S'abonner

Meren Energy seeks partners for offshore blocks in Equatorial Guinea

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.

Share:

Meren Energy, formerly Africa Oil Corporation, is seeking to divest part of its stakes in offshore blocks EG-18 and EG-31 located in Equatorial Guinea. The announcement was made by the company’s Chief Executive Officer, Roger Tucker, who detailed the group’s intentions during a media appearance on May 30.

Owned 80% by Meren Energy, these two blocks are operated in partnership with the national oil company GEPetrol (Guinea Ecuatorial de Petróleos). The company has opened data rooms, secured digital environments, to allow interested firms to access technical information on the licences, with a view to potential negotiations.

Data access and international interest

Roger Tucker stated that several international companies have already reviewed the available data. Some of them are no longer active in the country, which, according to him, highlights the potential interest driven by the estimated volumes of block EG-18. The company has not specified the exact number of bidders or the timeline of the process.

“We hope to attract another major player for the EG-18 field and someone else for the EG-31 field,” Tucker said. This approach aims to rebalance the company’s portfolio while securing new financial inflows in the context of a strategic shift.

Portfolio optimisation and strategic refocus

The operation is part of a broader asset optimisation strategy aimed at reducing Meren Energy’s exposure on certain projects while focusing resources on higher-yield areas. This repositioning comes as Equatorial Guinea’s oil production continues to decline, according to official data from the Ministry of Mines and Hydrocarbons.

The renewed valuation of the country’s offshore resources, particularly in deepwater blocks like EG-18, is again attracting the attention of international players, as major companies seek to secure lower-risk projects with prospects for swift development.

“This renewed interest gives you an idea of the scale of the deposit we have in EG-18,” said Roger Tucker, without providing further details on the estimated volumes or preliminary findings.

  • Populaires ​
Masdar and Iberdrola invest €5.2bn in UK offshore wind
Rio Tinto: five strategic priorities to close a 40% valuation discount
LNG Canada launch has no immediate effect on gas prices
Germany: Grid fees reform threatens growth of energy storage
Chevron triggers supply crisis after zinc contamination found in Mars crude oil
European Union struggles to agree on new Russian oil price cap
Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
Drone attacks disrupt five oil fields in Iraqi Kurdistan within one week
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
ShaMaran suspends production after explosion at HKN-operated site
An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
Tamarack Valley refinances USD 237 mn in bond debt and extends its maturities
The Canadian producer issues USD 237 mn in senior notes at 6.875 % to repay bank debt, repurchase USD 73 mn of 2027 notes and push most of its maturity schedule to 2030.
BP raises second-quarter production forecast driven by US shale growth
BP revised upwards its production forecast for the second quarter of 2025, citing stronger-than-expected results from its US shale unit. However, lower oil prices and refinery maintenance shutdowns weighed on overall results.
Serbia seeks new US sanctions waiver for NIS amid geopolitical tensions with Russia
Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union finalises agreement to lower Russian oil price cap
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited launches $15bn refinery project in Nigeria
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
South African state exposes public finances to uncertain Sapref refinery buyout
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal increases production by 15% in Q2 2025 and strengthens liquidity
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
Bomb attack halts operations on Colombia’s Caño Limón-Coveñas oil pipeline
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
Occidental Petroleum reduces production in the Gulf of Mexico in the second quarter
Occidental Petroleum announces a decrease in its production in the Gulf of Mexico in the second quarter, citing third-party constraints, extended maintenance, and scheduling delays.
Trump’s New Measures Open Oil Access, Real Impact Remains Uncertain
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum raises US$2mn through convertible debentures to support operations
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
PDVSA oil sales abroad reach $17.5bn in 2024 despite sanctions
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
Tatneft Accelerates TANECO’s Transformation with a New Hydrocracking Unit
Commissioning of a 1.2-million-ton hydrocracking unit at the TANECO site confirms the industrial expansion of the complex and its ability to diversify refined fuel production.
USA: unexpected increase in oil stocks by 7.1 million barrels
Oil stocks in the United States saw an unexpected rise of 7.1 million barrels as of July 4, defying analyst expectations of a decline, according to the U.S. Energy Information Administration (EIA).
Petro-Victory Energy successfully completes drilling of AND-5 well in the Andorinha field, Brazil
Petro-Victory Energy announces the completion of drilling operations for the AND-5 well in the Andorinha field, Brazil, with positive reservoir results and next steps for production.
Colombia: Perenco accused of funding a paramilitary group between 1997 and 2005
The Colombian prosecutor’s office has seized two offices belonging to the oil company Perenco in Bogotá. The company is accused of financing the United Self-Defense Forces of Colombia (AUC) in exchange for security services between 1997 and 2005.
Indonesia Increases Its Energy Purchases from the United States: A Major Deal with Pertamina
Indonesia has signed a memorandum of understanding with the United States to increase its energy imports. This deal, involving Pertamina, aims to diversify the country's energy supply sources.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING