Industry

Wartsila to deploy power generation equipment for Nigerian plant

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The equipment will enhance the availability and reliability of power supply. (Image source: Wartsila)

Technology group Wartsila has concluded an engineering, procurement, and construction (EPC), along with a five-year-long operation and maintenance (O&M) agreement with Elektron Energy-affiliate Victoria Island Power Ltd for the installation of a power generation equipment for a new 30 MW power plant being set up on Victoria Island in Lagos

The equipment will enhance the availability and reliability of power supply from the natural gas-run power plant.

“Elektron has conceptualised, developed, and funded the IPP and has secured the implementation by engaging Wartsila to assume single point responsibility for the major construction and operational aspects related to the eventual power generation facility. This pioneering project relies on reciprocating internal combustion engine (RICE) technology that has the efficiency and flexibility to deliver clean and reliable electricity to our customers,” said Deen Solebo, co-CEO and CFO at Elektron Energy.

“ Wartsila’s core competence in the engine power plant and services aspects represents a unique combination of a global company with a local presence that provides developers and financiers the comfort to invest and gives end-customers the confidence to sign up for PPA’s with medium to long-term tenures. The Wartsila solution is extensively adopted by industrial, utility and IPP customers worldwide and the excellent credentials and track record have been recognised as a great value proposition by lenders, insurance companies, and multi-lateral funding institutions,” said Marc Thiriet, energy business director, Africa at Wartsila Energy.

“Elektron is especially grateful to the invaluable contributions of its institutional investors and funding partners who have made this project possible including ARM Harith Infrastructure Fund LP, Nigerian Sovereign Investment Authority, InfraCredit, Bank of Industry, FBN Quest, and Stanbic Infrastructure Partners,” Deen added.

The facility will comprise three Wartsila 34SG gas engine-generator sets with related auxiliaries and is configured to accommodate an extension with one additional engine-generator set at a later stage. The Wärtsilä modular power plant design concept enables this in a cost-effective manner with minimal disruption to ongoing operations.

BW Energy Gabon to maintain FPSO Adolo

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The handover will enable BW Energy Gabon to optimise field performance. (Image source: Adobe Stock)

BW Energy Gabon SA has taken over the operation and maintenance work of the FPSO BW Adolo from the principal companies, BW Offshore and BW Energy

An amended charter now includes a mutual put-and-call option on the FPSO for US$100mn, exercisable in 2028.

“Transferring daily operational control of BW Adolo to BW Energy Gabon is a natural step given their growing presence in Gabon and potential to capture efficiencies across the local organisation,” said Marco Beenen, the CEO of BW Offshore. “The seamless execution reflects the commitment of both teams to safeguard personnel, the environment, and asset integrity.”

“Assuming full O&M responsibility will allow BW Energy Gabon to optimise field performance and capture additional synergies across the Dussafu hub. We thank BW Offshore for its exemplary stewardship of the vessel and its continued support during the transition phase,” said Carl K Arnet, the CEO of BW Energy.

The FPSO unit is currently deployed on the Dussafu Marin licence offshore Gabon, where it has produced since first oil in 2018.

SNPC solidifies hold on Congo permits

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Congo Council of Ministers approve hydrocarbons laws. (Image source: Adobe Stock)

Congo's national oil company, Societe Nationale des Petroles du Congo (SNPC), gains a solid ground as two significant laws supporting the country's hydrocarbons industry receive approval of the Council of Ministers

The first law now recognises SNPC as the owner of the new Likouala II exploration permit, following Perenco and Congorep's (a joint venture between Perenco and SNPC) handover of shares. With the new structure, Perenco's shares stand at 64.5%, Congorep at 20.5%, and SNPC at 15%.

The second law allows the Ikalou II permit that comes from the Ikalou Sud concession. With this permit that is valid for 20 years, SNPC retains a 15% stake following Perenco's 85%.

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Congo oil and gas sector is thriving

Africa Oil becomes Meren Energy

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The rebranding follows the Prime consolidation. (Image source: Adobe Stock)

Africa Oil Corp has launched its new brand identity with a change of name to Meren Energy Inc

This follows the completion of the Prime consolidation, doubling reserves and production in high quality offshore assets that benefit from low lifting costs, premium Brent pricing and a favourable fiscal regime.

The Company’s common shares will trade under the new symbol ‘MER’ on the TSX and Nasdaq OMX Stockholm.

Commenting on the launch of Meren, president and chief executive officer, Roger Tucker, said, “The recent completion of the Prime consolidation felt like the natural catalyst to rebrand the Company given the transformational impact of that transaction. Over the last couple of years, we have worked diligently to enhance our investment proposition by simplifying the structure of the business and gaining more direct interests in our large-scale and high-netback assets in deepwater Nigeria. The business model has also evolved considerably over the past few years; moving away from being exploration led to being a full-cycle E&P underpinned by strong cash flow generation that supports our commitment to meaningful shareholder returns.”

The name Meren is derived from an old nautical term representing the mooring of a vessel as it docks. Inspired by the maritime legends that set sail in pursuit of new worlds, the name mirrors the Company’s stability anchored by a diverse portfolio, strong cash flow profile and proven ability to work side by side with industry leaders on world-class assets.

Meren will be working to drive long-term value through its existing portfolio of world-class assets. It will be considering strategic acquisition of production assets within target markets.

ExxonMobil to invest US$1.5bn for Nigeria's deepwater development

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Shane Harris, ExxonMobil’s managing director in Nigeria paid a courtesy visit to the chief executive of NUPRC, Gbenga Komolafe. (Image source: NUPRC)

In a clear move for startegic expansion, ExxonMobil has confirmed the initiation of planned investments of US$1.5bn for deepwater exploration and development in Nigeria

The announcement was made by Shane Harris, ExxonMobil’s managing director in Nigeria, during a courtesy visit to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe.

Expected to be implemented between Q2 2025-2027, the initiative will include production revitalisation from the Usan field, several funding approvals, and a field development plan approval during the late Q3 2025. Other activities include accelerated development of the Owowo and Erha fields, among others.

Emphasising the importance of collaboration between investors and regulators in meeting Nigeria's production optimisation goals, Komolafe said, “The Commission is committed to the implementation of Section 109 of the PIA which addresses the subject of willing buyer, willing seller and we urge producers to comply with the Domestic Crude Supply Obligation.”

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