Oil bearing sandstones were found.

Angolan National Agency of Petroleum, Gas and Biofuels together with Azule Energy (36.84%, Operator), and its partners SSI Fifteen Limited (26.32%) and Sonangol E&P (36.84%), have made a discovery in the Algaita‑01 exploration well, located in Block 15/06 in the offshore Lower Congo Basin, Angola

Spudded a month back in a water depth of 667 metres, approximately 18km from Olombendo FPSO, encountered oil bearing sandstones within Upper Miocene reservoir intervals.

Drilling operations were followed by advanced formation evaluation logs to assess reservoir quality and fluid characteristics. Preliminary interpretation of wireline logging and fluid sampling indicates the presence of multiple reservoir intervals with excellent petrophysical properties and fluid mobilities.

Initial estimates indicate a discovered oil in place of approximately 500 million barrels.

“The Algaita-01 results build on a long successful track record of 22 discoveries, once again confirming the exceptional effectiveness of the petroleum system in Block 15/06. The presence of multiple nearby producing facilities further enhances the value of this new exploratory success. We are proud to deliver another significant result together with our partners and to continue creating opportunities for further growth” Joe Murphy, CEO of Azule Energy, commented.

“The discovery of the Algaita-01 well, in Block 15/06, reaffirms the high potential of the Lower Congo Basin and the consistency of the ongoing exploration strategy, creating favorable conditions for swift monetisation, with positive impacts on national production and State revenues. The ANPG encourages the continued identification of new opportunities under the existing incentive mechanisms, particularly Decree 8/24 on Incremental Production, as well as Decree 5/18, which establishes the legal framework that allows exploration within and near development areas,” Paulino Jerónimo, chairman and CEO of ANPG.

Ojulari said that Nigeria must move towards aligned pricing frameworks. (Image source: NNPC)

The Nigerian National Petroleum Company has identified the key pillars for securing Africa’s energy future during the recently concluded 2026 International Energy Week (IEW) in London 

The NNPC's group chief executive officer, Bashir Bayo Ojulari, highlighted the importance of shared infrastructure, policy alignment, coordinated investment frameworks, cross-border knowledge and technology exchange, integrated gas market development, and sustained regional diplomacy among national oil companies (NOCs).

As shared assets can lead to scale, efficiency and resilience, NNPC is prioritising the expansion of cross-border energy infrastructure, with regional gas initiatives ongoing in the region. Flagship projects such as the Nigeria–Morocco Gas Pipeline and the West African Gas Pipeline are critical for advancing regional integration and cross-border energy trade. 

Ojulari said that the continent must move towards aligned pricing frameworks, transit protocols, local content standards, and joint technical regulations, drawing lessons from reforms such as Nigeria’s Petroleum Industry Act (PIA), to reduce investment friction, safeguard cross-border infrastructure, and ensure equitable access to shared energy assets.

“Our pathway is clear: grow production responsibly, scale gas as the backbone of Africa’s industrialisation, strengthen environmental accountability, and align with global decarbonisation objectives—while ensuring that Africans are not left behind in the energy transition,” he said.

Libya has significant proven oil reserves.

The 2025 Libyan Bid Round has won American major, Chevron, onshore Contract Area 106 located in the Sirte Basin 

The country's National Oil Corporation has signed a memorandum of understanding (MoU) with the major's subsidiary, Chevron Business Development EMEA Ltd, in Tripoli to evaluate the development and exploration potential in the region.

“Chevron is excited to enter Libya with the award of onshore Contract Area 106, which underscores our focus on North Africa and the Eastern Mediterranean region, and is a good fit in our exploration strategy to grow our portfolio with high-quality acreage and high impact prospects,” said Kevin McLachlan, vice president of exploration at Chevron.

“Libya has significant proven oil reserves and a long history of producing its resources. Chevron is confident that its proven track record in developing oil and gas projects and its technical expertise gives it the ability to support Libya to further develop its resources.”

The award of the Contract Area is subject to the execution of a Production Sharing Agreement.

“Chevron looks forward to our partnership with NOC and other key stakeholders in Libya. The Contract Area award and MoU are important milestones as we continue to evaluate opportunities to support Libya’s energy sector,” said Frank Mount, President of Corporate Business Development.

Chevron has a diverse exploration and production portfolio in the Mediterranean and Africa and continues to assess potential future opportunities in the region. Chevron is one of the largest producers and acreage holders in Nigeria, Angola and Equatorial Guinea. It has two exploration blocks each in Namibia and Guinea-Bissau, and three exploration blocks in Egypt.

MOL Group sees Libya’s oil and gas industry as a pillar of strength.

Libya’s National Oil Corporation has signed a memorandum of understanding (MoU) with MOL Group for hydrocarbons exploration, technological and field development innovations, oilfield services opportunities, and crude supply and trading activities

Signed in Budapest by MOL group chairman and chief executive officer, Zsolt Hernadi, and chairman of the NOC, Masoud Suleman, this is a strategic partnership for the Hungarian oil and gas company as it aims to expand its international portfolio and secure diverse supply sources as a landlocked country.

Speaking on the collaboration, Hernadi, said, "We recognise Libya’s oil and gas industry as a pillar of strength and expertise. I am sure that this new agreement will act as a catalyst for further expanding our international portfolio, creating clear mutual value for both companies and reinforcing the resilience of our region. From the perspective of security of supply and energy sovereignty, particularly for landlocked countries, diversification of sources is of crucial importance." 

Joint exploration potential besides, the mutual collaboration will advance exchange of information as well. "Our cooperation also goes beyond business, as we have agreed to rebuild our educational, scientific, and university ties in order to learn as much as possible from each other. Such partnerships can also help Europe to find its own path to competitiveness, rather than switching between different forms of energy dependency,” said Hernádi.