Afentra has entered into a SPA with Etu for its 50% share of the acquisition. (Image source: Adobe Stock)

Afentra will jointly acquire, alongside Etablissements Maurel & Prom S.A. (M&P), Etu Energias SA 10% interest in Blocks 3/05 and 13.33% interest in Block 3/05A offshore Angola

The company has entered into a sale and purchase agreement with Etu for its 50% share of the acquisition, awaiting customary conditions including government approval. 

With this acquisition, Afentra is prioritising restoring the very material upside of this multi-billion barrel offshore asset through a solid joint venture partnership. It is focusing on consistent value creation through disciplined transaction structures, combining modest upfront consideration with success-based contingent payments aligned to oil price and asset performance.

Paul McDade, chief executive officer of Afentra plc, said, "We are pleased to have signed this SPA with Etu Energias, providing Afentra with additional interest on similar terms to our previous transactions in Blocks 3/05 and 3/05A. This transaction enhances the alignment within the joint venture and reinforces our exposure to these high-quality production and development assets that continue to perform strongly as the partners demonstrate the ability to realise the upside of these world-class assets. The structure of the transaction reflects our disciplined approach to capital deployment, combining a modest upfront payment with a value-linked contingent consideration. We look forward to continuing to work closely with Sonangol and M&P to deliver the material upside in these assets providing long-term value for all stakeholders."

Libya produced 1.4 million bpd in December last year

In March 2008, Libya produced 1.75 million barrels of oil per day (bpd). Since then, thanks to political instability, it has never reached that figure again

Will 2025 be the year Libya goes back to its peak crude oil production?

The country is the richest in terms of oil reserves in Africa, and its offshore oil and gas sector is a cornerstone of its energy industry.

In the last few years, some significant developments have begun to shape the Libyan oil market, which could signal positive news for the industry. 

Recent developments in offshore fields like Bouri, Bahr Essalam, Sabratha, and Al Jurf, alongside new exploration initiatives, highlight Libya’s efforts to bolster offshore production through well intervention and infrastructure upgrades.

In fact, in December last year, Libya produced 1.4 million bpd, which is its best performing figure since 2013.  The country has ambitions to reach 1.6 million bpd by year end. 

A key development is the February resumption of gas production at Well CC18 in the Bahr Essalam offshore field, operated by Mellitah Oil and Gas (a joint venture between Libya’s National Oil Corporation (NOC) and Eni).

This restart likely involved well interventions such as coiled tubing or acid stimulation to address reservoir issues like scale buildup, ensuring consistent gas flow to the Mellitah treatment plant for domestic and European markets.

Similarly, the Sabratha Compression Project, in its execution phase with startup planned for late 2025, aims to enhance gas production.

Compression projects often require interventions like gas-lift optimisation to maintain well productivity, underscoring the role of advanced techniques in Libya’s offshore strategy.

The Bouri Gas Utilisation Project, another significant initiative, focuses on increasing gas output from the Bouri field, one of Libya’s largest offshore assets.

Operated by Eni and NOC, this project involves installing equipment to optimise production, likely supported by interventions such as perforating or chemical treatments to counter declining reservoir pressure.

Eni’s Structures A&E Project, with drilling set for mid-2025, channels gas from two offshore fields to Mellitah.

This project, involving new platforms and subsea infrastructure, will likely require well interventions like hydraulic fracturing to optimise new wells and ensure long-term productivity.

The adoption of AI-driven technologies by Eni suggests potential advancements in intervention efficiency, such as real-time monitoring to guide coiled tubing or wireline operations.

In January 2025, NOC launched its first exploration bid round in 17 years, offering 22 onshore and offshore blocks, including areas in the offshore Sirte Basin.

This initiative, attracting interest from companies like Repsol and BP, signals future offshore development.

New wells will eventually require interventions like well testing or stimulation to bring them online efficiently, building on Libya’s estimated 48 billion barrels of oil reserves, much of which lies offshore.

However, political instability poses significant risks. Only last month, Libya’s eastern-based government threatened a force majeure on oil fields and ports, following attacks on NOC facilities.

This echoed a 2024 shutdown that halted 700,000 bpd, impacting offshore fields like Al Jurf.

Such disruptions necessitate well interventions to restore production post-shutdown, as seen in Al Jurf’s history of workovers after prolonged closures.

Despite these challenges, Libya’s US$3–4bn investment plan for 2025 prioritises offshore infrastructure and interventions to achieve its production targets, reinforcing the sector’s critical role in the nation’s energy landscape.

The company aims to complete drilling by October. (Image source: Adobe Stock)

Akrare Petroleum Benin SA, a subsidiary of Lime Petroleum Holding, has given a detailed update of its plans with the redevelopment of the Seme Field in Block 1 offshore Benin

The Borr Gerd jack-up rig by Borr Drilling will be arriving this month as drilling is set to start early July. The following 100 days will see the drillinjg of three well-bores. The first will be an appraisal well designed to gather new data on deeper reservoir units. Afterwards, two horizontal production wells will be drilled and completed in the H6 reservoir, in which subsurface analysis has suggested significant remaining reserves, even though there has been previous production. 

The company aims to complete drilling by October, when a Mobile Offshore Production Unit (MOPU) will arrive, along with a Floating Storage & Offloading unit (FSO)set to arrive mid-September. The MOPU will be hooked to the newly-drilled wells, and production is expected to start in October 2025 at production rates of approximately 16,000 barrels of oil per day (bopd). 

The Seme Field redevolopment programme has been planned in phases, beginning with the production restoration stage. This runs parallel to extensive data collection activities for an optimised approach. The reprocessing of 2007 3D seismic data has been completed.

Phase 2 of the development will be evaluated to check possibilities in deeper H7 and H8 reservoirs, as well as further development drilling in the H6 reservoir. 

Lime Petroleum is a subsidiary of the Singapore-based oil and gas company, Rex International Holding. 

Petrobras is interested in nine blocks. (Image source: Adobe Stock)

Brazilian oil company, Petrobras, has submitted a declaration of interest for exploratory blocks on the offshore areas of the Ivory Coast

The Ivory Coast government, through its Council of Ministers, approved Petrobras' declaration of interest for nine blocks. This is the first phase in the acquisition process for exploratory areas in the region, which is then followed by contractual negotiations of the exploratory blocks.

The purpose of the declaration is to ensure exclusivity in the contractual negotiation phase.

Petrobras highlights that the decision to submit the declaration of interest to the Ivory Coast government complied with all of the company's internal governance procedures, in line with its longterm strategy, which is aimed at replenishing oil and gas reserves by exploring new frontiers, both in Brazil and internationally.

The evaluation of new areas is targeted at diversifying the company’s exploratory portfolio and generating value. Any material developments will be promptly disclosed to the market