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The Equatoguinean government has announced an immediate increase in fuel prices, citing outdated tariffs and budget constraints driven by a prolonged decline in oil exports.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.
VAALCO continues its expansion in West Africa with the acquisition of a 70% stake in the offshore CI-705 block in Côte d'Ivoire and an ambitious plan to double its crude production in Gabon by 2026.
On 22 February, Gabon launched the first phase of its electricity interconnection project with Equatorial Guinea, aiming to import 10 MW of electricity for several Gabonese localities.
Gabon and Equatorial Guinea have interconnected their power grids, allowing the immediate import of 3 megawatts to supply northern Gabon, which has been facing persistent shortages.
Facing a decline in oil production, Equatorial Guinea is preparing to launch a new cycle of oil and gas license allocations. This initiative aims to attract investors to boost exploration and stabilize the hydrocarbon industry in a challenging economic context.
VAALCO Energy announces a contract with Borr Drilling to carry out multiple offshore drilling and maintenance operations in Gabon starting mid-2025. This initiative aims to boost production and reserves as part of its organic growth strategy.
OPEC+ adopts online meetings, centralizing the decision-making process. This transition raises questions about transparency and tensions among producers facing increasing pressure in the oil market.
London has announced sanctions on 30 additional ships of the Russian "ghost fleet," used to bypass oil restrictions, striking a blow to exports that finance the war in Ukraine.
As oil reserves dwindle, Gabon and Equatorial Guinea vie for control over Mbanie Island, a strategic economic asset. A ruling from the International Court of Justice is expected in 2025.
