Afentra recorded an overall revenue of US$52.0mn.

Africa-focused upstream oil and gas company, Afentra plc, has reached a gross average production of 21,350 bopd for the first half of 2025 

The company is on track with its multi-year redevelopment plan to boost recovery and production growth. The first half of the year saw continued ramp-up in water injection to reach an average of 35,000 barrels of water per day, so that a level of approximately 85,000 bwpd can be attained by the end of the year. The company, however, has recorded an excess of 100,000 bwpd of maximum injection rates in the first half of the year.

Afentra has reached enhanced production performance by conducting as many as 10 lightwell interventions. There was infrastructure upgrades across power systems, cranes, subsea lines and risers to enhance safety, reliability, uptime and protect future value.

The company is currently conducting platform surveys and access preparation so that rig mobilisation and drilling can be effectively achieved in 2026.

With the assurance of stable asset uptime, the company is on track to deliver US$180mn capital investment programme by the book. 

The first half of 2025 also saw Afentra's acquisition of an additional 5% net interest in Block 3/05 and 6.67% net interest in Block 3/05A. 

Another big highlight for the company during this period includes the onshore Kwanza basin growth plan. A risk service contract was initialed in the KON4 with operatorship and a 35% working interest. The blocks are known for its low-cost exploration potential, and one of them hosts the Quenguela Norte field, which is known to be the largest onshore discovery. 

The Kwanza licenses are currently subjected to technical and operational workstreams, as historic well data are being reviewed and early-stage subsurface workshops conducted. An eFTG acquisition over KON15 and KON4 is now awaited by Q3 2025 to support future 2D seismic planning and subsurface evaluation before exploration, development, and appraisal opportunities can be identified over the next 18 months. 

Afentra recorded an overall revenue of US$52.0mn. It has completed two crude oil liftings during the first half of the year, totalling to 0.7mn barrels, and expects lifting another five before the year ends.

"Afentra has continued to make strong progress in executing our value driven growth strategy, with the announced Etu transaction consolidating our position in Block 3/05 and the initialling of the KON4 RSC marking a further step forward in our onshore ambitions. The KON4 RSC marks an important step for Afentra, as it will be our first operated asset, a testament to our growing capabilities and a key step forward in our onshore ambitions. We continue to prioritise sound financial and risk management to ensure appropriate visibility on cash flow and the most recent cargo sale has moved Afentra into a strong net cash position. Combined with solid operational performance, material reserve replacement and strong asset cash generation, these milestones reinforce the strength of our portfolio and leave us well positioned to deliver further organic growth from our existing portfolio and pursue further value-accretive opportunities. The focus for the second half of the year will be continued operational progress across the portfolio and completion of the Etu and KON4 transactions as we continue to expand, diversify and strengthen Afentra's portfolio in Angola," said Paul McDade, chief executive officer, Afentra plc. 

Komolafe spoke at NOG @5 on the importance of PIA> (Image source: NUPRC)

The Nigerian Upstream Petroleum Regulatory Commission was present at the 24th Nigerian Oil & Gas Energy Week in Abuja, highlighting the significance of the Petroleum Industry Act (PIA) in achieving investor transparency in the country's upstream sector

While delivering a presentation at NOG 2025, the Commission's chief executive, Gbenga Komolafe, explained how the PIA helped introduce strategic reforms, bring regulatory clarity and make investment inflows effective in the Nigerian industry.

The PIA, now implemented alongside President Bola Tinubu’s 2024 Executive Orders, ensures fiscal incentives, local content enhancement, and cost efficiency, so that investors can expect maximum transparency.

While the PIA establishes the legislative and regulatory foundation, the Executive Orders make sure the availability of competitive incentives, strengthening domestic participation, and improving operational timelines. These reforms, according to Komolafe, points towards Nigeria’s enthusiasm in welcoming innovation and investment in the upstream sector.

New investments amounting to US$16bn and initiatives such as the Project One Million Barrels to boost daily production to 2.5 mn barrels by 2026 will ensure energy security, resilience and environmental sustainability.

To achieve this the Commission has incorporated in the PIA framework key regulatory initiatives such as upstream digitisation, infrastructure expansion, and the implementation of transparent licensing systems aimed at enhancing efficiency, reducing costs, and restoring investor confidence.

