E&P

Etu Energias acquires major stakes offshore Cabinda

Angola's largest privately owned energy company, Etu Energias has signed a sale and purchase agreement (SPA) with Cabinda Gulf Oil Company Limited (CABGOC or Chevron) for the acquisition of a 31% Working Interest (WI) in Block 14 and a 15.5% WI in Block 14K offshore Cabinda

This follows the exercise of pre-emption rights by Etu Energias, as an existing partner in both licenses. Etu Energias currently holds a 29% WI in Block 14 and a 14.5% WI in Block 14K. With completion of the acquisition, Etu Energias will become the largest interest holder of one of Angola's longest established deepwater producing assets. The company is also aiming to assume the role of Operator on Block
14, subject to regulatory approval.

The acquisition is supported by a framework agreement with BW Energy and Chariot Limited, and will be funded by a debt facility provided by Shell Western Supply and Trading Ltd..

The transaction can take up to early 2027, following customary conditions including approval by the Agencia Nacional de Petroleo Gas e Biocombustíveis (ANPG), other regulatory entities and the receipt of required third-party consents.

Edson R. dos Santos, chairman and chief executive officer, Etu Energias, said, "This transaction is a very important milestone in the development of Etu Energias as an Angolan company with a global vision. It’s about more than production and reserves; it’s about building enduring capabilities in Angola and developing deepwater operating expertise that can create value for many years to come.”

“Block 14 has been producing for more than a quarter of a century and we believe it still holds significant value. We have an in-depth knowledge of these assets, having been a partner on the licenses for many years, and believe that we can unlock further value from them for the benefit of Etu Energias, our partners and the economy of Angola going forward.”

"We are grateful to Chevron for a professional process and for the operating standards they have established over many years. We look forward to working with the ANPG and our partners to complete this transaction."

Block 14 is a producing deepwater license offshore Cabinda in water depths of 200 to 1,600 metres. The block has produced more than 900 million barrels of high-quality, Brent-linked crude since first oiil in 1999, with production peaking at approximately 200 kbopd.

Production comes from nine fields developed through the Benguela Belize Lobito Tomboco and Tombua-Landana hub facilities (BBLT & TL), supported by active waterflooding and well intervention programmes. Abandonment obligations for Block 14 are fully funded through existing escrow provisions.

Block 14K contains the Lianzi field, a cross-border unitised development between Angola and the Republic of Congo, tied back to Block 14 infrastructure.

Weatherford reveals MENA wells projects in Q2 results

Weatherford secures new work in the Middle East (Image source: Adobe Stock)

Weatherford has been awarded two five-year contracts for well related services in Kuwait, it disclosed in its recent Q2 results announcement

The work covers the provision of annular casing packers for high-pressure, high-temperature (HPHT) Triassic-Palaeozoic wells and ESP feed-through packers.

“Kuwait Oil Company awarded two five-year contracts for the supply of Annular Casing Packer for Triassic-Paleozoic High-Pressure High-Temperature Wells and the supply of Electronic Submersible Pumps feed-through packers for multiple wells,” the Q2 statement noted.

It also listed a further contract in Oman for the provision of substantial drilling operations.

“Petroleum Development Oman awarded Weatherford a three-year contract to provide Integrated Drilling Services covering 247 wells in the Marmul field, supporting both production and injection operations, following the successful completion of the 837-well contract awarded in 2022.”

Other regional highlights from the quarter included new technology use in Saudi Arabia.

“In Saudi Arabia, Weatherford completed the first qualification deployment of ArrayPro with Aramco, validating a fully integrated production logging solution for horizontal wells,” the company’s statement noted.

“The ruggedised system delivered high quality real time data and reliable performance in demanding environments, supporting improved reservoir insight and production optimisation.”

In the UAE, it was also recognised as ‘Best Liner Hanger Supplier and Services Provider’ by an undisclosed national oil company.

“The Liner Hanger Systems team completed over 100 liner deployments across more than 22,000 operational hours in the previous year, demonstrating consistent delivery that reduces operational variability and supports efficient well construction and schedule reliability.”

While overall group revenues for the period were down slightly, the company remains bullish about forward prospects.

“Despite the significant disruption in the Middle East due to the Iran conflict, our second-quarter results, especially adjusted free cash flow, were strong, demonstrating the reliability and resilience of our operating paradigm,” said Girish Saligram, Weatherford’s President and CEO.

In its Q2 statement, it added that while the Middle East situation remains volatile and creates activity headwinds in the short term, the company’s longer-term thesis remains intact.

“A return to the pre-conflict operating levels is expected to be gradual, contingent on continued regional stability, and requires an absence of further geopolitical escalation,”it noted.“Our second half 2026 outlook is appropriately adjusted to reflect these dynamics and while our total year outlook has slightly reduced, the second half represents a significant ramp up in margin contribution versus the first half.”

Sonatrach accelerates upstream decarbonisation with Eni

The new agreement widens the scope of collaboration.

