Chevron has strengthened its position in Namibia’s offshore sector by acquiring an 80% stake and operatorship in Petroleum Exploration License (PEL) 82. Custos Energy and NAMCOR will each retain a 10% interest in the license. Located in Namibia’s Walvis Basin, PEL 82 is part of a region often referred to as an “oil kitchen” due to its rich hydrocarbon source rock and strong potential for commercial discoveries. The Barremian-Aptian source rock, a key driver of
Red Sky Energy, an Australian oil and gas company, has secured a 35% interest in the Sonangol-operated Block 6/24, located offshore Angola in the Kwanza Basin. This acquisition follows the signing of a risk service contract (RSC) with the Angolan National Agency for Oil, Gas, and Biofuels (ANPG). Sonangol E&P, the block’s operator, retains a 50% interest, while Red Sky Energy holds 35%, and ACREP controls the remaining 15%. Block 6/24 lies approximately 12 kilometers
Chappal Energies has officially concluded the acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA, solidifying its presence in Nigeria’s energy sector. Initially announced in November 2023, the transaction saw Equinor sell its 54% stake in the OML 128 oil and gas lease to Chappal Energies. The acquisition was finalized on December 6, 2025, following a year-long process. The deal is valued at up to $1.2 billion, comprising a $710 million
ABUJA, 21 October 2024: Nigeria has officially approved Seplat Energy’s $1.28 billion acquisition of ExxonMobil’s onshore assets, as confirmed by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The long-awaited approval comes more than two years after the deal was initially agreed upon in February 2022. The sale had faced regulatory scrutiny but received final clearance following President Bola Tinubu’s announcement on October 1, stating the deal would gain ministerial approval within
Petrobras has received board approval to acquire a 10% stake in South Africa’s Deep Western Orange Basin (DWOB) block from TotalEnergies. The DWOB block is located in deep waters of the Orange Basin, an area where significant oil discoveries have recently been made by TotalEnergies, Shell, and Galp. Following the acquisition, Petrobras will hold a 10% stake in the DWOB block, joining a consortium led by TotalEnergies (40% and operator), along with QatarEnergy (30%) and
Mining exploration companies Avanti Gold Corp. and MTM have finalized a Share Exchange Agreement, encompassing Avanti’s acquisition of prospecting rights in South Africa’s Kraaipan Greenstone Belt. Under this agreement, Avanti Gold Corp. will issue 29 million common shares to MTM’s shareholders in exchange for all issued and outstanding share capital of MTM. These shares will be subject to a five-month resale restriction and other relevant securities regulations. The strategic move expands Avanti Gold Corp.’s portfolio without constituting a fundamental
Globeleq, the leading independent power company in Africa, has agreed to purchase Scatec A.S.A.’s 52.5% stake in the 41 MW Central Solar de Mocuba solar PV power plant (Mocuba). Globeleq will also purchase KLP Norfund Investments A.S.’s 22.5% stake in the plant at the same time. On completion of these transactions, Globeleq will hold a 75% stake in Mocuba, and will become the owner and manager of the plant. Electricidade de Moçambique (EDM), the national
Sandvik has signed an agreement to acquire 100% of the equity interests of the Portugal-based company Frezigest, SGPS (“Frezite”). Frezite’s offering primarily consists of made-to-order polycrystalline diamond (PCD) tools for metal and wood applications, with exposure to the automotive, general engineering and aerospace segments. The company will be reported within Walter, a division within Sandvik Manufacturing and Machining Solutions. “With the acquisition of Frezite, we take another important step in our shift to growth strategy.
