Read the Digital Magazine

Reflecting a year of strong operational delivery, the Nigerian National Petroleum Corporation Limited has reported a profit after tax of US$3.6bn

This growth will be leveraged by the company to outline a US$60bn investment pipeline with oil and gas developments a priority. 

As the results recorded a 64% year-on-year growth, Bashir Bayo Ojulari, Group chief executive officer, said, "The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.”

“They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians,” he added. 

Alongside investments across upstream operations and gas infrastructure, the company has plans for clean energy development as well. Its key strategies include boosting crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030. In the natural gas front, the company aims increased generation at 10 bn cu/ft per day by 2027 and 12 bn cu/ft per day by 2030, while turning around major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration. The company is mobilising US$60bn in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

Corcel Plc will commence 2D seismic acquisition operations in the KON-16 Block onshore Angola in partnership with BGP Geophysical Limitada, LDA, and BGP INC., China National Petroleum Corporation (BGP), following the ministerial approval of the Environmental Impact Assessment (EIA)

The new set of 326 line-km seismic data that will be acquired by BGP will add to the 2,589 line-km of good quality 2D data acquired in 2010 and reprocessed in 2025. This will boost seismic coverage from the KON-16 area by a starking 227%, ensuring fine subsurface imaging and prospect definition.

Before KON-16's status can be declared drill-ready, Corcel will be initiating a significant data integration campaign with BGP, starting with the legacy 1970's 2D data, right through the modern 2010 2D seismic data (which was recently reprocessed), to the 2024 eFTG data. While current modern 2D line spacing averages >14 km in the areas of interest, identifying prospectivity, the partners are anticipating a closer 2D line spacing for drilling to begin.

Set for early 2026, initial results from the seismic processing is expected by Q3 2026. 

As the company is anticipating drilling a high-impact well within KON-16, Richard Lane, Corcel COO, said, "Receiving approval to conduct both seismic acquisition and exploration drilling activities within the KON-16 block is a major milestone for Corcel, setting us on the path to drilling a high-impact exploration well. We are also very excited to have signed the seismic acquisition contract with BGP - another major milestone - marking Corcel's first significant operational activity as operator of the KON-16 block. The mobilisation of the seismic team and the imminent start of the seismic program signal the real start of on-the-ground operations. This is an important step for Corcel as we move from planning to execution, and we look forward to keeping shareholders updated as activity ramps up."

Nigeria's HI gas field development will be supported by Halliburton by the way of an integrated drilling services contract for Shell Nigeria Exploration and Production Company (SNEPCo), in collaboration with Sunlink Energies

The HI gas field development, which is part of OML 144, will see Halliburton's services for advancing feed gas supply to the Nigeria LNG Train 7 facility.

"This contract reflects our dedication to deliver integrated solutions that improve performance and efficiency in offshore environments. The company will deploy technologies integrated with LOGIX automation and remote operations to help improve drilling precision, efficiency, and safety in offshore operations. Our collaboration with SNEPCo and Sunlink Energies advances the HI gas field and contributes to the future of the energy industry in Nigeria," said Shannon Slocum, president, Eastern Hemisphere at Halliburton.

Halliburton’s project management team will support the drilling execution and provide integrated services to deliver end-to-end solutions. The company's advanced technology solutions combined with its strong presence in Nigeria will advance the HI Project’s operational and production goals.

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: 

What according to you does Nigeria’s oil and gas industry need right now to attain its full potential? 

Nigeria is at a critical moment. We possess the resources and the human capital to be a global energy leader, yet we are constrained by a few critical but addressable challenges. To unlock our full potential, we must act decisively on three fronts.

First, we must establish unwavering policy certainty. The lifeblood of our industry is investment, and capital flows to jurisdictions that offer predictability and stability. We need a clear, consistent, and transparent regulatory framework, one where fiscal term are stable and approvals are streamlined. Without this foundational trust, we risk ceding competitive advantage and watching investment capital migrate to more predictable markets. There has been a lot of progress on this front in the past few years with the Petroleum Industry Act (PIA) and Presidential Directives.

Secondly, we must secure our infrastructure and consolidate the gains we've made. The scourge of oil theft has been a direct drain on our national treasury. However, the solution that has been deployed needs to be sustained and the threat/vulnerabilities permanently mitigated. As demonstrated with OML 17, where we moved from a 3% terminal delivery to over 99%, it is possible to secure assets through a collaborative model that integrates community engagement, corporate strategy, and crucially, the strengthened security framework provided by the government. This proven model must now be scaled nationally to protect our vital revenue streams and restore investor confidence.

Lastly, and most critically, we must execute a strategic pivot to gas. While oil built our economy, gas is the undeniable key to our future. Sitting on the largest proven gas reserves in Africa, it is an economic paradox that we remain dependent on imported fuels. Gas is the catalyst that will power our industries, generate stable electricity, and drive sustainable economic diversification. At Heirs Energies, we have moved from rhetoric to action, increasing our gas production from 70 mn standard cu/ft to 125 mn standard cu/ft. This is not merely a business decision; it is a national imperative. By prioritising gas, we can finally unlock a new era of industrialisation and long-term prosperity for Nigeria.

