Angola is key to BW Energy's strategy.

The Angolan offshore draws in more investors as BW Energy and Maurel & Prom have decided to be partners in one of the most prominent ventures in the region, Azule Energy 

Both the parties have formed a consortium and signed an agreement for a combined acquisition of 20% non-operated interest in Block 14 and 10% in Block 14K offshore Angola. In other words, BW Energy’s net share will be 10% in Block 14 and 5% in Block 14K.

Confirming that the company will be holding 10% in Block 14 and 5% in Block 14K alongside Maurel & Prom, whose experience it values, BW Energy's CEO, Carl K. Arnet said, “The entry to Angola is a key step in BW Energy’s West Africa growth strategy and provides further diversification of our resource base. Firstly, we see clear upsides beyond the current production in Block 14. And, more importantly, we build a position for potential future operated development opportunities in the country.”

“Angola is a mature hydrocarbon basin with an active M&A market and strong political support for the energy sector. We see attractive opportunities for BW Energy to apply our strategy of developing proven reserves and stranded assets through the re-use of existing energy infrastructure to unlock significant value over time,” he added, establishing the company’s long-term regional growth strategy in Angola. 

Block 14 is a mature deepwater asset comprising nine producing fields, while Block 14K is a tie-back to the main block. The asset is operated by Chevron, and the licence currently runs to 2038. Gross production is approximately 40 kbopd, with net to BW Energy at 4 kbopd. Current producing reserves are estimated at 9.3 mmbbls net to BW Energy, with several identified opportunities to further increase recoverable volumes. Abandonment and decommissioning costs are covered by existing provisions.

The Deepsea Mira rig is a sixth-generation semi submersible. (Image source: NOL)

Northern Ocean Ltd's Deepsea Mira has been booked by a Shell plc subsidiary for deployment in Namibia starting April 2026

The rig will be used for operations on one firm well and another optional well, with an estimated duration of 45 days for the firm well and a projected firm backlog of approximately US$16mn. This contract will increase NOL’s firm backlog to approximately US$387mn. 

The Deepsea Mira rig is a sixth-generation enhanced and extended CS 60 E semi submersible that has been designed to withstand harsh environment. 

Delivered by Hyundai Heavy, the mobile offshore drilling unit (MODU) is equipped to access water depths of up to 3,000 meters.

The rig's history with Namibia goes way back, serving majors like TotalEnergies, and also Rhino Resources, which has extended its hire period. 

The infill well might add to the FSO capacity. (Image source: Vaalco Energy)

To reach optimised production results, Vaalco Energy has begun the spudding of the ET-15 infill well on the Etame platform as part of Phase Three Drilling Programme offshore Gabon

This infill well is anticipated to significantly add to the production generation capacity of the floating storage and offloading vessel (FSO) that is operational on the Etame Block since 2022 following an extensive transition and field reconfiguration process. While a low cost solution, the FSO boasts of a high storage capacity and improved operational performance. It has helped Vaalco reach  operational excellence, and production uptime and enhancement.

George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are excited to commence our drilling campaign in offshore Gabon and are beginning the near-term series of value creation catalysts that we outlined to the market in our Capital Markets Day presentation this past May. The drilling rig arrived in late November, and we have spud our first well, the ET-15. We are initiating the programme at the Etame platform with this infill well and the pilot holes. After drilling at the Etame platform, we expect to move the rig to the SEENT and Ebouri platforms where we have several wells and workovers planned to enhance production, lower costs and potentially add reserves. As we enter 2026, with major projects underway in both Gabon and Côte d’Ivoire, we are looking to drive meaningful growth that we believe will translate into value for our shareholders for the remainder of the decade.”

As previously announced, the Company secured a drilling rig in December 2024 in conjunction with its Phase Three Drilling Programme, with an affiliate of Borr Drilling. 

TotalEnergies and Galp will launch an exploration and appraisal campaign in Namibia. (Image source: Total Energies)

In keeping with TotalEnergies' asset-swapping approach in Africa, the major has now concluded an agreement with Galp in Namibia, similar to its last deal in Nigeria with Conoil 

As per the agreement, the oil giant will be acquiring from Galp a 40% operated interest in PEL83, which includes the Mopane discovery. Alongside supporting the initial development of PEL83, it will also cover 50% of Galp’s capital expenditures for the exploration and appraisal of the Mopane discovery. Galp will then return the favour by sharing 50% of its future cash flows from the project. 

On the other hand, it will also acquire from TotalEnergies a 10% participating interest in PEL56, which includes the Venus discovery, and a 9.39% participating interest in PEL91. 

The partners will launch an exploration and appraisal campaign including three wells over the next two years, with a first well planned in 2026, to further derisk resources and progress diligently toward the development of the Mopane discovery.

Concurrently, TotalEnergies, operator of PEL56, remains fully committed to the development of the Venus discovery and is working to secure all conditions enabling a potential final investment decision in 2026.

"We are very happy to have been selected by Galp as their partner and operator for the prolific PEL83 license, including the Mopane discovery in Namibia. This is a strong recognition of the exploration and deepwater competences of TotalEnergies teams. This transaction demonstrates also the strong confidence of TotalEnergies towards Namibia as a future oil producing country. TotalEnergies will leverage its recognised operatorship track record to progress towards profitable and sustainable developments of both Venus and Mopane discoveries. By enabling the creation of a producing hub in Namibia, we aim to achieve synergies that will create long-term value for both Namibia and the stakeholders," said Patrick Pouyanné, chairman and CEO of TotalEnergies. "We are eager to keep building on our collaboration with the Namibian authorities in order to deliver both developments."

Completion of the transaction is subject to customary third party approvals from the Nambian authorities and joint ventures parties, with completion expected to occur in 2026.

Other partners involved the Blocks include Namcor, Custos, QatarEnergy, and Impact.