oil-gas
01 February 2025
Africa Oil Gas Reportoil-gas
Feb 01, 2025Africa Oil Gas Report
In January 2024, we figured that Africa’s deepwater development, which was on pause for most of 2023, was looking to inch back up in 2024.
It has stepped up even farther.
TOTALEnergies took Financial Investment Decision (FID) for the Angolan Block 20 development in the first half of 2024. It’s the acreage holding the pre-salt discoveries of Cameia and Golfinho.
Nigeria’s deepwater development was back on the front burner, with Shell taking FID to develop the Bonga North accumulation, expecting output to peak at over 100,000BOPD after first oil is achieved by 2028. It was the first FID taken for a >100,000BOPD project in the country in 11 years.
Nigeria may be in the news again for FID in 2025: the TOTAL operated Preowei field which was put on hold in 2020 is edging close to commercial sanction.
First Oil started flowing from the Sangomar field off Senegal in June 2024. First gas from the Greater Tortue Ahmeyin (GTA) Floating LNG project, off Senegal/Mauritania, was commissioned in the last weeks of 2024 after FPSO delays. In Côte d’Ivoire, the second of three-phased Baleine deepwater field production commenced two days to the end of the year. It will take the field’s crude oil output to 60,000Barrels of Oil per Day and natural gas production to 80Million standard cubic feet per day (MMscf/d).
Activity did not return to the site of the 13Million Tonne Per Annum Mozambique LNG project, which monetises the largest deepwater hydrocarbon reservoirs under development on the continent.
Namibia continues to be extremely busy with the drill bit, but one big story expected in 2025 is the financing close for BW Energy led Kudu Gas to Wire project. The Kudu gas accumulation is located in relatively shallow water: 170metres, so it’s out of the scope of this edition’s main cover stories.
The Africa Oil+Gas Report is the primer of the hydrocarbon industry on the continent. It is the market leader in local contextualizing of global developments and policy issues and is the go-to medium for decision makers, whether they be international corporations or local entrepreneurs, technical enterprises or financing institutions. Published by the Festac News Press Limited since 2001, AOGR is a paid subscription, monthly e-copy publication delivered around the world. Its website remains www.africaoilgasreport.com, and the contact email address is info@africaoilgasreport.com. Contact telephone numbers in the West African regional headquarters in Lagos are +2348124374087, +2348130733523, +2347062420127, +2348036525979, +2348023902519.
–Editor
Below is the link to your copy:
https://africaoilgasreport.com/wp-content/uploads/2025/01/AOGR-VOL-26-NO.1-Jan-2025-Final.pdf
Some of the highlights:
COVER FEATURE
IN THE NEWS
GAS MONETISATION
WHO IS BUYING/SELLING?
INTERVIEW
PETROLEUM PEOPLE
SPREADSHEETS
MAPS
Plus, the regular features; Nigerian Independents Output, Concession Status, Angolan Production by Companies, Petroleum Rights, etc. Contacts: +2348028354297, +2348124374087, +2348038882629, +2348036525979
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Trump Will Buy 1 Million Barrels To Help Replenish Strategic Petroleum Reserve(Bloomberg) – The Trump administration is taking advantage of low oil prices and buying 1 million barrels to start refilling the nation’s depleted emergency crude supply.
The Energy Department announced Tuesday that it plans to buy oil for delivery in December and January, using a portion of the $171 million from President Donald Trump’s signature tax and spending law allotted for crude purchases.
“While this process won’t be complete overnight, these actions are an important step in strengthening our energy security and reversing the costly and irresponsible energy policies of the last administration,” Energy Secretary Chris Wright said in a statement.
West Texas Intermediate, the U.S. benchmark, is down about 30% since its peak in mid-January. It traded at about $58 a barrel on Tuesday, near the lowest since 2021.
That makes it an ideal time to refill the reserve, which at 408 million bbls is only about 60% full. But the Energy Department only has $171 million to buy crude — or enough for roughly 3 million bbls, based on today’s price.
“This administration doesn’t have anything left in the tank except the money Congress gave them, and that’s going to limit the ability to buy low,” said Kevin Book, managing director at ClearView Energy Partners LLC, a Washington-based consulting firm.
The reserve’s levels were sharply reduced under President Joe Biden, when gasoline prices spiked following Russia’s invasion of Ukraine. The drawdown of some 180 million bbls in 2022 cost about $280 million and delayed maintenance, according to the Energy Department.
Bids for the Energy Department’s 1 million barrel solicitation are due no later than 11:00 a.m. CT on Oct. 28, the agency said. The purchases will be through a spot-price-indexed contract.
