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The divestment is in line with Eni's strategy of upstream portfolio optimisation.

Industry

Eni has divested 30% of its stake in the Baleine project in Cote d’Ivoire to Vitol

The shares in this significant offshore development now stands at 47.25% for Eni, 30% for Vitol, and 22.75% for Petroci.  

The divestment is in line with Eni's strategy of upstream portfolio optimisation by accelerating the monetization of exploration discoveries through the divestment of equity stakes, a model known as the "dual exploration model."

This transaction adds to OTCP and Block 4 in Ghana, projects in West Africa that have already established long-standing collaboration between Eni and Vitol.

Eni has been present in Cote d’Ivoire since 2015. Baleine is Eni’s first development in the country, and the first net-zero development in Africa. The giant Baleine field was discovered in 2021, two decades after the last commercial discovery in the country and it achieved production in record time, in 2023. Currently, Baleine produces over 62.000 barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day, positioning Baleine as a cornerstone in meeting the country's domestic energy needs.

Global energy and commodities company, Vitol, has enjoyed a well established presence in West Africa since several years. 

The partners will conduct a high-resolution gravity survey. (Image source: 88 Energy)

Geology & Geophysics

88 Energy Limited has secured license extension for 12 months from the Namibian Government, extending the PEL 93 First Renewal Exploration Period to 2 October 2026

During the extended period the company will aim datasets Integration to select drilling location, and complete an Environmental Impact Assessment (EIA) for drilling

The PEL 93 is located in the Owambo Basin, onshore Namibia.

A farmout agreement with Monitor Exploration Limited for a joint venture gives 88 Energy Limited a 20% working interest in PEL 93. By way of an amendment on the agreement, the partners have introduced a new stage 1A work programme to target pre-drill de-risking.

The 2024 2D seismic data collected from an anticlinal structure -- Lead 9 -- spreading across 100 sq km has led to new insights to be unlocked from a gravity survey area. The partners have hence included on the programme a high-resolution gravity survey to focus on the southern area of PEL 93. The survey will be supplemented by radiometric data. 

This anticipation has been strengthened by similar findings from the Kavango West 1X exploration well where ReconAfrica is now all set to start drilling this month. 

Lead 9 is similar to Recon’s imminent Kavango West 1X well in that both show a very large and robust structural closure including the shallow clastic reservoirs, the deeper Otavi carbonate reservoir seen in Naingopo-1 and the deeper source rocks.

Monitor's statement read, “Our early results are pointing to something potentially significant in the southern area of PEL 93 in the Owambo Basin. With multiple datasets aligning and the prospect of even larger structures emerging, the Joint Venture is building momentum towards a drilling event and what could be a basin opening discovery with broad implications for all of Namibia given the significance in unlocking a major new hydrocarbon play.” 

Sercel's offerings come with value-added support. (Image source: Sercel)

Technology

A North African geophysical contractor has targeted large-scale 3D surveys in complex terrain with 75,000 of Sercel's DSU1-508 digital sensors

This was topped by 24 more Nomad 90 Neo broadband vibrators for an additional land seismic crew. 

The contractor enjoyed an optimised survey performance with Sercel's set of value-added support services for Nomad with the Nomad Connect Asset Optimisation service, providing real-time insights into fleet performance and a complete overview of vibrator configurations. The Vibrator Auto-Guidance functionality enhanced operational accuracy and productivity in the field.

Jerome Denigot, CEO of Sercel, said, “We are pleased to continue building on our long-standing collaboration with this major North African customer. From project planning to delivery and field support, our team remains committed to providing the most advanced geophysical technology and services available. This latest milestone confirms Sercel’s position as the preferred technology partner for complex, large-scale seismic acquisition projects and highlights the growing demand for field-proven solutions that meet the evolving challenges of onshore exploration in North Africa and beyond.”

Initial results from drilling and logging the Begonia-2 appraisal well are successful.

Gas

As energy demand continues to grow, Middle East-based natural gas company, Dana Gas PJSC, has confirmed commercial gas presence onshore Nile Delta in Egypt, in line with its US$100mn investment programme to support gas production

Initial results from drilling and logging the Begonia-2 appraisal well, which is the first of the 11 appraisal and exploration wells under the Begonia development area, have suggested the presence of 9 bn cu/ft of gas estimates that is likely to increase further. Drilling continues with the EDC-54 rig, and the next well is set to spud in August. 

Profits from the Begonia development will significantly contribute to the company's million dollar gas programme, adding approximately 80 bn cu/ft in recoverable gas reserves over the course of the two-year plan. 

Located in the New El-Manzala concession and operated by the joint venture, El-Wastani Patrolmen Company (Wasco), the Begonia-2 well generates an additional 5 mn cu/ft gas per day from enhanced recovery practices. 

Egypt's Ministry of Petroleum and Mineral Resources is especially enthusiastic of the project, anticipating its domestic natural gas production potential. The government is also banking on the project's contribution towards solidifying the national energy system and driving economic development.

To boost and maintain production count, the company is focusing on well recompletions in other geological layers too. The Egyptco rig which was in plug and abandonment mode has been redeployed by the company for recompletion activities in the Balsam-3 well. Output enhancement besides, the recompletion eliminated the risks that accompany drilling exploration wells. It generated a total 4 bn cu/ft of gas while ensuring an additional yield of 3 mn cu/ft of gas per day.

