“The farm-down agreement between Impact and TotalEnergies that was completed last year provides full carry of Impact’s exploration and development costs on Blocks 2912 and 2913B through to first commercial production from these blocks. This presents us with an attractive opportunity set to test different geological plays on these blocks at no upfront cost”, Africa Oil President and CEO Roger Tucker said.
“The supply side is also placing additional pressure on prices. Data from the American Petroleum Institute showed an unexpected increase of 3.8 million barrels in U.S. crude inventories, intensifying market fears of a structural supply surplus,” Gule pointed out.
Africa is home to the highest concentration of FLNG infrastructure in the world, underscoring its growing importance in the global gas market. The continent currently boasts an onshore LNG production capacity of approximately 70 Mtpa, accounting for around 14% of the global total. West Africa leads the charge within Sub-Saharan Africa, producing more than half of the region’s LNG last year and is targeting a 50% increase by 2030. At the heart of this growth is Nigeria, which contributes nearly two-thirds of West Africa’s LNG output and over one-third of the continent’s total —cementing its role as a cornerstone of Africa’s LNG ambitions on the global stage.
“The acquisition of EPIC NGL earlier this month, and today’s announcement that we are constructing a new gas plant in the Permian, furthers our integrated NGL [natural gas liquids] wellhead-to-market strategy, providing stable cash flow in uncertain market environments, enabling us to consistently return over 50 percent of net operating cash flow to shareholders”, said chair and chief executive Mark Lashier.
Average oil production rose by 36 percent to around 115,030 barrels per day in the first quarter of 2025, up from 84,777 barrels per day in the same period of 2024. Average natural gas production increased by 29 percent to 501.6 million cubic feet per day in the first quarter of 2025, compared to 389.9 million cubic feet per day during the first quarter of 2024.
Entso-e, the association of EU transmission system operators, released a report on Monday evaluating bidding zone configurations with the purpose of establishing “optimal bidding zone configurations in Europe to maximize economic efficiency and cross-zonal trading opportunities, while maintaining security of supply.”
Chinese demand also registered a decline in terms of LNG from state-run companies, with Bloomberg reporting that China re-exported over 280,000 tons of LNG in April to date, clocking in as the highest single-month re-export volume on record. The re-export volume represents nearly 8% of total imports for April.
West Texas Intermediate fell by 1.5% to settle near $62 a barrel, the lowest close in nearly two weeks. US equities also weakened amid a selloff in big tech and after a report found that Texas manufacturing activity had reached the lowest levels since May 2020. Treasury Secretary Scott Bessent told CNBC that while the US government is in contact with China, the onus is on Beijing to begin de-escalating the trade war with the US.
The Energy Secretary told the Three Seas Business Forum – which numerous leaders from the region attended Monday – that western Europe chose the wrong path of expensive “top-down imposition of enforced climate policies.” He argued that renewables investments weigh on growth and boost revenues of foreign companies, and that eastern Europe should pick a different path.
On Digital and Integration, the chief executive said, “The energy industry is focused on efficiency and performance, and our customers are recognizing the opportunity to unlock value from their data. As a result, operators are increasing their digital capabilities, strengthening partnerships with technology companies, and investing in digital and AI solutions. This is translating into highly accretive revenue growth”.