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.

The well was spudded last November. (Image source: Adobe Stock)

The Nigerian National Petroleum Company Limited (NNPC Limited) and FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) joint venture have announced a hydrocarbon discovery in the Songhai Field, located in OML 85 in the shallow offshore region of Bayelsa

The well was spudded last November as part of efforts to increase and sustain the JV’s oil production over the next five years. It was successfully drilled to a total depth of 8,883 feet measured depth (MD) in 30 meters of water. The well encountered hydrocarbons across eight reservoirs, logging over 1,000 feet of hydrocarbon-bearing sands, most of which exhibit excellent reservoir properties. Preliminary analysis indicated substantial oil and gas volumes, reinforcing the field’s commercial potential. Further evaluations, including formation testing and well data integration, will be conducted to refine resource estimates and optimise field development plans.

Speaking on the discovery, Segun Owolabi, general manager, Exploration and Development at FIRST E&P, said "This discovery marks a major milestone in our efforts to unlock the full potential of our assets. The success at Songhai Field underscores the effectiveness of our exploration strategy and our commitment to delivering sustainable value to all stakeholders."

The discovery is strategically important for the joint venture in supporting Nigeria’s production growth and cost optimisation targets. Seyi Omotowa, chief upstream investment officer of NUIMS, noted that the success at Songhai Field aligns with NNPC Limited’s broader upstream objectives. "This aligns with NNPC Limited’s mandate to drive production growth and cost optimisation. The success at Songhai Field reflects our commitment to strategic partnerships, advanced technology, and efficient operations to maximise Nigeria’s hydrocarbon potential sustainably," he said. The discovery also highlights the role of strategic collaboration in expanding Nigeria’s hydrocarbon reserves.

NNPC Limited’s Group Chief Executive Officer, Mallam Mele Kyari, reaffirmed the company’s commitment to efficiency and long-term value creation. "This discovery reaffirms the potential of Nigeria’s offshore assets and the importance of collaboration in boosting reserves and production. NNPC Limited remains committed to driving efficiency and long-term value creation for the nation," Kyari said. Currently, the joint venture maintains a steady daily production of approximately 57,000 barrels of oil per day from its OML 83 and 85 assets. The new discovery in Songhai Field is expected to further enhance production and contribute to Nigeria’s energy security.

Furthermore, the NNPC/FIRST E&P JV remains committed to operational excellence, guided by rigorous safety standards, technical expertise, and efficient project execution. With more than 9 million man-hours of LTI-free operations, the JV continues to lead in safe and responsible hydrocarbon development. This milestone strengthens Nigeria’s oil and gas sector, reinforcing the JV’s role in supporting the Federal Government’s goal of increasing national hydrocarbon production and reserves while ensuring sustainable energy growth.

With this acquisition, UEG's current production will reach 39,000 boepd. (Image source: Adobe Stock)

To further expand its footprint in Egypt since Kuwait Energy acquisition in 2019, United Energy Group has signed a sale and purchase agreement with Apex International Energy LP to acquire its entire upstream assets via United Energy (MENA) Limited

A significant producer in the Western Desert of Egypt, Apex's area of operations spanned beyond 3,500 sq km, including eight onshore concessions. Its gross production count for 2024 stands at 11,000 barrels of oil equivalent per day (boepd). 

Apex had acquired six of these concessions in 2023 from IEOC Production, a unit of Eni. It included IEOC’s interests in the Ras Qattara, West El Razzak, East Kanayis, and the West Abu Gharadig concessions. The company had made the acquisition to see its first gas production, and become a front runner in the booming Egyptian natural gas industry. 

With this acquisition, UEG's current production count of 22,000 boepd will shoot up to 39,000 boepd, adding to its existing interests in five concessions. Besides production optimisation, this move also highlights the company's focus on asset integration to have greater control over field development before exploration. Enhanced oil recovery with strong technical support will be the company's watchword to chase growth potential in its Egyptian acreage. The acquisition will allow UEG to advance regional integration to solidify its global energy supply chain, which will also benefit Egypt's energy industry.

With the merger agreements now approved by the Egyptian Cabinet, UEG is looking forward to better fiscal terms, increased investment, greater economic potential and long-term value creation. 

Extensive deepwater data from PGS

Egypt continues to be a coveted exploration spot globally, especially to harness its gas resources. Last year, geoscience data provider PGS had released 3D seismic data over the deepwater area between the Nile delta and the Herodotus Basin as part of its EGY23 Merneith & Luxor survey. 

Acquired with Ramform vessels and GeoStreamer broadband technology, the 6,175 sq km EGY23 Merneith & Luxor survey draws on the expertise of PGS's partners the Egyptian Natural Gas Holding Company (EGAS). The GeoStreamer-acquired data covers both low and high-frequency information that can make a huge difference in interpreting structures and analysing rock property. 

The survey cracked into an underexplored and unlicensed deepwater area and extracted 3D data from the region, marking a significant upgrade from the currently available 2D data.

A Messinian evaporite layer of variable thickness extends across most of the area. The survey is tied to the Kiwi-1 well, one of the few wells in this deepwater area, and primary targets are likely to be presalt Oligo-Miocene structures with clastic reservoirs.