Exploration

The project could reduce the fleet’s GHG emissions by up to 10%. (Image source: Opsealog)

Offshore data integration and analysis provider, Opsealog, has been awarded a two-year contract with Azule Energy to reduce fuel consumption and greenhouse gas (GHG) emissions from its offshore supply vessel (OSV) fleet

Through enhanced data collection, integration and analysis, the project could reduce the fleet’s GHG emissions by up to 10%, according to initial estimates by Opsealog.

The agreement covers 28 OSVs in the first year, expanding to Azule Energy’s full fleet of 33 vessels in 2025. The main objective is to reduce the fleet’s fuel consumption and greenhouse gas emissions, supporting regulatory compliance and Azule Energy’s own environmental commitments.

Opsealog’s e-reporting system Streamlog will fully digitise onboard reporting and deliver real-time vessel tracking for the fleet, which is operated across three oil blocks in Angola. This data will be integrated and analysed through Opsealog’s Marinsights platform to provide in-depth insights that will help boost operational efficiency, reduce fuel consumption and emissions, and maximise vessel safety and reliability.

By optimising operations, the project will help Azule Energy address challenges such as the frequent need for vessels to move urgently between the different blocks. It will use data-driven insights to develop a cost allocation system per block, tackling the additional costs and emissions associated with vessel scheduling deviations.

Luis Buezas Jiménez, international business manager at Opsealog, said, “This partnership with Azule Energy demonstrates how digitalisation is an essential foundation for progress on a wide range of operational aspects in the offshore sector – including the industry’s chief priorities of safety and sustainability. Through enhanced data collection and integration, teams will be equipped with data-driven insights to immediately improve operational efficiency and reduce harmful emissions. We are proud to embark on this project and support Azule Energy’s ambitions of delivering responsible energy development for the communities of Angola.”

The Olo and Olo West Fields were formerly part of OML 58. (Image source: Adobe Stock)

Aradel Holdings Plc, through its subsidiary, Aradel Energy Limited, has signed a sale and purchase agreement to acquire the 100% interest in the Olo and Olo West Marginal Fields from TotalEnergies EP Nigeria and NNPC Limited

The Olo and Olo West Fields were formerly part of (oil mining license) OML 58.

The acquisition was completed for a consideration of US$16mn, plus US$3.5mn of deferred and conditional payments. The petroleum mining lease (for Olo) and petroleum prospecting license (for Olo West) will be issued after the payment of relevant Ministerial Consent fees and completion of approved field development plans within designated timeframes.

If exercised, the Option Agreement will increase Africa Oil’s Impact shareholding to 39.5%. (Image source: Adobe Stock)

Africa Oil Corp has announced that it has signed a call and put option agreement with three shareholders (selling shareholders) in Impact Oil and Gas Limited to purchase a material 7.0% interest in Impact (option agreement)

If exercised, the Option Agreement will increase Africa Oil’s Impact shareholding to 39.5%.

Africa Oil chief executive officer, Roger Tucker, said, “Through our shareholding in Impact we have exposure to an exciting opportunity set in Namibia’s Orange Basin, including the Venus oil discovery, and a highly prospective exploration and appraisal programme on Blocks 2913B and 2912. This purchase achieves the company’s objective of materially increasing its ownership in Impact, enhancing its rights and influence over a core strategic asset and value driver for Africa Oil.”

Under the Option Agreement, the company has the right to acquire an additional 80,160,198 shares in Impact at an exercise price of GBP 0.57 per share for a period of up to six months (“Option Period”) from the Option Agreement’s signing date of 27 August 2024. The company has purchased the call option feature at a price of GBP 0.08 per underlying Impact share. If Africa Oil has not exercised its call option by the end of the fourth month post the Signing Date, Selling Shareholders have the right to put their Impact shares to Africa Oil at an exercise price of GBP 0.57 until the expiry of the Option Period.

If the Option Agreement is exercised, Africa Oil will hold 449,464,396 shares in Impact representing a 39.5% shareholding position on a fully diluted basis.

63 wells in Tilenga and 9 in Kingfisher have been drilled. (Image source: Adobe Stock)

Uganda’s journey towards its first oil production by 2025 is on track, with critical milestones achieved in the Tilenga and Kingfisher projects, Ruth Nankabirwa Ssentamu, the Minister for Energy and Mineral Development, announced at a press conference for the media

She confirmed that 63 out of the planned 426 wells in the Tilenga project have been successfully drilled, surpassing the target necessary for first oil. Additionally, 9 out of the 11 wells required for first oil in the Kingfisher project have also been completed.

In addition to the drilling achievements, the Minister pointed out other critical developments, including the near completion of civil works at the Tilenga Industrial Area and the ongoing construction of the Central Processing Facility (CPF) at both the Tilenga and Kingfisher sites. These facilities are vital to Uganda’s oil production capacity and are expected to be fully operational in time for the first oil.

Speaking at the Ministry of Energy and Minerals offices in Kampala, Hon. Dr. Nankabirwa underscored Uganda's progress in the oil and gas sector as a testament to the country's determination to become a key player in the global oil market.

She emphasised that the Tilenga and Kingfisher projects, which are critical components of Uganda’s oil development strategy, are advancing steadily. With 63 out of 426 wells completed in Tilenga and 9 out of 11 in Kingfisher necessary for first oil, Uganda is firmly on track to achieve first oil by 2025.

The Minister also highlighted the strategic importance of the East African Crude Oil Pipeline (EACOP) and the Uganda Refinery, noting that these midstream projects are crucial in ensuring that Uganda maximizes the economic benefits from its petroleum resources.
“Our integrated approach, which includes the upstream, midstream, and downstream sectors, positions Uganda to significantly contribute to the global oil supply, fostering economic growth and boosting national revenue,” she said.

Nankabirwa also reaffirmed the government's dedication to balancing economic growth, social development, and environmental conservation as the country navigates its path to prosperity. "Uganda's leap in economic growth is partly based on the development of its oil and gas resources, which, once commercialized, will significantly impact all Ugandans," she noted.

“These developments are not only pivotal for Uganda's economy but also have significant implications for the global energy market. Uganda’s oil reserves, estimated at 6.5 billion barrels with 1.5 billion barrels recoverable, are set to make the country a key player in the global oil industry. The successful completion of these projects will ensure a stable and reliable supply of energy resources, contributing to global energy security.”

Nankabirwa emphasized Uganda’s commitment to transparency and sustainability, highlighting the ongoing review of the National Oil and Gas Policy to align with the dynamic global environment. "Balancing economic growth, social development, and environmental conservation remains a priority as we navigate our path to prosperity," she said.