E&P

The partners will work to secure Libya's stronghold in the global energy markets. (Image source: Libya NOC)

Advancing exploration prospects across Libya's resources-rich basins, the National Oil Corporation (NOC) has signed a memorandum of understanding (MoU) with oil major, Chevron, to conduct a joint study for the assessment of unconventional shale oil and gas resources

The partners will deploy their technical teams to study and assess the development potential of resources across three sedimentary basins in the region, namely Sirte, Murzuq, and Ghadames. The teams are anticipating the presence of around 123 trillion cu/ft of gas reserves, alongside approximately 18 billion barrels of oil. If confirmed, the partners will work to secure Libya's stronghold in the global energy markets.

According to the NOC chairman, Masoud Suleman, this MoU marks a stepping stone for several such influential partnerships to come into the country, adding to its already-delivering exploration efforts.

Suleman highlighted that the MoU formalises the first joint study in Libya to assess unconventional resources. The national staff will work closely with Chevron’s American staff, fostering knowledge sharing in practical field experience, acting as a launchpad for the nation to deliver professional and technical development that meet international industry standards. This will empower the nation's workforce to take on such tasks in the future independently. 

Libya's global presence continues to grow steadily as Sulzer launched an in-country rotating equipment services in the region, while Eni confirmed a gas discovery in the western offshore area. 

The company is aiming for stronger production generation.

Tullow Oil has stepped into 2026 with a strong financial optimisation strategy in place, building on the previous year's results

In 2025 itself, the company recorded commendable value from limited capital expenditure, with 8 kbopd count from one of the new Jubilee wells brought onstream, and the FPSO at Jubilee and TEN reaching 97% uptime in average. Also it has got on the books US$347mn proceeds from the sales of its Gabonese and Kenyan assets.

For a financially sound delivery of its investment programme and optimum asset value realisation, the company recently completed a comprehensive refinancing transaction, including an extension to its Senior Secured Notes and Glencore facility to November 2028 and May 2030 respectively, and a new US$100mn cargo pre-payment facility with Glencore to provide additional liquidity. 

“Throughout 2025 and into early 2026, we have delivered against a clear set of strategic priorities to position Tullow for long-term success. This began with the consolidation of our business to focus on our high-value assets in Ghana, with the sale of our non-core assets in Gabon and Kenya, alongside significant cost reductions. These efforts positioned the company strongly for the successful refinancing, which completed earlier this month with overwhelming support from our creditors. This transaction provides Tullow with the strong financial foundation and flexibility required to deliver value for stakeholders," said Ian Perks, chief executive officer, Tullow Oil plc. 

The company is aiming for stronger production generation than usual, encouraged by an overall 43.4 kboepd during the first quarter of 2026. Further material oil and gas reserves have opened up for the company as the Ghanaian parliament ratified long-term extensions for the Jubilee and TEN fields till 2040. 

With the acquisition of the TEN FPSO, the company is securing maximum cost efficiency in unlocking future reserves and the long-term development of the TEN and Jubilee fields. This year, an additional four Jubilee wells, including three producers and one water injector, are expected onstream. As part of the current drill programme, Tullow is focussing on well designing and placement backed by data interpretation from 4D and OBN seismic survey.

"We are particularly encouraged by the positive early results from our Ghana drilling campaign...A key milestone has been the agreement to purchase the TEN FPSO, a value-accretive acquisition that significantly improves the field’s economics by eliminating lease costs and providing an opportunity to capture operating cost savings. Additionally extending the Jubilee and TEN petroleum agreements to 2040, and higher oil prices have further strengthened our platform for sustainable growth,” Perks said. 

Marginal Energy will initiate a full cycle upstream programme. (Image source: APO Group on behalf of Energy Capital&Power)

With an aim to boost upstream investment in the region, the Government of Sierra Leone has signed a new offshore petroleum license agreement with Nigerian-based independent energy company Marginal Energy, during the Invest in African Energy Forum in Paris

The agreement gives Marginal Energy the rights to initiate a full cycle upstream programme across five blocks that add up to approximately 6,800 sq km. The Nigerian company will explore, develop and produce the area, within the limits of a fiscal and regulatory framework that caters to investor returns and, in turn, foster national value creation.

PDSL has confirmed that the agreement validates a seven-year exploration period that has been structured to make scope for a minimum work programme with 3D seismic acquisition, advanced geoscience studies and drilling commitments. The company is willing to invest more than US$225mn on the exploration phases.

President Julius Maada Bio said that the agreement is the way to “responsibly harnessing Sierra Leone’s natural resources for sustainable economic transformation,” while reinforcing the country's focus on fostering partnerships with the right investors to see visible progress on the country’s petroleum sector.

PDSL Director General Foday Mansaray described the deal as “an important step in unlocking Sierra Leone’s offshore potential,” emphasizing the country’s focus on transparency and competitiveness. Exploration and production besides, the agreement also stress the areas of local content development, technology transfer and environmental management, as part of Sierra Leone’s broader strategy to ensure long-term economic benefits from resource development.

Marginal Energy, on the other hand, enjoys deep expertise in the Niger Delta, and the new permit gives it a chance to expand its domestic base in the nation. The company's approach is largely driven by technological advances for profit-oriented results, all while maintaining sustainability. 

Collaboration in research and development is of strategic importance. (Image source: NNPC Limited)

NNPC Limited has signed a memorandum of understanding (MoU) with the Algerian National Oil Company, Sonatrach, to advance partnership opportunities in research, development and innovation

The MoU with Sonatrach will be led by NNPC's Research Technology and Innovation (RTI) Division, in collaboration with the Petroleum Technology Development Fund (PTDF). The agreement framework was signed by NNPC's executive vice president - business services, Sophia Mbakwe, and Sonatrach's managing director, Khodjah Mohamed, during the latest African Petroleum Producers' Organisation (APPO) Forum for R&D Directors at the PTDF Tower in Abuja, Nigeria. 

While speaking of the significant players in advancing Africa's hydrocarbons sector, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri explained that the forum originated as a platform for navigating the global energy transition by leveraging funding, technology, and markets, and said, "The R&D forum tackles technology and expertise needs, the African Energy Bank addresses funding constraints, and the Central African Pipeline System supports regional oil and gas market integration."

"Collaboration in research and development is of strategic importance. The cost of innovation might be high, but the cost of obsolescence would be greater," said NNPC's chief financial officer, Adedapo Segun.

The Group chief executive officer of NNPC, Bashir Bayo Ojulari, fosters a vision for a unified strategic framework through which resources could be pooled, data integrated and risks shared across member countries. He also stressed on the rapid adoption of digital technologies, artificial intelligence and advanced engineering to improve upstream, midstream and downstream operations.

The APPO secretary general, Farid Ghezali, urged African petroleum producing countries to ensure research in the oil and gas sector produced solutions that are practical and directly relevant to the continent. "We must ensure that our research delivers solutions that are practical and of direct use to Africa," he said.