Nigeria is aiming a gas-driven energy transition. The country has pledged to end routine gas flaring by 2030 and reduce methane emissions by 60% by 2031. He also announced the designation of 18 March as Nigeria’s official Upstream Decarbonisation Day, underscoring NUPRC’s commitment to climate aligned development, carbon markets, and emissions tracking.

Komolafe further warned that the Commission will continue strict enforcement of the Nigerian Gas Flare Commercialisation Programme (NGFCP), noting that regulatory action has already been taken against defaulting producers.

Afreximbank remains a longstanding financial partner to Oando PLC. (Image source: Afreximbank)

Oando Oil Limited is now closer to its production goals as African Export-Import Bank (Afreximbank) completes upsizing its reserve-based lending facility in favour of the oil and gas company for US$375mn

The company’s pay down of the original US$525mn facility, secured in 2019, to US$100mn in 2024 created significant headroom for refinancing and enhancing Oando’s financial flexibility.

Alongside Afreximbank, the upsizing was also supported by Mercuria Asia Resources PTE Limited (Mercuria). This will advance Oando’s strategic capital management, aiding the company's ambition to achieve production of 100,000 barrels of oil per day and 1.5 bn cu/ft of gas per day by the end of 2029, effectively boosting Nigeria’s oil output and reinforcing the country’s position in the global energy market.

The upsizing will also lead to local economic growth by creating jobs, upgrading infrastructure, and fostering technological advancements in the oil and gas sector.

“We are pleased to have completed the upsizing of our RBL facility, a strategic milestone that reinforces our commitment as Operator of the Oando-NEPL JV to maximising the value of our expanded asset portfolio. Our Joint Venture holds extensive reserves with the potential to generate over US$11bn in net cash flows to Oando over the assets’ life. This working capital facility is a critical enabler towards efficiently extracting and monetising these resources. We appreciate the continued partnership of Afreximbank and Mercuria, whose unwavering support underscores their alignment with our long-term focus on maximizing production, optimizing asset performance, and delivering sustainable value to all stakeholders,” said Wale Tinubu, group chief executive, Oando PLC and executive chairman, Oando Energy Resources.

“Afreximbank remains a longstanding financial partner to Oando PLC and its affiliates and has consistently supported the company’s growth and expansion initiatives. We are delighted that Mercuria, one of the world’s largest independent energy and commodities groups and one of our partners, has brought its global expertise and financial backing to the transaction, further strengthening Oando’s ability to execute its production growth strategy,” said Haytham Elmaayergi, executive vice president, Global Trade Bank, Afreximbank, as he stressed on Afreximbank's focus in promoting local content in the region's oil and gas sector. 

The Cabora Bassa Project will be receiving National Project Status (NPS). (Image source: Adobe Stock)

Invictus Energy Limited's Petroleum Production Sharing Agreement (PPSA) for its 80%-owned and operated Cabora Bassa Project in Zimbabwe has been consolidated with the Petroleum Exploration Development and Production Agreement (PEDPA) to ensure long-term results 

This comes following close cooperation with the relevant line ministries to finalise the terms of the PPSA. The consolidation will ensure robust, balanced, and transparent agreement that meets international standards.

The Cabora Bassa Project will be receiving National Project Status (NPS) from the Ministry of Finance, recognising its potential to deliver broad-based economic benefits, attract foreign investment, and create employment. This will unlock for Invictus a suite of fiscal and non-fiscal incentives including duty exemptions, fast-tracked permitting, and streamlined access to key infrastructure and services.

Invictus is progressing the contracting and procurement of long lead items and critical services in preparation for the Musuma-1 exploration well, scheduled to spud in the second half of 2025.

Mthuli Ncube, Zimbabwe's Minister of Finance, said, “The Cabora Bassa Project is a nationally significant development, and we are working closely with Invictus to finalise the PPSA and ensure a transparent, fair and commercially sound agreement. The Government looks forward to the successful formalisation of National Project Status and the long-term benefits the project will bring to Zimbabwe.”

Invictus managing director, Scott Macmillan, said, “We are greatly encouraged by the Government’s continued support and the positive momentum towards finalising the PPSA. The Ministry of Finance’s agreement to provide National Project Status is a key milestone, and we look forward to completing the formalities in due course. We remain on track with preparations for Musuma-1 and are excited about the next phase of activity at Cabora Bassa.”