While digitalisation is largely being considered the key to production optimisation, do you believe it’s the sole requisite to success? 

Digital tools are important, but they are not a magic fix. Technology helps us work smarter, but it can't replace the need for strong leadership and skilled people.

We use technology at Heirs Energies for monitoring and efficiency. But our biggest breakthroughs have come from our teams. For example, our engineers developed a low-cost way to bring old gas wells back to life. That idea didn't come from a software programme; it came from deep understanding, out-of-the-box thinking and a solution mindset.

While digitalisation gives us better data, our success finally depends on our people - their expertise, ingenuity and commitment to safety. Its this human element that truly makes the most difference.

What is Heirs Energies’ future strategy with OML 17 and other oil and gas assets? 

Our strategy is to build on the proof point that OML 17 represents. When we acquired it, many doubted whether a Nigerian independent could revive such a complex, underperforming asset. Today, we have doubled production, restored security, and brought new energy to the domestic gas market. That success gives us the confidence to look ahead with intent.

At OML 17, we are determined to keep pushing performance higher - optimising oil output, scaling gas production further, and embedding the community partnerships that have become a hallmark of our approach. But the bigger picture goes beyond one asset, we see opportunities across Nigeria and Africa to apply our Brownfield Excellence model - identifying underperforming fields, deploying innovation and discipline, and turning them into engines of growth.

What matters to us is creating long-term value for our investors, for the communities where we operate, and for the economies that depend on reliable energy. That means expanding carefully, investing responsibly, and ensuring that every molecule we produce helps to power Africa’s development. OML 17 was the beginning - but our ambition is to shape the model of how African companies can deliver world-class results and shared prosperity, consistently and at scale. 

This is the second of a two-part interview 

Mozambique’s state-owned oil company, Petromoc, has entered a strategic deal with a Nigerian energy firm called Aiteo to develop an oil refinery with a capacity to reach 240,000 barrels-per-day 

The agreement is a two-way blessing as it not only attracts foreign investments for Mozambique in strategic sectors, but also pushes Aiteo to a further influential position as a local company beyond its Nigerian base.

Signed during a formal ceremony chaired by the Mozambican President Daniel Chapo, the agreement will advance energy independence for the country. It will boost fuel supply security, facilitating the construction of one of the largest refineries in southern Africa, and the Southern African Development Community (SADC). 

The engineering procurement and construction activities for the refinery will be covered by an American firm called Deerfield Energy Services LLC. The refinery will be developed in a phased manner with an initial aim to install an 80,000 bpd processing unit within a two-year time frame, and gradually scaled up to the maximum capacity.

While the project promises several benefits, the financial, environmental compliance and execution timelines-based risks involved needs consideration. When ready for operation, the plant will be able to produce petrol, diesel, jet fuel and naptha for domestic as well as regional use. 

Calling the project a 'milestone' for its employment generation possibilities, Ransome Owan, Aiteo's group managing director for infrastructure, said, “It will reduce import reliance, create jobs, and lay the foundation for Mozambique to become a leading hub in the region’s downstream energy sector.”

Mozambique is committed to an extensive industrial strategy to advance energy access, economic diversification, and infrastructure development. The refinery falls in line with this strategy as it will ensure greater access to cleaner fuels and advance clean cooking initiatives with the easy availability of liquefied petroleum gas (LPG) distribution.

ADIPEC 2025 will take place in Abu Dhabi, UAE, from 3-6 November 2025, with an expanded conference and exhibition programme aimed at addressing the challenges facing the global energy sector

The event will focus on two critical imperatives: building resilience in the energy system and scaling transformative solutions to accelerate global progress.

The theme for ADIPEC 2025, "Energy. Intelligence. Impact.", underscores the need for secure energy to drive inclusive growth, the intelligence to navigate the complexities of today's energy landscape, and the impact that translates vision into tangible progress for markets, people, and the planet. Over the course of four days, the event will explore four key themes, from new energy technologies and geopolitics to digital transformation and building a resilient, future-ready energy system.

This year, the ADIPEC conferences have been streamlined into two comprehensive programmes: the Strategic Conference and the Technical Conference. The event will feature over 380 sessions, with more than 1,800 speakers, including ministers, CEOs, academics, industry experts, and youth leaders. The aim is to turn dialogue into action by showcasing solutions and catalysing collaborations that drive real, measurable impact across the energy sector. The platform will promote intelligent choices, focusing on leveraging all viable energy sources and technologies to build sustainable systems that can deliver energy to more people, at lower cost, and with reduced carbon emissions.

The ADIPEC 2025 Exhibition will span 17 halls and host more than 2,250 exhibitors from across the global energy ecosystem, including 54 National Oil Companies (NOCs), International Oil Companies (IOCs), National Energy Companies (NECs), and International Energy Companies (IECs). It will also feature 30 dedicated country pavilions and four specialised industry zones focused on decarbonisation, digitalisation, maritime and logistics, and artificial intelligence.

ADIPEC 2025 is expected to attract more than 205,000 attendees from around the world, creating unique opportunities for collaboration, innovation, and progress within the energy sector.