Azule Energy’s successful farm-in agreement for Block 2914A in Namibia’s Orange Basin marks a pivotal moment in Africa’s offshore oil and gas exploration. The deal underscores the enormous hydrocarbon potential of the Orange Basin and Namibia’s emergence as a key player in the global energy sector. This agreement highlights the growing trust in Africa’s abundant offshore energy resources. Azule Energy now holds a 42.5% interest in Block 2914A, a significant step toward unlocking the basin’s
Australian-based Global Petroleum, an AIM-listed upstream oil and gas exploration company, is in early commercial discussions to secure a farm-in agreement with an undisclosed potential operating partner for its Petroleum Exploration License (PEL) 94 in Block 2011A, located in Namibia’s Walvis Basin. With increased offshore exploration activity in Namibia, particularly in the Walvis Basin—where Chevron recently acquired an 80% operated interest in PEL 82—Global Petroleum has reported heightened interest in the PEL 94 data. The
Angola’s oil production is projected to remain steady at 1.173 million barrels per day in 2025, following a 3.6% increase to 1.170 million barrels per day in 2024, according to a report by Oxford Economics. The British consultancy highlighted that Angola achieved its government-set production targets in November, with a slight rise in crude oil output. Analysts forecast a modest growth in production from 2024 to 2025, marking continued stability in the sector. Oxford Economics’
Shell, through its Nigerian subsidiary, has finalized its decision to invest in the Bonga North Deepwater Development project in Nigeria. Located within an extension of the active Bonga field in Oil Mining Lease (OML) 118, the project is designed to sustain production at the Bonga facility, with first oil expected by 2030. The development aims to achieve a daily production target of 100,000 barrels of oil and includes 16 wells—eight oil production wells and eight
Angola’s oil production is set to remain below the targets previously set by the Organization of Petroleum Exporting Countries (OPEC), contributing to the country’s decision to exit the organization in late 2023, according to the report The State of African Energy in 2025. The report highlights Angola’s departure from OPEC as a significant development, triggered by the allocation of a smaller production quota than the country intended. Angola’s oil output is projected to average just
Uganda’s government is preparing to launch its third round of petroleum exploration licensing in the 2025/2026 fiscal year (July-June), according to Energy and Mineral Development Minister Ruth Nankabirwa. The upcoming licensing round will open new areas for oil and gas exploration, although specific regions, including the Albertine Graben or northern and northeastern basins, have not yet been confirmed. Uganda, which discovered crude oil in the Albertine Graben nearly 20 years ago, aims to commence production
Libya’s crude oil production reached 1.4 million barrels per day (bpd) in December 2024, marking the country’s highest output since 2013. This achievement represents a key milestone in Libya’s goal to reach 2 million bpd by 2027. The National Oil Corporation (NOC) announced that the upcoming public bidding round for oil and gas in 2025 will support these production targets, attracting investments from major international companies. By increasing crude output, the NOC aims to boost
Al-Harouge Oil Operations, a subsidiary of Libya’s National Oil Corporation (NOC), has launched an advanced oil flow measurement system to enhance performance and increase production efficiency at the Amal oil field. The system features three main platforms: one to measure oil produced from the Amal field, another for oil received from NOC subsidiaries Gulf and Sarir, and a third for oil transferred to the Ras Lanuf port for export. Equipped with cutting-edge measurement technologies, the
Australian exploration and production company Red Sky Energy has solidified its entry into Angola’s oil and gas sector by finalizing a Risk Service Contract (RSC) for Block 6/24 in the Kwanza Basin. This milestone marks the company’s first venture into the resource-rich country. The agreement, signed on December 31, 2024, involves partnerships with Angola’s upstream regulator National Agency for Oil, Gas, and Biofuels (ANPG), Sonangol Exploração e Produção SA, and ACREP Exploração Petrolífera SA, granting
Energy supermajor TotalEnergies has extended its contract for the Deepsea Mira semi-submersible rig, which is currently operating offshore Namibia. The rig is owned by Northern Ocean and managed by Odfjell Drilling. The extension adds 65 to 93 days to the initial contract term, generating an estimated additional revenue backlog of $27 million to $38 million for Northern Ocean. The sixth-generation CS 60 E harsh environment rig, capable of operating in water depths up to 10,000
