E&P

The lifted barrels will be sold over the coming months.

PetroNor E&P ASA's latest lifting figures at 964,593 barrels of entitlement oil from the PNGF Sud field offshore Congo sets the company's record in single-lifting volumes with a significant overlift over 500,000 barrels

This comes even when production efficiency remained at 86% and not at full capacity due to an infrastructure interruption, which had nearly half of the wells to be shut-in for as many as 16 days in February. Once the wells were back in production during the following month after the completion of all repair works, gross daily output capacity at exit Q1 shot past 31,000 bopd (net 5,200 bopd). The five-well infill programme in Tchibouela East played a significant role in the production boost. 

The lifted barrels will be sold over the coming months with entitlement oil of circa 100,000 barrels per month.

The realised price of the sale will be determined according to the current market conditions and the lifting contract with ADNOC. This realisation will be announced at the end of April.

First quarter average net working interest production was 4,721 bopd, compared with 4,564 bopd in the previous quarter and 4,303 bopd in the first quarter of 2025.

Last year, PetroNor's yield saw a 90% improvement over its 2024 average of 86%. Its impressive lifting figures are attributable to a restocking of significant overlift position while building entitlement oil inventory. 

Block 3/05 Joint Venture partners have signed an agreement with Sonangol.

With an aim to achieve a potential gross production uplift of around 9,000 barrels of oil per day, Afentra has secured contracts to advance its accelerated two-well drilling programme on Block 3/05 offshore Angola

The primary objective will help define the material upside potential in the Pacassa SW area (up to 70 mmbo recoverable) and the Impala field (up to 50 mmbo recoverable). 

The Block 3/05 Joint Venture partners have signed a commercial agreement with Sonangol to use the Borr Grid jackup rig for the well programme. It will begin with the drilling of Pacassa SW, which will determine the next well eligible for drilling, be it the Pacassa SW injection well or the Impala-2 development well.

The Pacassa field which is anticipated to hold up to 210 mmbbls of oil will be drilled from the Pacassa F4 platform. If the drilling is a success, the well will be put to completion before connecting it to the existing production infrastructure. 

The Impala field, on the other hand, can potentially play a significant role in defining the upside potential of the field that can contain up to 200mmbo of oil in place. Impala-2 will be drilled from the Impala wellhead platform into the Impala field around 1000m from the existing Impala-1 production well. Upon completion the well will be connected to the existing production infrastructure. The outcome will also assist in defining the optimum Impala field development which has up to 50mmbo of incremental recoverable resources.

"The ability to accelerate our drilling programme is a pivotal moment for Afentra, marking a clear transition to the execution phase of our organic growth strategy. This opportunity is a direct result of the strong, collaborative partnership we have with Sonangol and the Joint Venture. The funding structure agreed with Sonangol allows us to fast-track the unlocking of significant potential value from both the Pacassa SW area and the Impala field without impacting our 2026 cash capex. This programme is designed to efficiently convert resources into production, growing volumes through our existing infrastructure and delivering tangible value for our shareholders. Crucially, it will also provide invaluable data to de-risk and define future prospectivity across the wider Block 3/05 area, optimising our long-term development plan," said Paul McDade, Chief Executive Officer of Afentra. 

Most African economies are net importers of fuel and fertiliser.

The war involving Iran has moved from a geopolitical story to a supply chain shock -- and fast

At the centre of it all is the Strait of Hormuz. In normal times, roughly a quarter of global seaborne oil flows through that narrow channel. Today, it’s partially blocked, militarised and unpredictable. That matters more than most people realise, especially in Africa.

This is not just an oil story. Yes, oil is the headline. The International Energy Agency is already calling this the largest disruption in oil market history, with up to 30% of global oil flows affected. Prices are responding accordingly. Analysts are openly discussing US$150-US$200 per barrel scenarios if disruption persists into the next four to eight weeks.

But stopping at oil is missing the real risk. Because Hormuz doesn’t just move fuel. It moves, fertiliser, petrochemicals, plastics inputs and liquefied natural gas. And that’s where Africa gets hit hardest.

Across East and southern Africa, dependence on Middle Eastern supply chains is structural, not optional. Countries like Kenya, Tanzania, Ethiopia and Zambia are already implementing emergency measures, including subsidies and reserve releases. In parts of East Africa, over 50% of fertiliser imports come via these routes and globally, up to one-third of fertiliser trade moves through Hormuz.

And prices are moving fast; Urea prices are already up by 50% since the conflict began and fertiliser shortages are expected to impact planting cycles within weeks. That translates directly into higher food prices, lower yields and increased inflation. In economies where food already dominates household spend, that’s not a marginal issue. It’s systemic.

