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Eco (Atlantic) Oil & Gas has received formal Ministerial approval from the Ministry of Industries, Mines and Energy of Namibia for the Section 11 assignment relating to the Company's previously announced farm-out of its 85% participating interest in Petroleum Exploration Licence 98 (PEL 98), offshore Namibia, to Namibian company, Lamda Energy

The receipt of this approval demonstrates continued regulatory progress within Namibia's highly prospective offshore sector and reflects the Ministry's ongoing commitment to advancing commercial transactions and exploration activity across the country.

The Company also confirms that the Section 11 application relating to its recently announced farm-out transaction with BP Namibia Energy Limited ("bp Namibia") across Petroleum Exploration Licences 97, 99 and 100 has now been submitted to the Ministry and will be the next key regulatory milestone in progressing that transaction. Eco is also pleased to confirm that the Section 11 application relating to the Company's recently announced farm-out transaction on Block 1 CBK to Navitas Petroleum LP ("Navitas") was formally submitted and received by the Petroleum Agency South Africa ("PASA") on 26 June 2026.

Gil Holzman, co-founder and chief executive officer of Eco Atlantic, said, "Ministerial approval for the PEL 98 transaction is a significant milestone for Eco and our partners as we move the Farm-Out towards completion. Eco would like to express its sincere appreciation to the Ministry, the Upstream Petroleum Unit, and all parties involved in facilitating this process.

"It is also highly encouraging to see broader momentum across Namibia's upstream sector continue to grow. Ministerial approvals are progressing, providing increased confidence for companies operating in the country and supporting the advancement of exploration and commercial transactions across Namibia's offshore acreage.

"With our farm-out from PEL 98 in its final stages and the Section 11 applications for both our Block 1 CBK transaction with Navitas, and PEL97,99 & 100 transaction with bp Namibia submitted, we look forward to continuing to advance our portfolio of world-class assets in one of the world's most prospective offshore exploration regions."

Energy data and intelligence provider, TGS, has signed an agreement with the Ministry of Hydrocarbon and Mining Development of the Republic of Equatorial Guinea to create MegaSurvey, a large-scale multi-client seismic product for offshore exploration

Beginning with the post-stack reprocessing of approximately 27,273 kilometers of 2D seismic data and around 35,000 square kilometers of 3D seismic data, the project is set to be completed in Q3 2026.

3D seismic datasets synchronised across large contiguous areas, MegaSurvey eliminates uncertainty by enabling nearly accurate geological interpretation, with clarity in structural and stratigraphic frameworks.

The agreement marks the first phase of a broader plan to create a harmonized and seamless seismic data product across Equatorial Guinea’s offshore basins. The full product vision includes approximately 46,343 line kilometers of 2D seismic data and more than 59,000 square kilometers of 3D seismic data.

David Hajovsky, Executive Vice President, Multi-Client at TGS, commented: “The Equatorial Guinea MegaSurvey is the first of its kind in the country and will apply TGS’s latest imaging technology to address key subsurface challenges and support exploration risk reduction across the Rio del Rey and Rio Muni basins. The product is designed to provide customers with a basin-wide regional screening tool, supporting prospect identification, prospect ranking and planning for future work commitments.”

By integrating and reprocessing legacy datasets into a consistent regional framework, the MegaSurvey will provide new insight into the prospectivity of Equatorial Guinea’s offshore basins and support informed exploration decision-making.

MODEC, Inc has announced that it will supply a SOFEC Internal Turret Mooring System for the Coral Norte FLNG project offshore Mozambique, developed by Eni and its partners CNPC, ENH, XRG and KOGAS

The company is collaborating with the Technip Energies JGC joint venture (JV) to support seamless integration, efficient execution and reliable long term performance.

With Final Investment Decision achieved in October 2025, the hull launch completed in January 2026 at Samsung Heavy Industries’ Geoje shipyard in South Korea, and first LNG targeted for 2028, the project is advancing on schedule. MODEC has supported the project since the early stages and is progressing engineering and supply activities in line with the overall timeline, underscoring the company’s contribution to mission‑critical station‑keeping for large‑scale gas developments.

Building on proven performance on the companion Coral Sul FLNG, this engagement reinforces MODEC’s track record in complex offshore station‑keeping. Designed as an enhanced replica of Coral Sul — incorporating lessons learned and optimized for improved efficiency and performance — Coral Norte will add 3.6 MTPA of liquefaction capacity.

The turret mooring system is a mission‑critical element of FLNG performance, enabling safe weathervaning, high uptime, and resilient operations in the metocean conditions of the Rovuma Basin. Drawing on decades of experience across FLNG and FPSO projects worldwide, MODEC is applying advanced engineering, robust risk management, and disciplined execution to deliver the SOFEC® Internal Turret Mooring System for Coral Norte from design through delivery.

“Coral Norte is an important milestone for the industry and for Mozambique, and we are honored to contribute to this landmark FLNG project,” said Arun Duggal, Head of MODEC’s Mooring Solutions Business Unit. “Our team’s performance on Coral Sul set a high bar for safety, reliability, and schedule discipline. This engagement reflects the trust we have built together, and we look forward to delivering a SOFEC® turret mooring system that enables best‑in‑class operability — while continuing to invest in local capability and laying the foundation for future projects in the region.”

A Technip Energies–JGC JV spokesperson commented: “The work delivered by MODEC on Coral Sul established a strong operational baseline and demonstrated clear excellence in engineering and execution. Our partnership on Coral Norte builds on that success and supports our broader commitment to sustainable development in Mozambique.”

A new gas discovery offshore western Libya has been confirmed by the National Oil Corporation (NOC) and Eni North Africa, following the drilling of the exploration well J1-4/16

After reaching a final depth of 10,458 ft, flow rates across two tests from the Metlawi reservoir stood at 14 million cubic feet per day through a 32/64-inch choke in the first test, and 24 MMcf/d through a 62/64-inch choke in the second.

Lying approximately 95 kilometers from the coast, the well forms part of Contract 4/16, where Eni is the operator, and also remains the final well in fulfilling nine contractual obligations for offshore Contract Block D, as stipulated in the agreement signed in June 2008. 

This discovery can potentially add to Libya's production count, which saw an impressive rise last year. According to a table of the average daily crude oil production and total (cumulative) production figures for the past 10 years that was recently released by NOC Libya, 2025 had recorded the highest average production rate in comparison to the last decade, at 1.374 million barrels per day. Total crude oil production for the year reached 501 million barrels, marking a posititve shift in the NOC’s strategy to boost crude oil production rates. 

Eni is set to launch three exploration plays in Libya – shallow, deepwater and ultra-deep offshore, and is also deeply invested in the region's gas with the US$10bn Greenstream pipeline and a CO2 capture and storage plant in Mellitah.

In a move to accelerate its refining capabilities, Nigeria’s NNPC Ltd has signed a memorandum of understanding (MoU) with two Chinese companies, for collaboration through a potential Technical Equity Partnership to support the completion and operation of the Port Harcourt and Warri Refineries

Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd would cover operation and maintenance work of both facilities to deliver sustainable performance. There will be planned expansion and upgrades aiming cleaner and highly profitable product standards.

The MoU was signed in China by the Group CEO, NNPC Ltd, Bashir Bayo Ojulari; chairman, Sanjiang Chemical Company, Guan Jianzhong, and chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.

A big development in harnessing Nigeria’s gas and downstream opportunities, Bayo Ojulari said that the MoU was the result of several months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners. "All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC's refining assets in Nigeria, and the collective weight required for success,” he said.

The partnership will play a key role in advancing Nigeria’s position as a gas-based industrial hub as the technical equity partners restart and expand NNPC's refineries.

At international Energy Week in London, Tony Attah, CEO of Renaissance Africa Energy Company, gave an impassioned presentation calling for Africa’s energy transition to be on African terms, urging global support and hailing the divestment of energy resources from international ownership into African hands

Attah began by acknowledging the role of the energy transition to protect the planet and ensure sustainability, but emphasised the need for a just and equitable transition, respecting Africa’s current realities.
“We need to talk about Africa’s energy transition on African terms. We are not challenging the timelines that have been set by Europe and the rest of the world; we are only insisting that these goals be achieved in the way of Africa’s current realities,” he said.

Attah noted the dual changes in Africa: the energy transition itself and the new phase of African ownership and participation in energy systems. Discussing the global energy context, he noted the rising energy demand and fragility of global energy systems, as evidenced by the Russia Ukraine war. Energy demand is still rising, with consumption of all energy sources, both renewables and fossil fuels, hitting record levels. And while global CO2 emissions have reached record levels for a fourth consecutive year, Africa is contributing just 4% of those emissions, but is still paying the price.