Richard Hall, CEO, Dana Gas, said, “The successful drilling of the appraisal well 'Begonia-2' and the recompletion of the ‘Balsam-3’ well marks a significant strategic milestone. It signals the first steps in our ambitious US$100mn investment programme in Egypt, which includes drilling 11 new wells. We have been developing and producing gas in Egypt for over a decade, and the signing of the concession area consolidation agreement with the Egyptian Natural Gas Holding Company (EGAS) late last year has allowed us to acquire additional areas under improved financial terms, enabling us to launch this new phase.

"The success of drilling this well opens vast prospects for gas production in the 'Begonia' area and presents promising future opportunities for expansion and growth. It will also extend the operational life of our assets in Egypt. We are fully committed to making every effort to ensure the success of the programme and its efficient and timely execution. Dana Gas reaffirms its strong
commitment to reinvesting the payments it receives from the Egyptian government into executing this ambitious programme and supporting future development projects in the country. Regular and timely payments from our partners are crucial to sustaining these investments.”

The new 750-meter quay will double the terminal’s capacity. (Image source: Adobe Stock)

Downstream

As part of production optimisation strategy, the Republic of Congo is advancing investments on infrastructure development

With aims to expand the container terminal at the Port of Pointe Noire, a €230mn in financing has been generated to onboard freight forwarding service Africa Global Logistics (AGL) for the project.

The new 750-meter quay – scheduled for completion by 2027 – will double the terminal’s capacity to 2.3 million containers annually and support the country’s growing oil and LNG exports.
The Pointe Noire project is being executed by AGL’s subsidiary Congo Terminal in collaboration with engineering firm China Road and Bridge Corporation. Backed by both international and Congolese banks, the €400mn platform will include 26 hectares of quayside, a dredged 17-meter-deep basin, and the installation of 16 gantries. It forms a key part of Congo’s strategy to boost hydrocarbon production to 500,000 barrels of oil per day and LNG output to 3 million tons per annum within five years.

In Angola, AGL also launched operations at its Lobito Terminal in March last year. The terminal – Angola’s second-largest port hub – handles over one million tons of bulk cargo and more than 100,000 20-ft equivalent unit containers annually, with 730 employees operating deepwater berths and modern equipment. The project comes at a pivotal time for Angola, which is preparing to bring several major energy developments online between 2025 and 2028. These include the Cabinda Oil Refinery in 2025, the Agogo Integrated West Hub development in late-2025, the Quiluma and Maboqueiro gas fields in 2026 and the Kaminho Deepwater Development in 2028.

Meanwhile, in Ivory Coast, AGL is playing a vital role in Phase 2 of the Baleine offshore development - West Africa’s first net-zero emissions project. In partnership with engineering firm Saipem, AGL began manufacturing critical subsea structures for the Baleine field in April 2024 at its Carena shipyard in Abidjan. The works include anchoring systems and underwater fixtures totaling over 200 tons, to be deployed in ultra-deep waters. AGL has mobilized 100 skilled local workers – including certified welders, painters and crane operators – reinforcing its commitment to local content, capacity building and sustainable energy infrastructure in Ivory Coast’s rapidly growing oil and gas sector.

AGL’s recent activities in Africa align with its broader vision to support the continent’s energy infrastructure. In addition to the Republic of Congo, Angola and Ivory Coast, the company is currently modernising the Walvis Bay terminal in Namibia while playing a key role in major energy logistics across Mauritania, Senegal and Mozambique. 

 

AOW:Energy 2025 will serve as a platform to spotlight Ghana’s strategic assets. (Image source: Adobe Stock)

Event News

Ghana is set to host the 31st edition of AOW:Energy, the flagship event for Africa’s oil, gas, and energy sector, from 15th to 18th September 2025 in Accra, under the auspices of the Ministry of Energy and Green Transition and the Petroleum Commission

It is the first time in over three decades that the event will be held outside Cape Town, South Africa. As regulator of Ghana’s upstream petroleum industry, with a strategic vision of positioning Ghana as a competitive upstream petroleum hub, the Commission views the AOW: Investing in African Energy as a notable opportunity to further raise awareness of the country’s hydrocarbon potential on the global stage.

“We have an opportunity to present a dedicated national showcase, where His Excellency President H.E John Dramani Mahama will outline his vision for positioning the country as one of the most attractive upstream destinations with good geological prospects, through a progressive fiscal regime, regulations, investor-friendly incentives, and forward-thinking energy policies,” noted Emeafa Hardcastle, Ag. CEO of the Petroleum Commission. “AOW:Energy 2025 will serve as a platform to spotlight Ghana’s strategic assets, engage with global investors, build critical partnerships and offer regulators across the continent an opportunity to present emerging regulatory reforms that will shape the continent’s energy future.”

Paul Sinclair, CEO of AOW:Energy, expressed enthusiasm for the momentum building around the event, noting a record level of government and private sector participation. “We are excited about the strong support from the Ghana government in welcoming ministers, national oil companies, regulators and global investors to AOW:Energy 2025. Africa is quickly becoming a top destination for energy investment, and 2025 will be a year for the continent’s upstream sector. Ghana, I believe is ready to take the spotlight when AOW:Energy comes to Accra,” he said.

As AOW:Energy evolves, it continues to consolidate its founding mission of bringing together a powerful network of governments, national oil companies, regulators, energy agencies, and private sector players.

The 2025 edition is expected to open new doors to investment, innovation, and collaboration, providing direct access to emerging opportunities across Africa’s energy landscape.