Angola is key to BW Energy's strategy.

The Angolan offshore draws in more investors as BW Energy and Maurel & Prom have decided to be partners in one of the most prominent ventures in the region, Azule Energy 

Both the parties have formed a consortium and signed an agreement for a combined acquisition of 20% non-operated interest in Block 14 and 10% in Block 14K offshore Angola. In other words, BW Energy’s net share will be 10% in Block 14 and 5% in Block 14K.

Confirming that the company will be holding 10% in Block 14 and 5% in Block 14K alongside Maurel & Prom, whose experience it values, BW Energy's CEO, Carl K. Arnet said, “The entry to Angola is a key step in BW Energy’s West Africa growth strategy and provides further diversification of our resource base. Firstly, we see clear upsides beyond the current production in Block 14. And, more importantly, we build a position for potential future operated development opportunities in the country.”

“Angola is a mature hydrocarbon basin with an active M&A market and strong political support for the energy sector. We see attractive opportunities for BW Energy to apply our strategy of developing proven reserves and stranded assets through the re-use of existing energy infrastructure to unlock significant value over time,” he added, establishing the company’s long-term regional growth strategy in Angola. 

Block 14 is a mature deepwater asset comprising nine producing fields, while Block 14K is a tie-back to the main block. The asset is operated by Chevron, and the licence currently runs to 2038. Gross production is approximately 40 kbopd, with net to BW Energy at 4 kbopd. Current producing reserves are estimated at 9.3 mmbbls net to BW Energy, with several identified opportunities to further increase recoverable volumes. Abandonment and decommissioning costs are covered by existing provisions.

NUPRC's Project 1MMBOPD Additional Production Investment Forum. (Image source: NUPRC)

On the occasion of its Project 1MMBOPD Additional Production Investment Forum held in London, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2025 Licensing Round effective 1 December 2025

Noting that the licensing round has been designed in line with the Petroleum Industry Act, the NUPRC chief executive, Gbenga Komolafe, said, "One of the factors that affected business is that activities were happening in silos but the NUPRC now realises the need to bring everyone together,” before adding, “We want you all to network. Bank of America is here as well as representatives of other banks.” 

He highlighted funding as the biggest challenge in Nigeria's upstream sector right now, and NUPRC's urgency in overcoming the issue, while speaking at the forum before the CEOs of oil companies, bank representatives and potential investors, among others.

As the session saw a lot of brainstorming in making the additional one million barrels a reality, Komolafe acknowledged the significance of the reforms initiated by the President Bola Ahmed Tinubu-led administration in boosting Nigeria’s economic metrics. He cited his statements with Nigeria's progress in crude production, which now averages 1.71 mn bopd, with a peak daily output of 1.83 mn bopd.

Komolafe further noted that 46 field development plans (FDPs) had been approved from January 2025 till date, and the country's rig count has crossed 60, out of which at least 40 are active. The chief executive highlighted how these metrics spoke for themselves when it comes to prospects for investments, and said, “The drive to reach and sustain one million barrels per day in incremental capacity and beyond will require Floating Production Storage and Offloading (FPSO) units for cluster developments, Floating Storage and Offloading (FSO) vessels for crude evacuation and storage, and a variety of Modular Offshore Production Units and Early Production Facilities to enable early production and accelerated monetisation. All these need investments and the prospects are here in Nigeria.” 

Other delegates in the forum, including Alhassan Ado Doguwa, Chairman, House Committee on Petroleum Resources (Upstream), and Senator Eteng Williams, assured investors of Nigeria's business friendly laws as they spoke before key oil and gas players. These comprised the Seplat CEO, Roger Brown, managing director, TotalEnergies Nigeria, Mattieu Bouyer, managing director of ExxonMobil Nigeria, Jagir Baxi, and chairman, AA Holdings, Austin Avuru, to name a few. 

Eni is supporting Egypt's energy ambitions.

Egypt's President, Abdel Fattah el-Sisi, advanced the country's strategic ambitions to become a Mediterranean energy hub as he met with Eni CEO, Claudio Descalzi

The company is supporting the region's ambitions by developing the Cronos gas field offshore Cyprus.

Discussions during the meeting, which also included Egypt’s Prime Minister, Mostafa Madbouly, and Minister of Petroleum and Mineral Resources, Karim Badawi, ranged from reviewing Eni's investments in the country and future plans. The company has initiated an offshore Mediterranean exploration drilling campaign in October to boost new gas production. Its approach is backed by short-cycle, infrastructure-led strategies on extending the life of legacy assets in Sinai and the offshore Nile Delta.

Descalzi also updated President El-Sisi on Eni’s ongoing and future commitment to invest in social and health projects, focus will be on health projects to support the Country’s efforts in building capabilities, manage complex infrastructures to deliver a quality service to the population.

Eni operates in Egypt through its subsidiary IEOC and is currently the leading producer in the Country, with a hydrocarbon production of approximately 280,000 barrels of oil equivalent per day in Eni's share in 2024.

The company is outlining a US$60bn investment pipeline.

Reflecting a year of strong operational delivery, the Nigerian National Petroleum Corporation Limited has reported a profit after tax of US$3.6bn

This growth will be leveraged by the company to outline a US$60bn investment pipeline with oil and gas developments a priority. 

As the results recorded a 64% year-on-year growth, Bashir Bayo Ojulari, Group chief executive officer, said, "The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.”

“They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians,” he added. 

Alongside investments across upstream operations and gas infrastructure, the company has plans for clean energy development as well. Its key strategies include boosting crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030. In the natural gas front, the company aims increased generation at 10 bn cu/ft per day by 2027 and 12 bn cu/ft per day by 2030, while turning around major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration. The company is mobilising US$60bn in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”