The Namibian government signed an agreement with McDermott to strengthen local skills in offshore engineering and operations, aiming to increase oil sector local content to 15% by 2030.
Gabon has signed a memorandum of understanding with Italy’s Todini to develop two hydropower plants in Booué and Tsengué-Lélédi, with an estimated value of $1.78 billion to address electricity shortages.
The example of OML 17 highlights the success of an African-led oil production model based on local accountability, strengthening Nigeria’s position in public energy investment.
Chevron has signed a $690 million agreement with Equatorial Guinea to develop gas from the Aseng field, amid a long-term decline in national oil production and a search for new economic drivers.
The Liberian government awarded four offshore oil blocks to Nigerian company Atlas-Oranto for $12 million, strengthening the regional presence of African junior players in offshore exploration.
Reconnaissance Energy Africa Ltd. enters Gabonese offshore with a strategic contract on the Ngulu block, expanding its portfolio with immediate production potential and long-term development opportunities.
Tullow marks a strategic milestone in 2025 with the sale of its subsidiaries in Gabon and Kenya, the extension of its Ghanaian licences, and the optimisation of its financial structure.
VAALCO Energy continues to operate the Baobab field by renovating its floating platform, despite modest production. This strategy aims to maintain stable profitability at low cost.
Libreville is intensifying the promotion of deep-water blocks, still seventy-two % unexplored, to offset the two hundred thousand barrels-per-day production drop recorded last year, according to GlobalData.
SBM Offshore has signed a divestment agreement with GEPetrol to fully withdraw from the FPSO Aseng project in Equatorial Guinea, with an operational transition phase of up to one year.
Meren Energy has launched a partial divestment process for its EG-18 and EG-31 assets to attract new partners and reduce its exposure in Equatorial Guinea.
BW Offshore has handed over the operations of the FPSO BW Adolo to BW Energy Gabon while retaining ownership and the vessel lease under previously agreed terms.
The International Court of Justice ruled on the validity of treaties between Gabon and Equatorial Guinea over three strategic offshore islets potentially rich in oil.
Africa Oil completed the integration of Prime, doubling its production and reserves, while declaring a second quarterly dividend of $25mn supported by strong cash generation.
SOGARA is launching a two-phase modernisation programme to increase the country's energy autonomy by 2030, with financing primarily from external sources.
The DBM-1 ST2 appraisal well confirms a significant oil discovery offshore Gabon. The Bourdon project could add up to 25 million recoverable barrels to BW Energy's reserves, further strengthening the Dussafu licence development.
The Equatoguinean government has announced an immediate increase in fuel prices, citing outdated tariffs and budget constraints driven by a prolonged decline in oil exports.
BW Energy has announced the discovery of an oil field in the Bourdon prospect, located in the offshore Dussafu license in Gabon. This new resource could strengthen the company's production and stimulate investment in the country's oil sector.
Vaalco Energy, Inc. has announced the signing of a new $300 million revolving credit facility with The Standard Bank of South Africa Limited, aimed at supporting its growth projects and investments across its African assets.
OPEC+ countries with overproduction in the first quarter of 2024 must submit their compensation plans by April 30, a move designed to stabilize the market.
President Bola Tinubu announces the creation of a special committee to draw up a national strategy for the carbon market in Nigeria, marking a major turning point.
The oil market is catching its breath after prices rose following the surprise decision by some Opec+ members to cut production. The cut in production could have an impact on prices in the coming months, especially as the market expects Chinese demand to recover strongly.
Opec+ members have reduced their oil production, causing prices to soar. This decision strengthens the Russian-Saudi couple and puts the United States in difficulty.
Eight Opec+ members announced cuts in oil production as early as May, which sent oil prices soaring. This decision aims to bring prices back up after the recent fall, and shows that Opec+ is ready to defend a floor price well above $80 a barrel.
Oil prices rose after eight OPEC+ countries announced a voluntary cut of more than one million barrels per day through the end of the year, signifying an actual reduction in supply and a tightening of the market. Brent and WTI prices recorded their strongest increases in a year.
Perenco, an oil and gas company operating in 15 countries, is the target of preliminary investigations in France for corruption in Africa, confirmed by a search by the Oclciff.
