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Exploration

The company is outlining a US$60bn investment pipeline.

Reflecting a year of strong operational delivery, the Nigerian National Petroleum Corporation Limited has reported a profit after tax of US$3.6bn

This growth will be leveraged by the company to outline a US$60bn investment pipeline with oil and gas developments a priority. 

As the results recorded a 64% year-on-year growth, Bashir Bayo Ojulari, Group chief executive officer, said, "The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.”

“They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians,” he added. 

Alongside investments across upstream operations and gas infrastructure, the company has plans for clean energy development as well. Its key strategies include boosting crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030. In the natural gas front, the company aims increased generation at 10 bn cu/ft per day by 2027 and 12 bn cu/ft per day by 2030, while turning around major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration. The company is mobilising US$60bn in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

TotalEnergies becomes the operator of OPL257. (Image source: TotalEnergies)

In major transactions offshore Nigeria, Nigerian independent, Conoil Producing Limited, has entered block OML136 following the acquisition of a 40% participating interest from TotalEnergies, while selling a 50% operated interest in block OPL257 to TotalEnergies, retaining 10%

As TotalEnergies becomes the operator of OPL257 with a 90% interest, the company is looking at an area of around 370 sq kms that makes up the block, situated 150 kms offshore the coast of Nigeria. This is adjacent and extends to PPL 261, where the Egina South field was discovered. The OPL257 side includes an appraisal well of Egina South which is set to be drilled next year, before it is developed as a tie-back to the Egina FPSO, located approximately 30 km away.

"This transaction, built on our longstanding partnership with Conoil, will enable TotalEnergies to proceed with the appraisal of the Egina South discovery, an attractive tie-back opportunity for Egina FPSO. This fits perfectly with our strategy to leverage existing production facilities to profitably develop additional resources and to focus on our operated gas and offshore oil assets in Nigeria," said Mike Sangster, senior vice-president Africa, Exploration & Production at TotalEnergies.

 

The well has been drilling safely and efficiently.

With prospects from the Kavango West 1X exploration well offshore Namibia scaling high, Reconnaissance Energy Africa Ltd has drilled it to a depth of 4,158 m, surpassing the originally planned total depth of 3,800 m 

Acknowledging the team’s progress, Brian Reinsborough, president and CEO of the company, said, “The well has been drilling safely and efficiently. The company is encouraged with the drilling results to date, which show the presence of hydrocarbons through numerous oil and gas shows, as well as strong and consistent natural gas markers on mud logs throughout the Otavi reservoir package.”

While securing approval for the additional drilling went smooth, there was a delay due to a drive shaft failure, which required extensive repairing work. Following more drilling, the company will be arranging wireline logging and fluid sampling on the Otavi formation for fool proof verification on the multiple hydrocarbon shows.

“We plan to conduct an extensive wireline test programme to verify the hydrocarbon shows, including fluid sampling and pressure measurements upon reaching TD. Due to the scale of what we are testing at the Kavango West prospect and the broader Damara Fold Belt play, we plan to disclose the results when the well has been thoroughly evaluated. We remain on track to provide results prior to year-end,” Reinsborough said.

The Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu.

As Uganda prepares for oil production early next year, the country has in place an integrated system that goes beyond the oil and gas value chain to also include the citizens of the country at large

The Ugandan administration has made oil and gas the centre of its operations, fostering partnerships on advancing public awareness regarding the sector. It is initiating ways to break down complex and ultra-technical concepts of the hydrocarbons industry for the better understanding of the general public. This also includes simplifying conversations around 'local content' or 'first oil' so that everyone can identify with the industry and be active drivers of it. 

As mega projects such as Tilenga and Kingfisher keep rolling, banks are especially focusing on the oil and gas industry, empowering local firms to pursue large contracts. They are initiating capacity-building partnerships, working capital solutions, asset finance and trade guarantees. 

Uganda's Ministry of Energy and Mineral Development has been the instrumental force behind such advancements. The Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu, spoke to Oil Review Africa on Uganda's ambitions of becoming a significant energy producer in Africa's energy landscape:

How does Uganda plan to leverage the global oil market, given its current volatility? 

Uganda is mainly focusing on long-term contracts, regional market integration, and value addition through refining and petrochemicals. We are building resilience by maintaining fiscal discipline, encouraging local processing, and adopting clean, low-cost production to stay competitive even in volatile markets.

What are the primary driving factors behind Uganda's integrated oil and gas approach, and how is the country's administration managing such a vast concept? 

Integration maximises value across the petroleum value chain -- exploration, production, refining and export, while promoting industrialisation and job creation. Clear institutional roles of the Ministry of Energy and Mineral Development, Petroleum Authority of Uganda and Uganda National Oil Company, and coordinated project oversight will ensure efficiency, transparency, and timely delivery.

As Uganda rapidly adapts to a diverse energy mix, how is oil and gas faring in the equation?

Oil and gas remain central to Uganda’s energy security and industrial growth while supporting the transition to renewables. Gas is being developed for power generation, fertilisers and clean cooking, and revenues from petroleum will fund renewable expansion and grid investment.

Is a significant overhaul of existing policies anticipated with the launch of the revised National Oil and Gas Policy? 

There is no major overhaul, rather an update to reflect new realities. The revised policy strengthens gas utilisation, decarbonisation, local content and transparency, ensuring alignment with Uganda’s energy transition (preferably addition) plan and sustainable development goals.

What is Uganda willing to bring to the table in ADIPEC 2025, and what will be the country's take-aways from the event?

Uganda brings investment-ready projects in the upstream, East African Crude Oil Pipeline and refinery, and a stable policy environment. We seek partnerships, technology transfer, specifically Artificial Intelligence systems, financing and market linkages to accelerate development and advance our energy transition (addition) agenda. 

 

This well marks the first discovery for OMV in Block 106/4.

The National Oil Corporation (NOC) of Libya has announced a new oil discovery by OMV Austria Ltd – Libya Branch in the Sirte Basin, specifically at well B1 in Block 106/4

Production tests show that this exploratory well, reaching a depth of 10,476 feet, is producing over 4,200 barrels of oil per day, with gas production expected to exceed 2.6 million cubic feet daily.

This well marks the first discovery for OMV in Block 106/4, under the Exploration and Production Sharing Agreement (EPSA) signed in 2008 between the NOC, as the owner, and OMV, as the operator.

Libya has reopened to investors for exploration and development prospects, and recently the region also saw high-quality seismic data acquisition. A survey has been initiated onshore Concession 57 by Libya's Arabian Gulf Oil Company, who collaborated with Polaris and Tay Oil Services to deploy Stryde's onshore nodal seismic solutions. 

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