World Oil
oil & gas
22 October 20252 min readTrump Will Buy 1 Million Barrels To Help Replenish Strategic Petroleum Reserve
World Oil
22 October 2025
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Spain'S Enagas In Talks To Acquire €600M Stake In French Gas Pipeline Operator, TeregaSpanish gas pipeline grid operator Enagas is in negotiations to acquire a 32% stake in France's second-largest gas transmission company, Terega, from Singapore’s sovereign wealth fund GIC, according to two people familiar with the matter.
The potential deal would strengthen the partnership between the two companies, which are already collaborating on a major cross-border hydrogen pipeline project.
A successful acquisition would also support Enagas' stated goal of accelerating investments in hydrogen infrastructure as Europe seeks to transition to cleaner energy sources.
The stake could be worth approximately 600 million euros ($694 million), according to one of the sources, who estimated Terega's total valuation, including debt, at around 4 billion euros ($4.6 billion).
For comparison, Enagas' market capitalization stood at 3.6 billion euros ($4.16 billion) as of Monday's market close.
The sources spoke on the condition of anonymity as the conversations are private and cautioned that no deal is certain.
The two grid operators are central to the H2Med project, a 2.9-billion-dollar hydrogen pipeline intended to connect Portugal, Spain, France, and Germany by 2030.
This initiative is part of the European Union’s broader strategy to replace natural gas with hydrogen, which does not produce carbon dioxide when burned.
Terega's other major shareholders include Italian gas operator Snam, with a 40.5% stake, French state-owned utility EDF, with 18%, and the French bank Credit Agricole, which holds 10%.
Last year, reports indicated that EDF and Credit Agricole were exploring the sale of their stakes, though a transaction did not materialize.
Pipeline Technology Journal
oil & gas
17 October 20252 min readSpain'S Enagas In Talks To Acquire €600M Stake In French Gas Pipeline Operator, Terega
Pipeline Technology Journal
17 October 2025
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Bp Awards $700 Million In Contracts For Shah Deniz Offshore Gas ProjectThe bp-led Shah Deniz consortium has awarded three major offshore contracts worth approximately $700 million to the Saipem and BOS Shelf joint venture to advance the Shah Deniz Compression (SDC) project in the Caspian Sea. The awards mark a major step in bp’s plan to expand gas recovery from one of the world’s largest producing fields.
The scope includes transportation and installation of a new 19,000-tonne compression platform and about 26 km of subsea pipelines connecting to existing Shah Deniz infrastructure. Fabrication will take place at the Baku Deep Water Jacket Factory, while offshore work will be executed using Azerbaijan’s flagship vessels—the Khankendi subsea construction vessel and the Israfil Huseynov pipelay barge—both operated by Saipem.
“By awarding these contracts, we’re making significant progress on the Shah Deniz Compression project,” said Matt Kirkham, bp Vice President of Projects for the Azerbaijan, Georgia and Türkiye region. “The work will fully leverage Azerbaijan’s fabrication capacity and local workforce. Between 2026 and 2028, over 3,000 tonnes of subsea structures will be fabricated and installed—showcasing the country’s world-class offshore capability.”
The $2.9 billion SDC project represents the next stage of Shah Deniz field development, designed to access low-pressure gas reserves and maximize recovery. The new electrically powered, normally unattended compression platform will boost gas flow from the Shah Deniz Alpha and Bravo platforms to the Sangachal terminal, enabling an estimated 50 billion cubic meters of additional gas and 25 million barrels of condensate for export. Offshore installation will begin in 2026, with completion targeted for 2029.
World Oil
oil & gas
16 October 20252 min readBp Awards $700 Million In Contracts For Shah Deniz Offshore Gas Project
World Oil
16 October 2025
oil-gas
New $2.3 Billion Natural Gas Pipeline To Boost Texas Lng ExportsARM Energy announced on Thursday, October 9, that it will move forward with a $2.3 billion natural gas pipeline in Southeast Texas, marking another major investment in the state’s booming liquid natural gas (LNG) sector.
The Houston-based company and its financial partner, Pacific Investment Management Company (PIMCO), are backing the 236-mile Mustang Express pipeline projected to transport up to 2.5 billion cubic feet of natural gas daily from the Bay City area to the LNG export hub in Port Arthur.
The pipeline consists of two main segments: a 55-mile line from Tres Palacios Storage to the Katy Hub and a 178-mile mainline from the Katy Hub to Port Arthur.
"By linking two of the most prolific natural gas-producing regions in the U.S. directly to LNG export facilities in Texas, we are helping ensure a reliable supply of natural gas for liquefaction and export," ARM Energy CEO Zach Lee said in a statement.
