In The Spotlight
Capricorn has received US$50m from the Egyptian General Petroleum Corporation (EGPC)
Since 30 June 2025, the company has received a total of US$102m, and its accounts receivable is approximately US$115m (H1’25 - US$182m) (excluding expected credit loss adjustments).
The company expects to receive further material payments against arrears before year end.
Capricorn continues to invest in its Egyptian asset base and has fulfilled all exploration commitments on its legacy acreage. At South East Horus, Capricorn, with its joint venture partner Cheiron (the Joint Venture), has elected to continue into Phase 2 following test results. The Joint Venture will also be pursuing an application for a new development lease on the North Um Baraka (NUMB) concession due to encouraging test results from an exploration well drilled earlier this year. Additionally, the NUMB concession will be included in the modernised concession agreement allowing for continued exploration. On the West El Fayoum concession, commitments have been fulfilled, and the results are such that the Joint Venture will relinquish the block.
Customary ratification of the modernised concession agreement is now expected to take place in Q1 2026 due to limited time for additional business in the current session of Parliament. The modernised concession agreement will have an operational start date of 01 July 2025.
Capricorn remains on track to deliver above the mid-point of FY25 production guidance of 17,000-21,000 boepd with year-to-date production averaging 19,924 boepd to mid-October, of which 41% are liquids.
The government of Egypt has 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 Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and president and CEO of QatarEnergy.
“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.
Mozambique will see heightened bilateral cooperation in oil and gas driven by equality, reciprocity and mutual benefits, as the state-owned entity, Empresa Nacional de Hidrocarbonetos, E.P. (ENH), signed a memorandum of understanding (MoU) with SONATRACH
The MoU was signed by the chairman and CEO of SONATRACH, Rachid Hachichi and Ludovina Bernardo, chairwoman of the Board of Directors of ENH, during a ceremony organised at the Ministry of Mines and Energy of the Republic of Mozambique, in the presence of Mourad Adjal, Minister of Energy and Renewable Energies.
The MoU binds the two organisations to extend cooperation within the framework of hydrocarbons exploration and production projects that will also include transportation and downstream activities, while covering the whole value chain.
The partners are also considering a feasibility study on establishing a national gas distribution network for domestic consumption. SONATRACH is willing to provide training courses at ENH through knowledge-sharing in oil geology, engineering and operations.
The government of Egypt has 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 Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and president and CEO of QatarEnergy.
“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.
Energy data and intelligence provider, TGS, has been awarded a streamer acquisition contract in Africa
The acquisition is scheduled to commence in the fourth quarter of this year and the contract has a duration of approximately 50 days.
Kristian Johansen, CEO of TGS, said, "We are very pleased to secure this work programme and look forward to supporting our client's exploration efforts in the region with our proven technology and expertise. By leveraging the Ramform acquisition platform, coupled with our proprietary GeoStreamer technology we are well equipped to deliver the highest data quality to our client."
TGS has previously worked in regions such as Benin, Tanzania and Liberia. For its Benin MegaSurvey it expanded its 3D seismic coverage, while in Tanzania it has acquired license for more than 132,000 sq kms of seismic data, both 2D and 3D.
In Liberia, the company is working to rejuvenate the existing legacy 2D and 3D datasets in the Liberia and Harper Basins, aspiring to reach high subsurface clarity.
In a first divestment development for FrontRow Energy Technology Group, its subsidiary, WellSense, a rapid fibre-optic well diagnostics provider, has sold FiberLine Intervention licence to oilfield services company, Halliburton
The agreement terms secure a global licence for Halliburton to deploy WellSense FiberLine Intervention (Fli) technology for use in well stimulation monitoring.
A FrontRow Energy Technology Group company, WellSense, will continue to deploy the technology globally for all other oil and gas applications, including well plug and abandonment (P&A), well integrity and leak detection, as well as carbon capture, utilisation and storage (CCUS).
Annabel Green, CEO of WellSense, said, “The successful completion of this deal is a defining moment for WellSense and for our parent company, FrontRow Energy Technology Group. Not only is it a strong industry endorsement of our technology and the value it delivers, but also our business model of bringing new and innovative solutions to market.
“Our unique bare fibre dynamic despooling technology delivers superior data quality for a detailed subsurface understanding. Unlike other well monitoring techniques it provides a lightweight offline intervention solution with disposable probes for significant efficiency savings and reduced risk.
“Meeting the complex challenges of upstream oil and gas requires the adoption of technologies that fundamentally improve how the industry operates. This agreement is the result of a decade of focused innovation, collaboration and delivery and I would like to extend my sincere thanks to all our employees, past and present, whose dedication has built the strong foundation that made this success possible.”
Steve Kent, CEO of FrontRow, said,“This deal is a major milestone for FrontRow and is a clear example of how UK-born innovation can solve industry challenges and attract global attention.
“This is FrontRow’s first commercial licence sale and a landmark in our journey. It demonstrates that innovation, when nurtured with the right expertise and support, can deliver technical success as well as real commercial value.”
As Eni's Coral South project effectively continues to be in production, the major has now reached the final investment decision (FID) for the development of the Coral North FLNG project in Mozambique, with an aim for project delivery by 2028
The agreement was signed in Maputo by the Eni-led joint venture behind the project, in the presence of the President of Mozambique, Daniel Francisco Chapo, and Eni CEO, Claudio Descalzi.
While Eni is leading the venture with a 50% share, other partners include CNPC (20%), Kogas (10%), ENH (10%) and ADNOC-subsidiary XRG (10%). Eni will be investing on the development of a state-of-the-art floating LNG facility in the Rovuma Basin, where it will be generating gas volumes from the northern part of Area’s 4 Coral gas reservoir.
Eni CEO Claudio Descalzi commented: “Coral North project leverages Eni’s unmatched exploration skills, our trademark fast-track and capital disciplined development capabilities, Mozambique’s vast gas resources and its strategic geographic position. With Coral North we will contribute to supply the worldwide growing demand for LNG, doubling both Mozambique's contribution to global energy security, and the benefits for the country and its citizens in terms of economic and industrial growth”.
Coral North will be Eni’s second development in Mozambique and the second large-scale FLNG delivered in ultra-deep waters worldwide after Coral South.
With a production liquefaction capacity of 3.6MTPA, the newly built Coral North FLNG - coupled with its predecessor Coral South - will bring Mozambique’s overall LNG production to exceeding 7MTPA, making the country the third-largest LNG producer in Africa and further reinforcing its role in the global energy scenario.
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.
