Petrobras is interested in nine blocks. (Image source: Adobe Stock)

Brazilian oil company, Petrobras, has submitted a declaration of interest for exploratory blocks on the offshore areas of the Ivory Coast

The Ivory Coast government, through its Council of Ministers, approved Petrobras' declaration of interest for nine blocks. This is the first phase in the acquisition process for exploratory areas in the region, which is then followed by contractual negotiations of the exploratory blocks.

The purpose of the declaration is to ensure exclusivity in the contractual negotiation phase.

Petrobras highlights that the decision to submit the declaration of interest to the Ivory Coast government complied with all of the company's internal governance procedures, in line with its longterm strategy, which is aimed at replenishing oil and gas reserves by exploring new frontiers, both in Brazil and internationally.

The evaluation of new areas is targeted at diversifying the company’s exploratory portfolio and generating value. Any material developments will be promptly disclosed to the market

The agreement remains subject to relevant approvals. (Image source: Adobe Stock)

Deepwater ocean-infrastructure designer, SBM Offshore, has signed a share purchase agreement for the full divestment of the company’s equity interest in the lease and operating entities of the FPSO Aseng to GEPetrol

SBM Offshore’s exit from Equatorial Guinea will take place following a 12-month- long operational transition phase.

SBM Offshore’s sale of its participation in the unit in Equatorial Guinea is in line with its strategy to rationalise its Lease & Operate portfolio, as per other recent transactions.

The agreement remains subject to several conditions precedent and approvals.

Through the design, construction, installation, and operation of offshore floating facilities, SBM Offshore endeavours to advance just transition, ensuring cleaner, more efficient energy production. 

The MOU includes approval to drill up to 20 additional wells in the Jubilee field. (Image source: Adobe Stock)

The Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation and Explorco have entered into a Memorandum of Understanding to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licences to 2040, which cover the Jubilee and TEN fields in Ghana

The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to US$2bn in Ghana over the life of the licences. As a result of the extension the JV partnership expects to realise a material increase in gross 2P reserves.

The MOU reinforces to increase in the supply of gas from the Jubilee and TEN fields to c.130 mmscf/d, achieve reduced gas price for Jubilee associated gas, guaranteed reimbursement mechanism for gas sales, investment in GNPC and the Petroleum Commission’s capacity with a focus on the use of advanced technology, among others.

The next steps, following this MOU, are the submission for approval of a Jubilee Plan of Development (PoD) Addendum, entering into new fully termed gas sales agreements (GSA), and the submission for parliamentary approval of the payment security mechanism and licence extensions planned before the end of the third quarter of 2025.

John Abdulai Jinapor, Ghana’s Minister for Energy and Green Transition, said, “This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP partners marks a significant step forward in our nation's energy sector. Extending the licenses to 2040 demonstrates our commitment to fostering a stable and attractive investment climate. This MOU will not only ensure the continued production of oil, supporting our economic growth, but also allow us to further develop our infrastructure and create more job opportunities for our citizens. We are dedicated to responsible resource management and look forward to a prosperous future fuelled by sustainable energy practices.”

Richard Miller, chief financial officer and interim chief executive officer of Tullow, said, “This is a valuable step forward for the Government of Ghana, Tullow and our JV partners, highlighting the collaborative and constructive relationship we all have in reaching our shared goal of building a better future for the people of Ghana, through responsible oil and gas development. This extension and the fiscal stability of our contracts emphasizes the opportunity Ghana represents to deliver additional value through production and reserves additions, providing greater long-term optionality and materiality to these core assets.”

Andy G. Inglis, chairman and CEO of Kosmos, said, "This memorandum of understanding recognizes the importance of oil and gas in Ghana and the desire of the new administration to create an attractive environment for new investment in the sector. Extending the Ghana production licenses is highly accretive, adding material reserves and enabling the partnership to continue investing in the country for the long-term. This investment is expected to maximize the value of the fields for the benefit of the country’s economic development and Kosmos’ shareholders. We look forward to working with President Mahama and his government to invest in and advance Ghana’s energy sector."

Block 1 spans 19,929 sq km. (Image source: Adobe Stock)

With the formal approval from the South Africa Department of Mineral and Petroleum Resources for both the Exploration Right and Section 11 transfer, Eco Atlantic Oil & Gas Ltd's 75% Working Interest and full Operatorship of Block 1 offshore South Africa is now official

This acquisition, completed through Eco's wholly owned subsidiary Azinam South Africa Limited, significantly expands the Company's Southern African Orange Basin footprint and positions it as a key operator. The remaining 25% interest is held by Tosaco.

Block 1, which spans a vast 19,929 sq km, straddles the border between South Africa and Namibia. It offers full margin transect coverage from the shoreline to deepwater (shore to 263km offshore, in water depths up to 1,000m), encompassing both shallow and deepwater exploration potential.

Gil Holzman, co-founder and CEO of Eco Atlantic, said, "As the Orange Basin continues to demonstrate its world-class hydrocarbon proof and potential, Eco's executive team has worked relentlessly over the past 18 months to secure a premier asset on the South African side of the basin. With the successful approval and execution of the Exploration Right and 75% Working Interest award, we are proud to have secured one of the largest and prospective blocks in the entire basin with a known hydrocarbon footprint - Block 1 - located directly on the South Africa-Namibia maritime border. Block 1 adds to our portfolio in the Orange basin which also includes Block 3B/4B operated by TotalEnergies.

"We are grateful for the productive collaboration with the Government of South Africa and its key agencies, particularly our valued partners at the Petroleum Agency South Africa ("PASA"). I was honoured to attend the signing ceremony yesterday at PASA's offices in Cape Town. This milestone reflects the dedication and strategic focus of our leadership team in securing an asset with existing hydrocarbon evidence and significant upside potential and aligning with our strategy to partner directly with governments to secure agreements in high potential secure jurisdictions and to lay groundwork for future partnerships.

"Our technical team has already begun analysing the extensive, high-quality 2D and 3D seismic, and well logs data, which materially accelerates our path to drilling while reducing early-stage exploration costs and timelines. The block's prior discoveries, including tested gas flows and oil shows, confirm the presence of an active petroleum system.

"Initial interpretation is underway, and we are in the process of delineating early leads to develop the exploration strategy. We are already seeing significant inbound interests from international oil companies and mid-tier partners. As a result, we anticipate launching a formal farm-out process in August with further updates to follow in due course."