Eni has exercised its pre-emption right.

Nigeria Agip Exploration Limited-subsidiary Eni has acquired an additional 2.5% stake in the OML 118 production sharing contract that contains the Bonga field

The oil major has exercised its pre-emption right to make this acquisition. NAE holds non-operating interests in the OML118. 

Following the transaction, which has received all necessary regulatory approvals, NAE's share in OML 118 PSC increased from 12.5% to 15%. This acquisition is fully aligned with Eni’s strategy to optimise its upstream portfolio and further strengthens the company’s commitment to deepwater projects in the country.

The divestment is now completed as the transaction has been made for an aggregated amount of US$510mn.

Eni has been present in Nigeria since 1962, with an average equity production of 50 Kboed in 2025. 

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.