seme Field will be backed by additional data on the subsurface alongside the existing 3D seismic that has been reprocessed by the team. 

Akrake Petroleum Benin SA holds a 76% interest in the Seme Field in Block 1, Benin, and is the operator. It is a wholly-owned subsidiary of Lime Petroleum Holding AS, an 89.74 per cent subsidiary of Rex.

The Eni-led Mozambique Rovuma Venture has signed a significant contract with Technip Energies, JGC and Samsung Heavy Industries to secure their ongoing project delivery services for the long term on the Coral Norte Floating Liquefied Natural Gas project offshore Mozambique

This follows the previously announced contract on initial activities, locking in Technip's services for the advanced stages of development as well.

The country’s second floating LNG facility, Coral Norte will be an enhanced replica of the Coral Sul project, which is currently up and running, producing over 5 million tonnes of LNG. The hull launch of Coral Norte already took place in South Korea in January. 

Loic Chapuis, president - project delivery and services of Technip Energies, said, "Building on the success of Coral Sul, and together with JGC and Samsung Heavy Industries, this award further strengthens our long-standing partnership with Eni and their Area 4 partners. It also underscores our leadership in delivering innovative and complex LNG solutions to support long-term energy supply and security in Mozambique and globally.”

Replicating the same feed gas composition and field location of the Coral Sul will ensure a cost-effective and de-risked project delivery for Coral Norte, as it will be the result of proven design. This predictability at scale will ensure boosted LNG output from Coral Norte with optimal investments.

“Coral Norte is a clear recognition of Technip Energies’ engineering and project delivery expertise and our ability to replicate proven solutions with discipline and certainty," Chapuis said. 

Angola’s national oil company, Sonangol's projected operating and capital expenditure will be covered by a US$1.75bn syndicated receivables purchase facility that has been announced by African Export-Import Bank (Afreximbank) 

Brought into effect in collaboration with other mandated lead arrangers, the US$1.75bn facility has been designed with Sonangol's export-linked trade structures in mind. The move aligns with Afreximbank’s push for Africa’s prominence in global trade by promoting demand-intensive commodities for export. This strategic financing will support Sonangol in unlocking better access into the export market, which can prove to be a goldmine for the region given global oil supply volatilities. 

Elaborating on the strategic financing, Afreximbank's Global Trade Bank executive vice president, Haytham Elmaayergi, said, “The transaction will help Sonangol meet its operating and capital needs, sustain export flows, increase energy availability, and support Angola’s broader industrialisation and economic transformation, while directly contributing to increased African participation in global trade.” 

Afreximbank is taking an innovative approach in turning oil price volatility in favour of Africa by implementing de-risked structures. This eases security arrangements while securing returns for lenders. 

Afreximbank has framed the US$1.75bn facility in a catalytic and balance-sheet-led manner to ensure sustainable support to Angola's oil and gas sector. This will encourage Angolan operators to take up more exploration projects in the region, in turn boosting value creation and export strength. 

Acknowleding the facility as a strategic move in championing African business globally, Elmaayergi said, “This US$1.75 billion syndicated receivables facility underscores Afreximbank’s commitment to supporting African energy champions and safeguarding export capacity that is critical to our member states’ macroeconomic sovereignty and trade resilience. By deploying innovative structures that provide comfort to lenders while easing traditional security requirements, we are able to crowd source much needed capital into strategic sectors.”

At international Energy Week in London, Tony Attah, CEO of Renaissance Africa Energy Company, gave an impassioned presentation calling for Africa’s energy transition to be on African terms, urging global support and hailing the divestment of energy resources from international ownership into African hands

Attah began by acknowledging the role of the energy transition to protect the planet and ensure sustainability, but emphasised the need for a just and equitable transition, respecting Africa’s current realities.
“We need to talk about Africa’s energy transition on African terms. We are not challenging the timelines that have been set by Europe and the rest of the world; we are only insisting that these goals be achieved in the way of Africa’s current realities,” he said.

Attah noted the dual changes in Africa: the energy transition itself and the new phase of African ownership and participation in energy systems. Discussing the global energy context, he noted the rising energy demand and fragility of global energy systems, as evidenced by the Russia Ukraine war. Energy demand is still rising, with consumption of all energy sources, both renewables and fossil fuels, hitting record levels. And while global CO2 emissions have reached record levels for a fourth consecutive year, Africa is contributing just 4% of those emissions, but is still paying the price.

