Read the Digital Magazine

Eco Atlantic Oil & Gas Ltd has signed a definitive agreement to farm down a 37.5% working interest in Block 1 CBK offshore South Africa to Navitas Petroleum LP

The agreement is a key milestone in Eco's strategic framework agreement with Navitas which provided Navitas with an option to farm-in to Block 1 CBK. 

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, said, "We are incredibly excited about the successful exercise of the Block 1 CBK Option by Navitas, marking a significant advancement of our strategic relations. This quick exercise of the option not only strengthens the bond between Eco and Navitas but also propels us toward a promising future in South Africa's offshore oil and gas landscape and puts us in an active and enhanced exploration mode. Eco and Navitas' technical and operational teams have been working closely to analyse this block and the wider region along with other assets and areas of interest. Together, we are primed to leverage our combined expertise and resources to maximise our potential in the region and beyond.

"Importantly, this agreement not only adds cash to our strong balance sheet, but more importantly signifies the continued progress Eco has made in advancing its projects. Building on our recent farm down to BP in Namibia, we have now further deepened our strategic partnership with Navitas, working not only in South Africa but also in highly prospective acreage offshore the Falkland Islands in PL001, which Eco will gain further exposure to upon the upcoming completion of our acquisition of JHI Associates Inc. Additionally, Navitas also holds options to acquire 80% of Eco's interests in the Guyana Orinduik Block where we are progressing advanced discussions with the Government over the terms of the next exploration and appraisal stages, offering scope for our partnership to extend further. Overall, these milestones highlight how Eco has successfully executed its strategy of de-risking its portfolio of world-class assets through partnering with carrying, tier-one operators across the Atlantic Margins."

Viridien has started a seismic reimaging project in the Tano Basin, Ivory Coast, called CDI25, which explorers can refer to as a drill-ready multi-client dataset to unlock opportunities along the West African Atlantic margin

Viridien has been active in the Ivory Coast since the last four years, and CDI25 comes as an upgrade to this longstanding subsurface reimaging programme. With the deployment of digital processing and imaging workflows, including Ghost Wavefield Elimination, advanced de-multiple, and Time-Lag Full-Waveform Inversion will help deliver high bandwidth, enhanced deep imaging and sharp structural and stratigraphic details.

Covering an area of 6,555 sq km, the fast-track CDI25 results are expected by Q4 2026, before final deliverables by Q2 2027. Once out in the market, explorers will be able to access a seamless, basin-scale 3D seismic volume across 16,000 sq km of the Tano Basin.

With the recent discovery in the Calao Channel complex, explorers can use the dataset for invaluable subsurface insights to increase their chances of success in the region. To top it off, it can also be used to gain regional context into the adjacent acreage of the Baleine field for further opportunities such as lead maturation, de-risking, and further exploration delineation.

Dechun Lin, head of Earth Data, Viridien, said, “The recent Murene South and Baleine field discoveries highlight the growing importance of Tano Basin and the industry value of our multi-year reimaging programme. Viridien is proud to support exploration offshore Ivory Coast with cutting-edge data that is generating new insights to reveal further opportunities in this prolific basin.”

Digitalisation and artificial intelligence (AI) will create around US$500bn in cumulative value for E&P companies between 2026 and 2030, according to new analysis from Rystad Energy, creating a huge market for digital solutions

Cost reductions from more efficient operations, production increases from higher uptime and increased recovery, and compressed development timelines contribute to this value creation. Exploration and production (E&P) companies currently investing in digital and AI are expected to capture an additional value of US$80bn per annum in 2030 compared to 2025.

The returns are already visible in the industry, Rystad notes. ADNOC reported US$500mn in AI-driven value already in 2023, and has committed US$1.5bn in digital capital expenditure targeting US$1bn in annual value creation. Norway’s Equinor generated around US$200mn in AI-related savings between 2021 and 2024, and reported US$130mn in 2025 alone.