The world, including Africa will need more energy due to population growth and the rise of living standards, with global energy demand projected to grow by around 50% between 2018 and 2050. Africa’s population forecast to rise by 67% between 2018 and 2050, from 1.5bn to 2.5bn with Nigeria’s forecast to double from 200 to 400mn in the same time frame, raising the stark possibility of an energy deficit.

Energy paradox

Attah highlighted Africa’s energy paradox, noting its rich energy resources but widespread energy poverty. “We have world class solar energy resources, 40% of the global solar resource base, strong wind, major hydro and geothermal prospects, critical minerals and substantial hydrocarbons, yet we face an energy paradox where millions of Africans remain energy poor and by implication socially and economically very poor. Over 500 million Africans, nearly 43% of the population, lack direct access to electricity, and over 850 million people lacking access to clean cooking solutions, relying on traditional biomass like wood and charcoal, with a negative impact on health.

800,000 people die annually in Africa due to lack of clean energy including 100,000 in Nigeria, he noted, where 80 million Nigerians lack access to electricity. The country loses over US$29bn a year due to unreliable power supply, and 60% of manufacturing costs are attributed to lack of energy.

Africa needs to define its energy transition based on its current realities, he said.

“You cannot decarbonise the system that you have not yet built, and you cannot transition from the energy you do not have. That is the reality. This is the narrative that we as Renaissance are seeking to help reshape and change in the interests of Africa.”

Turning to the foundation of Renaissance Africa Energy Co, which will celebrate its first anniversary this March, he explained that IOC divestment had enables its shareholders to acquire Shell Nigeria’s onshore shallow water assets, marking a transition from international to African operatorship. These assets have now been successfully operated over the last 11 months. He acknowledged the Nigerian government’s speedy approval of the divestments and the major reforms that have energised the industry, as well as the support of NNPC.

“As our name connotes, it’s a new beginning and perhaps the greatest opportunity for Nigeria and indeed Africa that this energy renaissance is African owned and Africa led,” he noted, adding that the company has a bold vision to be Africa’s leading energy company enabling energy security and industrialisation in a sustainable manner. “This mission will be underpinned by our core values of collaboration, respect, integrity, safety and performance.”

The company has increased oil production by 100,000 in 100 days and contributes 2bn scf of gas to the global gas market, and is working to set the company on a growth path aligned with Nigeria’s ambition to produce 2mn BOPD by 2027 and 3mn bopd by 2030.

“African companies are not just replacing international companies. We are redefining the objectives of the assets linking production to power, to industry, to jobs, domestic value and by implication, economic and social political stability of Africa.”

Need for global support

Attah underlined the need for global support to enable Africa’s energy transition, including finance, technology and reliable infrastructure, to enable Africa to convert potential into progress, highlighting that Africa is rich in resources, talent and ambition and noting its young population.

“Africa should be enabled to lead its energy future on its own terms,” he stressed. “If the world wants Africa to replace diesel and biomass as the main energy source, then gas to power, grids and domestic systems must be financed and supported to power industries with lower emissions. Africa needs proven technologies deployed at scale, designed for reliability and real operating conditions. Gas, renewables, storage, grids must work together as systems. Africa’s transition will endure only if we invest in people, governance and operating discipline so Africa-led companies deliver competitively and responsibly for decades to come,” he said. “This is why the current shift in ownership matters.”

Attah highlighted the need for Africa governments to create certainty, stability and an enabling environment for investors to thrive, and urged global business to partner with Africa for mutual benefit, to integrate global energy systems and global financial institutions and release funds to unleash growth.

“If we get this right, we will build globally, more robust energy systems that will power industries strengthen societies, deliver dignity and reduce emissions in a manner that will enable climate change goals to be achieved sustainability, at least looking through the Africa lens,” he concluded. “Africa’s energy transition will not slow the global transition, it will strengthen it, because when Africa powers its people, builds its industries and grows responsibly the world does not lose; if anything its wins, and the vagaries associated with Africa’s underdevelopment will be a thing of the past.

He ended with the rallying cry, “Let the Africa energy renaissance begin!”