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

Block 1 spans 19,929 sq km. (Image source: Adobe Stock)

With the formal approval from the South Africa Department of Mineral and Petroleum Resources for both the Exploration Right and Section 11 transfer, Eco Atlantic Oil & Gas Ltd's 75% Working Interest and full Operatorship of Block 1 offshore South Africa is now official

This acquisition, completed through Eco's wholly owned subsidiary Azinam South Africa Limited, significantly expands the Company's Southern African Orange Basin footprint and positions it as a key operator. The remaining 25% interest is held by Tosaco.

Block 1, which spans a vast 19,929 sq km, straddles the border between South Africa and Namibia. It offers full margin transect coverage from the shoreline to deepwater (shore to 263km offshore, in water depths up to 1,000m), encompassing both shallow and deepwater exploration potential.

Gil Holzman, co-founder and CEO of Eco Atlantic, said, "As the Orange Basin continues to demonstrate its world-class hydrocarbon proof and potential, Eco's executive team has worked relentlessly over the past 18 months to secure a premier asset on the South African side of the basin. With the successful approval and execution of the Exploration Right and 75% Working Interest award, we are proud to have secured one of the largest and prospective blocks in the entire basin with a known hydrocarbon footprint - Block 1 - located directly on the South Africa-Namibia maritime border. Block 1 adds to our portfolio in the Orange basin which also includes Block 3B/4B operated by TotalEnergies.

"We are grateful for the productive collaboration with the Government of South Africa and its key agencies, particularly our valued partners at the Petroleum Agency South Africa ("PASA"). I was honoured to attend the signing ceremony yesterday at PASA's offices in Cape Town. This milestone reflects the dedication and strategic focus of our leadership team in securing an asset with existing hydrocarbon evidence and significant upside potential and aligning with our strategy to partner directly with governments to secure agreements in high potential secure jurisdictions and to lay groundwork for future partnerships.

"Our technical team has already begun analysing the extensive, high-quality 2D and 3D seismic, and well logs data, which materially accelerates our path to drilling while reducing early-stage exploration costs and timelines. The block's prior discoveries, including tested gas flows and oil shows, confirm the presence of an active petroleum system.

"Initial interpretation is underway, and we are in the process of delineating early leads to develop the exploration strategy. We are already seeing significant inbound interests from international oil companies and mid-tier partners. As a result, we anticipate launching a formal farm-out process in August with further updates to follow in due course."

Eni's Deep Value Driller has arrived offshore Ghana for drilling activities. (Image source: Adobe Stock)

Eni Ghana has unleashed the Sankofa development plan, which will commence with drilling operations around 60 nautical miles off Ghana’s coast adjacent to the John Agyekum Kufour FPSO

Along with its Offshore Cape Three Points (OCTP) partners, Vitol Upstream Ghana Ltd and Ghana National Petroleum Corporation, the major has begun the Sankofa East 1X Side Track 2.

After concluding operations in Cote d'Ivoire, the company's high-end drillship called the Deep Value Driller (DVD) has arrived offshore Ghana to support exploration activities with its advanced automated technology, ensuring world class operational performance and safety.

The OCTP block partners have made sure to uphold transperency for all stakeholders and communities involved as they embrace sustainable production and advance energy security for Ghana.

Eni has been present in Ghana since 2009 with offshore hydrocarbon exploration and production activities, with an equity production of about 34,000 barrels of oil equivalent per day. The company is the operator of the OCTP project with a 44.4% share, in partnership with Vitol (35.6%) and GNPC (20%). The joint venture’s portfolio of projects also includes initiatives in the areas of training, economic diversification, access to water and sanitation, and access to energy.

Shell’s interest in the OML 118 PSC will rise to 67.5%. (Image source; Adobe Stock)

Shell Nigeria Exploration and Production Company (SNEPCo) has acquired TotalEnergies EP Nigeria Limited's 12.5% stake in the OML 118 production sharing contract (OML 118 PSC), an oil mining lease offshore Nigeria that includes the Bonga field

This raises Shell’s interest in the OML 118 PSC from 55% to 67.5%.

As the OML 118 PSC operator, SNEPCo currently produces from the Bonga field via the Bonga Floating Production Storage and Offloading (FPSO) vessel and announced the development of the Bonga North field in December 2024.

“Following our final investment decision on Bonga North last year, this acquisition brings another significant investment in Nigeria deepwater that contributes to sustained liquids production and growth in our Upstream portfolio,” said Peter Costello, Shell’s President, Upstream.

The transaction is likely to be completed before the year-end, given all regulatory approvals and closing conditions are in place. 

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SNEPCo reaches FID on Bonga North offshore Nigeria