To put in place decarbonisation practices while working together on concessions, Algeria's state-owned oil company, Sonatrach, has signed a new Memorandum of Intent with Italian oil major, Eni, with international best practices in mind

The latest signing is built on a three-year Memorandum of Intent that was originally secured in 2023, committing to reducing gas flaring, valourising recovered gas, and mitigating emissions associated with upstream activities in Algeria.

The new agreement widens the scope of collaboration, including natural CO₂ removal initiatives through forestry projects, and advance monitoring, quantification and reduction of methane emissions based on international Oil & Gas standards.

The new Memorandum of Intent builds on the previous one by further broadening the scope of cooperation and introducing new areas of collaboration. In particular, the parties will cooperate in the field of natural CO₂ removal initiatives through forestry projects and will strengthen activities for the monitoring, quantification and reduction of methane emissions through the adoption relevant international oil & gas standards.

The technical analyses, capacity building initiatives and field visits that made up the carefully structured 2023 agreement have materialised in reduced fugitive and venting emissions, and flaring while boosting energy efficiency and unlocking opportunities for carbon capture, utilisation and storage. It has also produced technicians with new skills in generating the right measurements in terms of greenhouse gas and methane emissions reductions.

The most innovative outcome of the 2023 agreement has been the Leak Detection and Repair (LDAR) campaign, which was carried out across 800 km of pipelines, with around 7,500 monitored points and relevant reduction of fugitive emissions. LDAR measurement campaigns are now conducted autonomously on a routine basis in all joint ventures jointly operated by Eni and Sonatrach.

The evaluation of the baseline emissions was also carried out in six upstream assets operated by Eni and Sonatrach in the country.

Nigeria becomes Association Country of IEA

Nigeria is joining the IEA. (Image source: IEA)

The International Energy Agency has recognised Nigeria as integral part of global energy governance with its Governing Board unanimously welcoming it as an Association country

This decision is driven by Nigeria's influence as one of Africa's predominant economic region, including its established stronghold as oil and gas producer as well as its growing renewables potential. For Nigeria, on the other hand, this recognition will bring substantial support to the country of over 240 million people, tackling energy inequality and clean cooking challenges.

“I am thrilled that Nigeria is joining the IEA – it is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. I am very thankful to President Tinubu and Minister Ekpo for their trust in the IEA,” said IEA executive Director Fatih Birol. “As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA.”

“I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country,” said Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo. “It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialisation.”

This development follows the growing prominence of Nigeria's refining sector in the international energy markets since market disruption, when increased fuel exports from Nigeria helped strengthen domestic as well as global market resilience.

The IEA Governing Board’s decision builds on a strong history of engagement and collaboration between Nigeria and the IEA since 2014. In September 2025, the IEA, Nigeria’s Minister of Petroleum Resources and the African Energy Commission (AFREC) jointly convened a Regional Roundtable on "Turning Methane Pledges into Action” in Abuja, bringing together energy stakeholders from across the region to advance efforts to reduce methane emissions from the energy sector.

As an Association country, Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa. Created in 2015, the IEA Association programme allows the Agency to deepen ties with its partner countries, bringing together major energy-producing and consuming countries from around the world. Nigeria joins a network of 13 other Association countries that work with the IEA to advance secure, affordable and sustainable energy systems worldwide. As a result of this expansion, the IEA Family’s share of global energy demand has increased from 40% in 2015 to over 80% today.

Heirs Energies wins prestigious title at EMEA Project Finance Awards

Image_of_Heirs_Energies_at_EMEA_Project_Finance_Awards

The US$750mn facility was born out of an innovative capital mobilisation strategy. (Image source: Heirs Energies)

Nigerian company, Heirs Energies Limited's dual-tranche senior secured reserve-based lending (RBL) facility was bestowed with the Best Oil & Gas Deal of the Year title at the EMEA Finance Project Finance Awards 2026

The US$750mn facility was born out of an innovative capital mobilisation strategy to become self sufficient in local resources exploration. Heirs Energies successfully translated this vision into reality with African Export-Import Bank's support as it helped in project execution.

The facility aims to accelerate field development, optimise production, and support Heirs Energies' long-term growth ambitions, while maintaining disciplined capital management.

Commenting on the recognition, Osa Igiehon, chief executive officer of Heirs Energies, said, "This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision. The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible."

Haytham ElMaayergi, executive vice president, Global Trade Bank at Afreximbank, said, “We are truly honoured that the US$750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognised as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards.

"This recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high-quality assets and clear long-term growth plans. Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

"We congratulate Heirs Energies and all the partners involved in the transaction and are pleased to see this important financing recognised on such a respected international platform.”

Samuel Nwanze, executive director and chief financial officer of Heirs Energies, said "This award validates the strength of the transaction and the confidence our financing partners placed in Heirs Energies.
The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimisation, and sustainable value creation. We are pleased to see the transaction recognised on such a respected global platform."