The North Cleopatra block is located offshore Egypt. (Image source: QatarEnergy)

Establishing further presence beyond the North El-Dabaa block in the Arab Republic of Egypt, QatarEnergy will be acquiring a 27% interest in the North Cleopatra block as well

As the energy major from the Middle East signed an agreement with Shell, shares on the block currently stands at 36% participating interest for Shell as operator, followed by Chevron (27%) and Tharwa Petroleum Company (10%).

Commenting on the agreement, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the president and CEO of QatarEnergy, said, “We are pleased to secure this additional exploration acreage, which further expands our upstream exploration activities in the Arab Republic of Egypt.”

“We would like to take this opportunity to thank the Egyptian Ministry of Petroleum and Mineral Resources, and our partners in the block for their valued support and cooperation. We look forward to working together and delivering our exploration objectives,” he added. 

The North Cleopatra block is located offshore Egypt in the frontier Herodotus basin and is north and adjacent to the North El-Dabaa block, where QatarEnergy holds a 23% participating Interest. The North Cleopatra block covers an area of over 3,400 square kilometers in water depths of up to 2,600 meters.

The sale of its Kenya subsidiary marks Tullow’s exit from the country after 14 years.

Tullow Oil plc has completed the sale of its entire working interest in Kenya to Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, following satisfaction of all conditions precedent under the previously announced Sale and Purchase Agreement

Tullow has received the full proceeds of Tranche A (US$40mn) under the terms of the SPA. The transaction represents the sale of 100% of the shares in Tullow’s subsidiary Tullow Kenya BV, which holds Tullow’s entire working interests in Kenya, for a minimum cash consideration of US$120mn, subject to customary adjustments. The transaction proceeds will be used to strengthen Tullow’s balance sheet.

The sale of its Kenya subsidiary marks Tullow’s exit from the country after 14 years. Tullow retains royalty payments, subject to certain conditions, and a no cost back-in right for a 30% participation in potential future development phases.

Ian Perks, CEO of Tullow, said, “The successful completion of this transaction marks a significant milestone for the company and the achievement of another one of our key 2025 strategic priorities. The use of proceeds helps to further strengthen our balance sheet and I would like to thank the team for their hard work and commitment, which have helped position the company strongly as we look to refinance our capital structure this year.

"On behalf of everyone at Tullow, I extend our best wishes to the people and Government of Kenya and wish Gulf Energy every success as they advance this project.”

Paul Limoh, CEO, Gulf Energy Ltd, said, “We are delighted to complete this transaction and to bring these assets under the stewardship Gulf Energy Ltd. This project will play an important role in advancing Kenya’s domestic energy sector, creating opportunities for growth and development in the Turkana region, as well as supporting the country’s long-term energy security. We thank Tullow for its years of investment and commitment, and we look forward to building on that foundation as we work with partners and stakeholders to take the project forward.”

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

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 MoU outlines the areas of common interest between partners. (Image source: SONATRACH)

With an aim to mutually explore oil and gas opportunities in Kenya, SONATRACH and National Oil Company of Kenya have signed a Memorandum of Understanding as part of the Intra African Trade Fair 2025

The MoU outlines the areas of common interest benefiting from SONATRACH’s expertise at the service of the Kenyan party in promoting its oil sector. It deals in particular with cooperation in hydrocarbon exploration and production activities as well as the opportunity to supply Kenya notably with LPG and oil products, as well as the feasibility of developing a commercial LPG oil products, lubricants and petrochemicals.

Furthermore, the memorandum of understanding provides for examining the feasibility of developing LPG distribution mechanisms as a fuel for motor vehicles and households. Furthermore, this memorandum aims to strengthen the professional skills of employees of the National Petroleum Corporation of Kenya through training provided by SONATRACH.

This memorandum of understanding is concluded as part of the implementation of the memorandum of understanding between the Algerian and Kenyan governments aimed at promoting bilateral cooperation in the oil, gas, and energy sectors. It represents a qualitative milestone in the bilateral energy cooperation process. It reflects SONATRACH‘s ambition to expand its activities at the continental scale and assert its role as a major player in the energy sector.