Industry

The last date for bids submission is 8 January 2027.

When participating in bid rounds, investors usually seek access to proven petroleum systems, key exploratory leads and significant cross-border energy assets

The Joint Oil Block and the strategic Zarat Discovery in the Gabes-Tripoli Basin that is up for bidding by Joint Oil and Moyes & Co promises these offerings with the high-potential 3,000 sq km opportunity.

Bid round launch and presentation

Joint Oil Exploration, Exploitation and Petroleum Services Company (Joint Oil) and its appointed advisor, Moyes & Co. (Moyes) have announced the Joint Oil Block and Zarat Discovery bid round from 7 September to 31 December 2026 

The bid round opportunity will be presented at the World Energy Summit in London on 29-30 September 2026. The last date for bids submission is 8 January 2027. Winning bidders will be informed by 26 February 2027, with formal awards expected by 30 April 2027.

Spanning an area of 3,000 sq km at water depths of 80-120m, the offshore acreage available for the bid round is located in the prolific Gabes-Tripoli Basin of the central Mediterranean. This can potentially advance cross-border energy cooperation between Tunisia and Libya.

Commercial framework and seismic data assets

The commercial packages that make up the bid offer comes in the form of an exploration and production sharing agreement (EPSA). With 6,500 km of 2D and 1,900km of 3D seismic data available for the acreage, it unlocks access to new plays, leads, and prospects: 

- Zohra-1 (1976)

- El Amal South 1 (1999)

- Besmah-1 (2002)

- El Amal North 1 (2002)

- Zarat North 1 (2010)

- El Bouri, El Jurf and Bihr El Salam in Libya

- Hasdrubal, Ashtart, Miskar & Didon in Tunisia

The development of the Zarat Discovery — which straddles the Tunisia-Libya border — is a unitised oil and gas resource. This will be governed by a development and production sharing agreement (DPSA), unitisation agreement (UA), unit operating agreement (UOA), and operating services contract (OSC).

Strategic location

The concession is blessed with a highly strategic offshore location that lies close to several major producing fields across the Sabratha-Gabes Basin, including Al Jurf, Bahr Essalam, and Bouri offshore Libya, as well as Ashtart, Didon, and Miskar offshore Tunisia. This positioning enhances the project’s long-term value proposition through access to established regional infrastructure, operational synergies, and export pathways.

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 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.”

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.