The US$500bn value creation opportunity in upstream oil and gas encompasses four main workflow categories: asset development, operations and maintenance, exploration and reservoir development, and  drilling, wells and production. Each is at a different stage of digital maturity. Digitalisation within exploration and reservoir development is relatively well established. Operations and maintenance is now seeing more rapid adoption, with predictive maintenance and remote operations delivering cost reductions. Subsurface workflows hold the largest untapped value potential, especially from getting more volumes out of the ground and reducing drilling costs. Some operators have, for instance, compressed seismic interpretation timelines from months to around 10 days.The early adopters of these technologies typically have digitalisation and AI as an integral part of their strategy.

Capturing the value at stake requires investment in digital tools, infrastructure and integration, and E&Ps are estimated to have spent around US$25bn on digital and AI purchases in 2025. The market for providing these tools and services is expected to grow by more than US$10bn by 2030, surpassing US$35bn in total annual market size and approaching US$50bn by 2035.

However, the main barrier to capturing this value is deployment at scale, says Rystad. Partnerships with suppliers and technology experts are increasing to reduce complexity, and simplify integration, typically through platform solutions. Traditional oilfield service (OFS) providers with domain expertise, and technology experts such as integrators or hyperscalers are among the most important partners for E&Ps, with the commercial model shifting from transactional service delivery towards integrated technology partnerships that can leverage an ecosystem of players, platforms and scalable tools.

AI is accelerating the value potential of digital solutions in oil and gas. Despite many breakthroughs, most current AI applications in upstream rely on traditional machine learning models trained on equipment and workflow-specific data, which takes years to accumulate, and models may require significant rework. Newer AI approaches may change this, for instance through agentic AI automating tasks and augmenting humans in a way that breaks down organisational silos and acting as a contextualising layer that functions across varied data types without full retraining.

Rystad puts forward a scenario where AI accelerates the value creation even further, with breakthroughs simplifying integration and compressing adoption timelines. This accelerated AI scenario would also require additional spending on digital solutions, and the value creation gap between early adopters and followers could widen even more.

A new gas discovery offshore western Libya has been confirmed by the National Oil Corporation (NOC) and Eni North Africa, following the drilling of the exploration well J1-4/16

After reaching a final depth of 10,458 ft, flow rates across two tests from the Metlawi reservoir stood at 14 million cubic feet per day through a 32/64-inch choke in the first test, and 24 MMcf/d through a 62/64-inch choke in the second.

Lying approximately 95 kilometers from the coast, the well forms part of Contract 4/16, where Eni is the operator, and also remains the final well in fulfilling nine contractual obligations for offshore Contract Block D, as stipulated in the agreement signed in June 2008. 

This discovery can potentially add to Libya's production count, which saw an impressive rise last year. According to a table of the average daily crude oil production and total (cumulative) production figures for the past 10 years that was recently released by NOC Libya, 2025 had recorded the highest average production rate in comparison to the last decade, at 1.374 million barrels per day. Total crude oil production for the year reached 501 million barrels, marking a posititve shift in the NOC’s strategy to boost crude oil production rates. 

Eni is set to launch three exploration plays in Libya – shallow, deepwater and ultra-deep offshore, and is also deeply invested in the region's gas with the US$10bn Greenstream pipeline and a CO2 capture and storage plant in Mellitah.

In a move to accelerate its refining capabilities, Nigeria’s NNPC Ltd has signed a memorandum of understanding (MoU) with two Chinese companies, for collaboration through a potential Technical Equity Partnership to support the completion and operation of the Port Harcourt and Warri Refineries

Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd would cover operation and maintenance work of both facilities to deliver sustainable performance. There will be planned expansion and upgrades aiming cleaner and highly profitable product standards.

The MoU was signed in China by the Group CEO, NNPC Ltd, Bashir Bayo Ojulari; chairman, Sanjiang Chemical Company, Guan Jianzhong, and chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.

A big development in harnessing Nigeria’s gas and downstream opportunities, Bayo Ojulari said that the MoU was the result of several months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners. "All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC's refining assets in Nigeria, and the collective weight required for success,” he said.

The partnership will play a key role in advancing Nigeria’s position as a gas-based industrial hub as the technical equity partners restart and expand NNPC's refineries.

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!”