Fuel price shock hits logistics immediately

Diesel is the bloodstream of African logistics. As oil spikes, transport costs rise almost instantly. We can expect higher road freight tariffs, airline and shipping surcharges and margin compression across FMCG and retail

Shipping delays compound the problem

Major shipping lines have already rerouted vessels around the Cape of Good Hope, adding weeks to transit times. That means longer lead times, working capital pressure and more stockouts.

Fertiliser becomes the sleeper crisis

This is the one most executives will underestimate. Miss a planting window, and the impact shows up months later in food inflation, social pressure and currency weakness. 

Secondary shortages begin to emerge and this is where it gets messy:

Plastics (packaging constraints)
Chemicals (manufacturing inputs)
Even pharmaceuticals

The supply chain doesn’t break in one place—it ripples. The brutal reality is that Africa is a price taker. Most African economies are net importers of fuel and fertiliser and are highly exposed to global shipping routes which means there is very little control, only response.

The difference between businesses that weather this disruption and those that don't will not be found in strategy decks. it will be found in the decisions made over the next two to four weeks. Lock in supply now, even at uncomfortable prices, because in volatile markets availability will always beat price.

Selectively build buffer stock across fuel, critical imported inputs, and high-margin SKUs. Working capital will sting, but stockouts will cost more. It is important to reroute early, explore alternative ports, different origin countries, and split shipments before the options narrow.

Reset contractual expectations with both customers and suppliers without delay, because what was considered late last month is fast becoming the new normal. Run at least three disruption scenario -- two weeks, six weeks, three months -- and tie each directly to pricing, inventory policy and customer communications. Finally, watch fertiliser and food input prices closely: even if the business sits outside agriculture, its customers do not, and the ripple effects on patterns are coming regardless. The window to act is open. It will not stay that way.

This is not a distant war -- it is a supply chain event with immediate commercial consequences. Should the Strait of Hormuz remain unstable for another month, Africa will not simply absorb higher prices; it will contend with slower trade, tighter margins, and rising food insecurity. The uncomfortable truth is that the businesses which act early will appear paranoid today -- and exceptionally well-positioned in 30 days.

The article has been written by Ronald Mlalazi, president, Africa Supply Chain Confederation

The BED facility will undergo maintenance shutdowns twice in 2026.

Liquids-rich development drilling and the ongoing waterflood programme in the Badr El Din (BED) concession has resulted in increased production levels from Egypt for Capricorn Energy's 2025 report at 20,024 barrels of oil equivalent per day, surpassing the year's guidance of 17000-21000 bopd

The new guidance for 2026 is hence set at 18000-22000 boepd, also driven by a forecast to generate 43% liquids. A four-rig drilling programme has been put in place throughout the year with a special focus on the liquids-rich area. It will also include activities on the gas-prone Bahariya target which was found last year. Operating costs for the year are anticipated around US$5-7 barrels of oil equivalent. The US$217mn collected from Egypt in 2025 will cover the funding for the sustainably designed drilling plan.

The BED facility will undergo maintenance shutdowns twice in the year.

The Egyptian General Petroleum Corporation and the Egyptian Cabinet have approved the merged concession agreement, with formal ratification expected within the first half of 2026.

"2025 was a year of significant operational, strategic and financial progress for Capricorn, marked by a number of milestones across our Egypt operations.

"In May we received approval from the Egyptian General Petroleum Corporation (EGPC) to consolidate eight of our existing Egyptian concession agreements into a single, merged concession agreement, unlocking significant fiscal and operational benefits which should allow us to extract additional value from our existing portfolio. The new agreement, anticipated to receive parliamentary ratification in H1 2026, secures access to an additional development lease area and two open exploration areas adjacent to our existing acreage. These additions supported a 20.2 mmboe increase of working interest (WI) 2P reserves (certified at year end), enhancing future development potential. The improved fiscal terms will drive increased investment and cash flow across a range of oil prices and at $80 per bbl our netback improves from $18 to $23 per boe. Furthermore, it includes a 60% increase in gas pricing for incremental volumes from both existing fields and new discoveries.

"Operations in Egypt delivered full year production of 20,024 boepd, exceeding the midpoint of 2025 guidance, supported by liquids-rich development drilling and the ongoing waterflood programme in the Badr El Din (BED) concession.

"Despite a volatile macroeconomic environment and fluctuating commodity prices, we collected $217m from Egypt, reducing the Company’s accounts receivable to $86m.

"Capricorn’s progress in 2025 provides a robust platform to build a cash-generative business. A key priority for 2026 will be accelerating development activities in the merged concession area.

"Our strategic priorities for the coming year are to maximise value from our Egyptian assets through disciplined investment, prioritise shareholder value, and continue to explore value-accretive opportunities, primarily in Egypt, with a secondary focus in the UK North Sea and the broader MENA region," said Randy Neely, the chief executive of Capricorn Energy.