ExxonMobil will conduct a detailed technical study offshore Libya. (Image source: NOC Libya)

Libya's National Oil Corporation has signed a memorandum of understanding (MoU) with the American international oil company ExxonMobil 

The MoU will enable the oil major to conduct a detailed technical study to identify hydrocarbon presence on four offshore blocks located near the northwest coast and the Sirte Basin.

The collaboration reinforces resumption of the partnership between NOC and ExxonMobil, which aims to restart its activities in Libya after a decade-long hiatus.

In a speech at the signing ceremony, the chairman of the NOC Board of Directors, Engineer Masoud Suleman, emphasised the corporation’s commitment to expanding partnerships with major American energy companies, particularly ExxonMobil. He expressed confidence in the potential for positive outcomes based on the history of their collaboration. He also noted that the contract terms are now more favorable than in the past, reflecting global changes in the energy sector, and that the conditions are ideal for achieving success.

He praised the value of Libyan expertise and technical personnel in exploration, development, and drilling by highlighting their ability to conduct essential preliminary studies that provide the data companies need to initiate exploration activities.

It is worth noting that ExxonMobil was one of the companies that expressed interest in participating in the public bidding round initiated by the NOC for exploration in Libya, which includes 22 offshore and onshore blocks available for investment.

The drilling is part of a 100-day three-well work-programme to redevelop the Sèmè Field.

Rex International Holding Limited-subsidiary, Akrake Petroleum Benin SA, has spudded the first well in the Sèmè Field in Block 1, Benin, using the Borr Gerd jack-up drilling rig

The drilling is part of a 100-day three-well work-programme to redevelop the Sèmè Field. The drilling campaign includes two horizontal production wells in the H6 formation (previously developed), as well as a deeper vertical appraisal well to gather data from the H7 and H8 reservoirs, to facilitate the potential advancement to Phase 2 of the development.

Steve Moore, deputy chief operating officer of Rex and general manager of Akrake Petroleum, said, “We are excited to bring oil production back to the Sèmè Field and to Benin after such a long time, and we would like to express our deep appreciation to the Benin authorities and our local partner Octogone E&P S.A. for their strong support and cooperation in all aspects of this drilling operation, allowing us to achieve first oil in as short a time as possible.”

Lars B. Hübert, chief executive officer of Lime Petroleum Holding AS, said, “2025 will be a pivotal year for our three wholly-owned subsidiaries: Akrake Petroleum in Benin, Lime Petroleum AS in Norway and Lime Resources Germany GmbH in Germany. This work-programme in Benin is just one of several high-impact operations happening within our multinational portfolio of assets in 2025. We are leveraging on the collective experience and expertise of LPH’s teams across geographies, as well as from the wider Rex Group, for geological & geophysical work, seismic analysis, procurement, operations, asset development and fundraising, among others; and are on track to quickly add reserves and establish production in the countries in which we operate.”

Both partners have entered into detailed commercial discussions.

Europa Oil & Gas' associated company, Antler Global Limited, will be farming out an interest in the EG08 production sharing contract (PSC) offshore Equatorial Guinea by a non-binding Heads of Terms with a major energy company 

Both partners have entered into detailed commercial discussions to advance the farm out agreement, which will become official once approved by the Minister for Energy of Equatorial Guinea. 

Europa has a 42.9% equity interest in Antler which in turn holds an 80% working interest in the EG-08 PSC, with the remaining 20% held by GEPetrol (Guinea Equatorial de Petroleos), the national oil company of Equatorial Guinea, representing the State’s interest.

The EG-08 block contains 2.116 TCF (Pmean), with the primary prospect being Barracuda which is estimated to be 798 BCF (Pmean).

William Holland, chief executive officer of Europa, said, “The signing of these heads of terms is a very positive step forward and comes after an extensive period of negotiations with what we believe is an excellent partner. Although there are no guarantees, I am confident that we will progress to signing a farm out agreement in the coming months and will then move to drilling the Barracuda well as soon as possible thereafter. I look forward to updating the market of our progress in due course.”

The Kavango West 1X well was spud on July.

As drilling begins in the Kavango West 1X exploration well, Reconnaissance Energy Africa reports that this development was a reprioritisation following the Naingopo drilling 

Spud on July, the Kavango West 1X exploration prospect will be drilled to reach total depth of approximately 3,800 m by the end of November 2025. It will penetrate over 1,500 m of Otavi carbonate reservoir section, which is the primary target of the Damara Fold Belt play. Modern 2D seismic data shows the prospect as a large structural fold, extending over 22 kms long by 3 kms wide. The Damara Fold Belt trend has projected 19 prospects and four leads, with an additional 5.0 mn acres captured in a recently executed memorandum of understanding in offsetting Angola. 

Brian Reinsborough, president and CEO, said, “We are pleased to announce that we have started drilling the Kavango West 1X well. This is an exciting time for everyone at the company, our partners and stakeholders in Namibia and, of course, shareholders alike. Originally, the Kavango West 1X location was not scheduled to be the next well, but the location was reprioritised after the results of our last well, Naingopo. While this reprioritising resulted in a slightly longer lead time to spud this location, the company prioritises rigorous technical appraisal with respect to location selection to ensure we have the best possible chance for commercial success. We think that the Kavango West 1X prospect represents our best opportunity in the Damara Fold Belt to unlock the potential of this play and we look forward to reporting results expected before year-end 2025.”

Chris Sembritzky, senior vice president-exploration, said, “By utilising our learnings from the Naingopo well, Kavango West 1X represents the best opportunity we have identified on seismic in the Damara Fold Belt play due to its size, hydrocarbon migration pathway and well defined four-way closure. With our new subsurface learnings, highly experienced drilling crew and optimised, built for purpose drill bits, we believe that we have captured the best possible chance for drilling an efficient, safe and commercially successful well.”