Earlier this year, a senior company executive told Reuters Petrobras was looking to buy interest in African oil fields to boost its reserves and was in talks with potential sellers, including Exxon, Shell, and TotalEnergies. Petrobras’s proven oil and gas reserves increased by 500 million barrels last year, from 10.9 billion barrels to 11.4 billion barrels.
The Deep Value Driller (DVD) drillship, for which Saipem inked a bareboat charter agreement with Deep Value Driller, is in charge of the drilling operations that will be conducted around 60 nautical miles off Ghana’s coast, near the FPSO John Agyekum Kufour, as part of the broader Sankofa field’s development plan.
South Africa has officially launched the South African National Petroleum Company (SANPC), a new state-owned oil enterprise designed to consolidate and energize the country’s long-stalled hydrocarbons sector. Formed from the merger of PetroSA, iGas, and the Strategic Fuel Fund, SANPC will operate under the Central Energy Fund and is already integrating staff and assets to streamline operations. The aim? Reducing oil imports, bolstering energy security, and tapping into over R95 billion in potential investment.
Despite the growing emphasis on natural gas with international majors exploring and putting online gas projects and LNG export facilities around Africa, projections indicate that liquid hydrocarbons will still hold the lion’s share of capex, attracting 60% of the total investment through 2030. But natural gas is gradually gaining ground and its share of annual expenditure is set to increase from around 30% in 2023 to more than 40% by the end of the decade, the African Energy Chamber’s report says.
“This transaction is in line with Eni’s strategy aimed at optimizing upstream activities, through a rebalancing of the portfolio that provides for the early valorization of exploration discoveries through a reduction of participations in them (the so-called dual exploration model)”, Italy’s state-backed Eni said in an online statement Wednesday.
Eco (Atlantic) Oil & Gas Ltd., an oil and gas exploration company focused on the offshore Atlantic Margins, announced completion of its transaction with Africa Oil Corp. and Africa Oil SA Corp (AOSAC) for the sale of a 1% Participating Interest in Block 3B/4B, and replacement of a member of the board.
Africa was one of the first regions where CNPC established its presence. Over the past 30 years, CNPC has managed 14 oil and gas projects across six African countries and deployed engineering service teams in 18 African nations.
Africa’s mature oil markets are seeing a number of independent firms drive production gains, prioritizing incremental exploration and innovative technologies to breathe new life into existing assets.
Egypt has played a leading role in the global energy market for several decades, as a major producer of both oil and gas, as well as a vital transportation hub for energy products. Despite disruptions, caused mainly by national political unrest and geopolitical challenges in recent years, Egypt remains a major energy power in Africa. The government recently announced ambitions to expand its exploration activities for national gas, as well as continue financing an increase in the country’s renewable energy capacity in the coming decades.
The OPEC member’s national development hydrocarbon agency, ALNAFT, will announce a new licensing round, looking to attract foreign investment and operators in its oil and gas sector, Algerian Energy Minister Mohamed Arkab said on Monday, as carried by Reuters.