These agreements further solidify Eni and Vitol's partnership. (Image source: Adobe Stock)

Vitol has entered into an agreement with Eni to acquire interests worth approximately US$1.65bn comprising Eni's significant oil and gas assets in Ivory Coast and the Republic of Congo 

This is a diverse portfolio including not only producing assets but also blocks that are currently under exploration, appraisal and development. One of the most valuable assets that Vitol will be investing in is the Baleine project in Ivory Coast, with a 30% participating interest after Eni's 77.25% ownership interest. 

It will be acquiring a 25% participating interest in the mega gas initiative in the Republic of Congo known as the Congo LNG project. Eni has a 65% participating interest in the project.

These agreements further solidify Eni and Vitol's already established partnership in the OCTP and Block 4 projects in Ghana.

While this transaction adds to Vitol's long-running upstream presence in West Africa, besides also a portfolio of infrastructure and downstream related investments, it rebalances the portfolio for Eni who is following a dual exploration model. It comes as part of the major's strategy to optimise upstream activities. 

Vaalco Energy has also recently reorganised its portfolio in West Africa. 

West Africa has also seen enhanced rig activity, with Shelf Drilling and Borr Drilling announcing contracts since late last year. 

Spudding will be initiated by the second quarter of 2025. (Image source: Adobe Stock)

Set on accelerating the spud date for Prospect I onshore Namibia, ReconAfrica has completed initial surveying activity, and is now conducting debushing

This will soon be followed bydemining before the spudding process can be initiated by the second quarter of 2025.

Prospect I is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.7 trillion cu/ft of unrisked and 126 bn cu/ft of risked prospective natural gas resources, on a 100% working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell, & Associates, Inc. (NSAI), an independent qualified reserves evaluator . Prospect I is noted as location 63 in the NSAI report.

"We have made great progress in getting Prospect I ready to drill and , as a result, we are accelerating the spud date into Q2 2025. Our in-country teams have commenced community engagement, surveying, debushing and demining activities, which will be followed by construction of a 10 kilometre road and drill pad site.

"Prospect I is one of the largest mapped structures in the Damara Fold Belt, is well imaged from 2D seismic, and demonstrates a four-way dip closure in which we expect to penetrate over 1,500 metres of Otavi reservoir. Drilling at the Prospect I location has been significantly derisked by the results of our first Damara Fold Belt well, Naingopo, which encountered reservoir in the Otavi carbonates, hydrocarbon shows and oil to surface. We are excited to drill this follow-on exploration well as we continue to look to unlock the significant hydrocarbon potential of the Damara Fold Belt," said Brian Reinsborough , President and CEO.

Scatec is targetting to reach financial close over the next 12 months. (Image source: Scatec ASA)

Renewable energy solutions provider, Scatec ASA, has signed a 25-year US$-denominated corporate power purchase agreement (PPA) with Egypt Aluminium for a 1.1 GW Solar PV + 100 MW/200MWh BESS project in Egypt backed by a sovereign guarantee.

Egypt Aluminium exports approximately 60% of its production to Europe. This solar PV + BESS project will be instrumental for Egypt Aluminium’s ambition to decarbonise its aluminium production, and to meet EU’s Carbon Border Adjustment Mechanism (CBAM) requirements which will be introduced in 2026.

The key next steps for the project are to work with the relevant authorities to allocate land, finalise grid connection and secure financing, and Scatec targets to reach financial close and start construction within the next 12 months.

“This is another testament to Scatec’s position as one of the leading renewables companies in Egypt. It is a groundbreaking project as it is the first utility scale PPA in the country with an industrial offtaker. I would like to thank all parties involved for making this happen, especially our partners at Egypt Aluminium. Further, our team has shown great persistence and creativity in securing this agreement and bringing new solutions to the market,” said Scatec CEO Terje Pilskog.

The estimated total capital expenditure for the solar PV + BESS project is approximately USD 650 million which will be funded by approximately 80% non-recourse project debt, and the remainder by equity from Scatec and partners. Scatec owns 100% of the project but is targeting to reduce its long-term economic interest by inviting additional equity partners. Scatec will be the designated EPC service provider, with an EPC share of approximately 90% of total capex, as well as asset manager (AM) and operations and maintenance (O&M) service provider.

26 blocks will be auctioned. (Image source: Adobe Stock)

The Government of Tanzania will be auctioning 26 petroleum exploration blocks through the Petroleum Upstream Regulatory Authority (PURA) to attract investment flow in the country's oil and gas industry, said the director general of PURA, Charles Sangweni, at the 11th East African Petroleum Conference and Exhibition (EAPCE’25) held recently in Dar es Salaam

Sangweni said that, of the 26 blocks, 23 are in the deep offshore of the Indian Ocean and three are in Lake Tanganyika.

“The demarcated blocks are located in strategic areas since the deep offshore is where a significant amount of natural gas was discovered and the case of Lake Tanganyika, the Lake is located in the East African Rift System (EARS) where neighboring countries (Kenya and Uganda) discovered oil in basins located in similar geological setting,” said Sangweni.

PURA used the EAPCE’25 as a platform to continue promoting the upcoming licensing round and investment in petroleum exploration blocks in the country for that is one of its responsibilities.