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The 2024 financial results for Oando Plc has primarily been driven by the Nigerian Agip Oil Company acquisition, recording a 45% revenue growth at N4.1 trillion from N2.9 trillion in 2023

Eni sold its Nigerian onshore wing NAOC ltd in July last year, in line with its 2023-2026 plan with a focus on upstream. 

“2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd.

Despite a challenging operating environment, we achieved a 45% increase in revenue to ₦4.1 trillion, reflecting the strength of our business model, and a 9% rise in profit after tax to ₦65.5 billion, notwithstanding the costs associated with the onboarding of NAOC,” said Group Chief Executive, Oando PLC, Wale Tinubu.

Production in 2024 saw an increase to approximately 23,911 barrels of oil equivalent per day (boepd) from the 23,258 boepd achieved in 2023. 

There was a stark change in capital expenditures from US$52.3mn to US$18.1mn that included the development of oil and gas assets and exploration and evaluation activities.

Boosting production

Looking ahead to 2025, Tinubu said, “In 2025, our priority shall be to drive cost optimisation, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations. In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines.

Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.

As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.”

Pancontinental Energy NL has delivered the Seismic License for PEL 87 offshore Namibia to Woodside Energy following relevant approval from the Namibian authority

The Seismic License provides Woodside ongoing rights to the PEL 87 3D seismic data, the acquisition and processing of which was funded by it. While Pancontinental Orange Pty Ltd holds 75% operatorship in the PEL 87 Joint Venture, there is an exclusive scope for Woodside to derive over a 56% participating interest from Pancontinental’s shares. 

Pancontinental, on the other hand, has an option over a 1% participating interest to be derived from the 15% share exercised by Custos Investments (Pty) Ltd. 

The Seismic License delivery marks the origin of the 180 days-long Long Stop Date which is 18 May 2025, when Woodside Energy may exercise its option to farmin to PEL 87.

Orange Basin

Besides Pancontinental and Custos, the National Petroleum Corporation of Namibia (NAMCOR) owns a 10% interest in the PEL 87 Joint Venture. 

PEL 87 belongs in the Orange Basin which keeps giving, with latest light oil discovery reported in March from Mopane in PEL 83. 

Energy technology company, Baker Hughes, has signed an agreement with NNPC Limited/FIRST Exploration & Petroleum Development Company (FIRST E&P) Joint Venture (JV) to deploy the Leucipa automated field production solution

Through this agreement, Leucipa will be implemented on the JV’s offshore operations in the Niger Delta, marking the first adoption of the system in sub-Saharan Africa.

The JV will utilise Leucipa’s core workflows to optimise well performance and enhance efficiency by automating functions including performance analysis, opportunity management and scorecards management. Real-time data provided by Leucipa will offer a more insightful view of optimization opportunities across their operations, resulting in enhanced decision making in the field.

"Leucipa is enhancing the oilfield to be smarter and more efficient, enabling our customers to maximise the value of their assets," said Amerino Gatti, executive vice president of Oilfield Services and Equipment at Baker Hughes. "Our collaboration with the NNPC/FIRST E&P JV in implementing Leucipa will support the responsible development of energy resources needed in sub-Saharan Africa for years to come."

The Leucipa automated field production solution assists oil and gas operators in proactively managing production and reducing carbon emissions. By focusing on the specific outcomes desired by operators, Leucipa utilises data to drive intelligent operations. Through the automation of production processes, Leucipa aims to minimise inefficiencies, ensure environmentally sound operations, and assist customers in recovering the millions of barrels that would otherwise remain untapped.

With a 100-year heritage of energy innovation, Baker Hughes is integrating digital solutions such as Leucipa with proven technologies to help customers achieve greater efficiency, extend asset life, and maximise returns. 

PTTEP reported its operational performance for 2024, highlighting the successful production ramp-up of the G1/61 Project and its investment expansion in the UAE and Algeria

As part of international investment expansion, PTTEP acquired a 10% participating interest in the Ghasha Concession Project, one of the largest offshore natural gas fields in the United Arab Emirates (UAE), with gas production set to commence in 2025. Additionally, in September 2024, PTTEP obtained government approval for the field development plan of the Abu Dhabi Offshore 2 Project and is on track to finalise the investment decision (FID) within this year.

In Algeria, PTTEP acquired a 34% of the share capital in E&E Algeria Touat B.V., with the transaction expected to be completed within 2025. Upon the completion, PTTEP will indirectly hold 22.1% investment in Touat Project, which is an onshore natural gas producing field with a production capacity of approximately 435 MMSCFD. This acquisition will immediately enhance the company’s revenue, sales volume, and petroleum reserves.

PTTEP is spearheading a digital revolution in the energy sector through the innovative DigitalX project. By harnessing the power of Artificial Intelligence (AI) and Machine Learning (ML), the company has established a data-driven ecosystem that enhances exploration and production operations. Our standardised data foundation fosters greater integration and collaboration across all business units. The AI-driven X.brain engine empowers staff to make faster, more informed decisions. To fully capitalize on these advancements, the company is investing in the workforce, equipping them with the skills to become digital-savvy innovators who drive efficiency, cultivate creativity and accelerate task completion. PTTEP remains committed to leading technological advancements, leveraging digital solutions to unlock new opportunities.

The Nigerian National Petroleum Company (NNPC) Ltd has restreamed the Port Harcourt Refining Company (PHRC), commencing crude oil processing from the plant for the delivery of petroleum products into the market

The NNPC group chief executive officer, Mele Kyari, announced the development, expressing his gratitude to all stakeholders involved, and marked the occasion as an era of energy independence and economic growth for the country.

Products delivered included premium motor spirit (PMS), automotive gas oil (AGO) and household kerosene (HHK), among others. 

The PHRC rehabilitation project, is an engineering, procurement, construction, installation and commissioning (EPCIC) project that is aimed at restoring the refinery to full functionality and renewal.

The East Africa Energy Cooperation Summit (EA-ECS), taking place 29-30 January in Arusha, Tanzania, will be uniting the region's energy independent poiwer producers (IPPs) and engineering, procurement, construction and financing contract (EPCF) stakeholders to discuss the region's investment potential and innovations taking place in the industry

The event will delve into the success stories, including the Ethiopia-Kenya electricity highway, highlighting the role of cross-border collaboration for economic and social development.

Led by Ministers from across the EAC and large-scale energy users, over two days, the Arusha Summit will deep dive into opportunities for the private sector, advocating for a diversified energy mix to maintain grid stability to support major industrial growth, as well as C&I generation.

“Energy is a pillar for development and growth and is crucial for the functioning of the economies of the EAC Partner States. The East Africa Energy Cooperation Summit will serve as the ideal platform for advancing projects and bringing tangible changes in the industry,” said Andrea Malueth, deputy secretary general (Infrastructure, Productive, Social & Political Sectors), East African Community Secretariat.

“Ten years from now, the EAC’s middle classes will have more job stability, more opportunities, and more disposable income than ever before. New railways, industries, ports, and tourism will position the region as the number one investment destination globally, taking the title back from both parts of Asia and Latin America,” said Elisa Palmioli, producer, EnergyNet, which is organising the event.