E&P

SNH’s licensing initiative aligns with Cameroon’s broader strategy to optimise hydrocarbon resources.

Five out of nine blocks launched during Société Nationale des Hydrocarbures' (SNH) 2025 licensing round have been offered to winning bidders for production sharing contract negotiations in Cameroon

SNH has confirmed that Octavia Energy Corporation has been awarded the Bolongo Exploration block in the Rio del Rey Basin, while Murphy West Africa secured four blocks in the offshore Douala/Kribi-Campo area: Etinde Exploration, Tilapia, Elombo and Ntem. The remaining blocks – Ndian River, Bakassi, Bomono and Kombe-Nsepe – remain part of the broader licensing round framework following the current phase of evaluation.

Reflecting boosted demand for offshore exploration and brownfield development, Cameroon is the latest in a number of African countries such as Libya or Sierra Leone among others who have recently announced licensing rounds. These fresh licensing rounds are distinguished in their structured, investment-driven approach to re-engage international operators and unlocking underexplored acreage. Cameroon's latest licensing round, in particular, is in line with its strategy of productoion optimisation to address declining output from mature fields, and attract capital and technical expertise to support renewed exploration activity.

The Douala/Kribi-Campo area, where Murphy West Africa will focus its activities, is widely regarded as a highly prospective offshore petroleum province within Cameroon’s broader coastal basin system, with notable gas potential despite being less explored than the Rio del Rey Basin. Meanwhile, the Rio del Rey Basin – home to Octavia’s Bolongo block – remains an established production area with opportunities for redevelopment and enhanced recovery.

SNH’s licensing initiative aligns with Cameroon’s broader strategy of resources optimisation, output stabilisation from declining fields, and attract capital and technical expertise to support renewed exploration activity. This comes amid gradual production declines across legacy assets, reinforcing interest in both offshore gas development and incremental oil recovery opportunities.

At the same time, Cameroon is seeking to strengthen gas monetization pathways and expand domestic energy supply, with growing emphasis on gas-to-power development and broader industrial applications. This strategy is closely linked to LNG development, downstream gas processing and infrastructure expansion – particularly around Kribi – which is expected to support the development of integrated gas value chains. Planned pipeline projects, port upgrades and industrial gas-to-power initiatives are also expected to reinforce midstream and downstream capacity while improving monetization of domestic resources.

The partners will work to secure Libya's stronghold in the global energy markets. (Image source: Libya NOC)

Advancing exploration prospects across Libya's resources-rich basins, the National Oil Corporation (NOC) has signed a memorandum of understanding (MoU) with oil major, Chevron, to conduct a joint study for the assessment of unconventional shale oil and gas resources

The partners will deploy their technical teams to study and assess the development potential of resources across three sedimentary basins in the region, namely Sirte, Murzuq, and Ghadames. The teams are anticipating the presence of around 123 trillion cu/ft of gas reserves, alongside approximately 18 billion barrels of oil. If confirmed, the partners will work to secure Libya's stronghold in the global energy markets.

According to the NOC chairman, Masoud Suleman, this MoU marks a stepping stone for several such influential partnerships to come into the country, adding to its already-delivering exploration efforts.

Suleman highlighted that the MoU formalises the first joint study in Libya to assess unconventional resources. The national staff will work closely with Chevron’s American staff, fostering knowledge sharing in practical field experience, acting as a launchpad for the nation to deliver professional and technical development that meet international industry standards. This will empower the nation's workforce to take on such tasks in the future independently. 

Libya's global presence continues to grow steadily as Sulzer launched an in-country rotating equipment services in the region, while Eni confirmed a gas discovery in the western offshore area. 

The company is aiming for stronger production generation.

Tullow Oil has stepped into 2026 with a strong financial optimisation strategy in place, building on the previous year's results

In 2025 itself, the company recorded commendable value from limited capital expenditure, with 8 kbopd count from one of the new Jubilee wells brought onstream, and the FPSO at Jubilee and TEN reaching 97% uptime in average. Also it has got on the books US$347mn proceeds from the sales of its Gabonese and Kenyan assets.

For a financially sound delivery of its investment programme and optimum asset value realisation, the company recently completed a comprehensive refinancing transaction, including an extension to its Senior Secured Notes and Glencore facility to November 2028 and May 2030 respectively, and a new US$100mn cargo pre-payment facility with Glencore to provide additional liquidity. 

“Throughout 2025 and into early 2026, we have delivered against a clear set of strategic priorities to position Tullow for long-term success. This began with the consolidation of our business to focus on our high-value assets in Ghana, with the sale of our non-core assets in Gabon and Kenya, alongside significant cost reductions. These efforts positioned the company strongly for the successful refinancing, which completed earlier this month with overwhelming support from our creditors. This transaction provides Tullow with the strong financial foundation and flexibility required to deliver value for stakeholders," said Ian Perks, chief executive officer, Tullow Oil plc. 

The company is aiming for stronger production generation than usual, encouraged by an overall 43.4 kboepd during the first quarter of 2026. Further material oil and gas reserves have opened up for the company as the Ghanaian parliament ratified long-term extensions for the Jubilee and TEN fields till 2040. 

With the acquisition of the TEN FPSO, the company is securing maximum cost efficiency in unlocking future reserves and the long-term development of the TEN and Jubilee fields. This year, an additional four Jubilee wells, including three producers and one water injector, are expected onstream. As part of the current drill programme, Tullow is focussing on well designing and placement backed by data interpretation from 4D and OBN seismic survey.

"We are particularly encouraged by the positive early results from our Ghana drilling campaign...A key milestone has been the agreement to purchase the TEN FPSO, a value-accretive acquisition that significantly improves the field’s economics by eliminating lease costs and providing an opportunity to capture operating cost savings. Additionally extending the Jubilee and TEN petroleum agreements to 2040, and higher oil prices have further strengthened our platform for sustainable growth,” Perks said. 

Since 2024, Petrobras has resumed its operations on the African continent.

Petrobras has signed a contract with Oranto Petroleum for the acquisition of a stake and Operatorship of Block 3, offshore Sao Tome and Príncipe, in Africa

The current consortium is composed of Oranto, the current operator with a 90% stake, and the National Petroleum Agency of São Tomé and Príncipe (ANP-STP), with 10%. Petrobras is acquiring 75%, and upon completion of the transaction, the consortium will consist of Petrobras (operator, 75%), Oranto (15%), and ANP-STP (10%).

Since 2024, Petrobras has resumed its operations on the African continent and already has a stake in blocks in Sao Tome and Príncipe.

The operation reinforces exploratory activity on the African continent, with the purpose of portfolio diversification, and is aligned with the company's long-term strategy, aiming at replenishing oil and gas reserves through exploration of new frontiers and collaboration.

The acquisition of the block in São Tomé and Príncipe complied with all the company's internal governance procedures, and is in line with the 2026-2030 Business Plan.

The completion of the transaction is subject to the fulfillment of precedent conditions, including applicable governmental and regulatory approvals from Sao Tome and Principe.

Sao Tome and Principe is gaining traction as Galp had also entered a farm-in agreement with a Shell-affiliate to acquire 27.5% interests in the region, last year. Categorised as Block 4, the area also includes Petrobras with 27.5% interests, while Shell holds Operatorship at 30% interests, and ANP-STP has 15%.