The world, including Africa will need more energy due to population growth and the rise of living standards, with global energy demand projected to grow by around 50% between 2018 and 2050. Africa’s population forecast to rise by 67% between 2018 and 2050, from 1.5bn to 2.5bn with Nigeria’s forecast to double from 200 to 400mn in the same time frame, raising the stark possibility of an energy deficit.

Energy paradox

Attah highlighted Africa’s energy paradox, noting its rich energy resources but widespread energy poverty. “We have world class solar energy resources, 40% of the global solar resource base, strong wind, major hydro and geothermal prospects, critical minerals and substantial hydrocarbons, yet we face an energy paradox where millions of Africans remain energy poor and by implication socially and economically very poor. Over 500 million Africans, nearly 43% of the population, lack direct access to electricity, and over 850 million people lacking access to clean cooking solutions, relying on traditional biomass like wood and charcoal, with a negative impact on health.

800,000 people die annually in Africa due to lack of clean energy including 100,000 in Nigeria, he noted, where 80 million Nigerians lack access to electricity. The country loses over US$29bn a year due to unreliable power supply, and 60% of manufacturing costs are attributed to lack of energy.

Africa needs to define its energy transition based on its current realities, he said.

“You cannot decarbonise the system that you have not yet built, and you cannot transition from the energy you do not have. That is the reality. This is the narrative that we as Renaissance are seeking to help reshape and change in the interests of Africa.”

Turning to the foundation of Renaissance Africa Energy Co, which will celebrate its first anniversary this March, he explained that IOC divestment had enables its shareholders to acquire Shell Nigeria’s onshore shallow water assets, marking a transition from international to African operatorship. These assets have now been successfully operated over the last 11 months. He acknowledged the Nigerian government’s speedy approval of the divestments and the major reforms that have energised the industry, as well as the support of NNPC.

“As our name connotes, it’s a new beginning and perhaps the greatest opportunity for Nigeria and indeed Africa that this energy renaissance is African owned and Africa led,” he noted, adding that the company has a bold vision to be Africa’s leading energy company enabling energy security and industrialisation in a sustainable manner. “This mission will be underpinned by our core values of collaboration, respect, integrity, safety and performance.”

The company has increased oil production by 100,000 in 100 days and contributes 2bn scf of gas to the global gas market, and is working to set the company on a growth path aligned with Nigeria’s ambition to produce 2mn BOPD by 2027 and 3mn bopd by 2030.

“African companies are not just replacing international companies. We are redefining the objectives of the assets linking production to power, to industry, to jobs, domestic value and by implication, economic and social political stability of Africa.”

Need for global support

Attah underlined the need for global support to enable Africa’s energy transition, including finance, technology and reliable infrastructure, to enable Africa to convert potential into progress, highlighting that Africa is rich in resources, talent and ambition and noting its young population.

“Africa should be enabled to lead its energy future on its own terms,” he stressed. “If the world wants Africa to replace diesel and biomass as the main energy source, then gas to power, grids and domestic systems must be financed and supported to power industries with lower emissions. Africa needs proven technologies deployed at scale, designed for reliability and real operating conditions. Gas, renewables, storage, grids must work together as systems. Africa’s transition will endure only if we invest in people, governance and operating discipline so Africa-led companies deliver competitively and responsibly for decades to come,” he said. “This is why the current shift in ownership matters.”

Attah highlighted the need for Africa governments to create certainty, stability and an enabling environment for investors to thrive, and urged global business to partner with Africa for mutual benefit, to integrate global energy systems and global financial institutions and release funds to unleash growth.

“If we get this right, we will build globally, more robust energy systems that will power industries strengthen societies, deliver dignity and reduce emissions in a manner that will enable climate change goals to be achieved sustainability, at least looking through the Africa lens,” he concluded. “Africa’s energy transition will not slow the global transition, it will strengthen it, because when Africa powers its people, builds its industries and grows responsibly the world does not lose; if anything its wins, and the vagaries associated with Africa’s underdevelopment will be a thing of the past.

He ended with the rallying cry, “Let the Africa energy renaissance begin!”