Much of the transported gas is intended for Sempra Infrastructure's $14 billion Port Arthur LNG Phase 2 project, which serves growing demand in European and Asian markets.
With the construction of the Mustang Express scheduled for completion by early 2029, the project joins a growing list of new energy infrastructure in the region.
Early this year, Kinder Morgan approved the construction of its 216-mile Trident Intrastate Pipeline, also connecting the Houston area to Port Arthur, partly to supply power to new data centres.
In August, WhiteWater Midstream also gained approval for the 450-mile Eiger Express pipeline, designed to move gas from the Permian Basin to the Texas coast.
Pipeline Technology Journal
oil & gas
15 October 20252 min readNew $2.3 Billion Natural Gas Pipeline To Boost Texas Lng Exports
Pipeline Technology Journal
15 October 2025
oil-gas
Egypt Plans To Drill 480 Exploratory Oil Wells With $5.7B InvestmentEgypt has a plan for the drilling of 480 exploratory oil wells on the basis of investments totaling $5.7 billion over the next 5 years, the country's petroleum minister said on Tuesday, as the country seeks to reverse declining production.
The country has announced agreements with international energy companies on oil and gas exploration over recent months, including an agreement with oil giants Eni and BP to start exploration activities in the Mediterranean Sea.
The ministry statement on Tuesday did not give detail on the source of the investment, but said 101 wells were scheduled for 2026, distributed across Egypt's main regions.
(Reuters - Reporting by Ahmed Elimam; Writing by Tala Ramadan; editing by Barbara Lewis)
Offshore Engineer
oil & gas
15 October 20251 min readEgypt Plans To Drill 480 Exploratory Oil Wells With $5.7B Investment
Offshore Engineer
15 October 2025
oil-gas
Shell Greenlights $2 Billion Gas Project Offshore NigeriaShell along with JV partner Sunlink Energies has reached final investment decision (FID) on the HI gas project offshore Nigeria. Representing a $2 billion investment, according to Nigerian government, the development will provide feed gas to Nigeria LNG’s (NLNG) Train 7 expansion.
The HI field, discovered in 1985, lies in 100 m of water about 50 km off the Nigerian coast. At peak output, the project will supply 350 MMscf/d (about 60,000 boed) to NLNG, in which Shell holds a 25.6% interest. Recoverable resources are estimated at 285 MMboe. Production startup is expected before the end of this decade, supporting Shell’s plan to increase global LNG production by 4–5% per year through 2030.
The joint venture between Sunlink Energies (60%) and Shell Nigeria Exploration and Production Company Limited (SNEPCo) (40%) includes a wellhead platform with four production wells, a multiphase pipeline to shore at Bonny Island, and a gas processing facility connected to the NLNG plant. Condensate will be exported via the Bonny Oil and Gas Export Terminal. Shell said the project aligns with its Capital Markets Day 2025 target to bring new upstream and integrated gas projects onstream delivering over 1 MMboed by 2030.
“Following recent investment decisions related to the Bonga deepwater development, today’s announcement demonstrates our continued commitment to Nigeria’s energy sector, with a focus on deepwater and integrated gas,” said Peter Costello, Shell’s Upstream President. “This project will help grow our leading Integrated Gas portfolio while supporting Nigeria’s ambitions to become a more significant player in the global LNG market.”
The HI project follows Shell’s final investment decision on the Bonga North development in December 2024 and the company’s recent increase in its Bonga field stake. Both investments underscore Shell’s long-term position in Nigeria’s deepwater and gas value chains, where LNG remains central to the company’s global energy transition and low-carbon growth strategy.
World Oil
oil & gas
15 October 20252 min readShell Greenlights $2 Billion Gas Project Offshore Nigeria
World Oil
15 October 2025
oil-gas
Iran Adds 10 Trillion Ft3 Of Gas To Its ReservesA new discovery in the Pazan gas field in southern Iran has been made with 10 trillion ft3 of natural gas, Oil Minister Mohsen Paknejad said on Monday according to his ministry's news outlet Shana.
Iran holds the world's second largest natural gas reserves, but most of its production is consumed domestically or lost to flaring, and the country faces a gas imbalance during high demand months.
"This field has 10 trillion ft3 of gas, and if we consider a 70% recovery rate we can reach 7 trillion ft3," Paknejad said, adding that the new reserves could help cover Iran's existing imbalances in the coming years.
Paknejad added the new find was made after a pause of 8 years in exploration activities at the field and estimated it would take 40 months before extraction can begin.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09102025/iran-adds-10-trillion-ft3-of-gas-to-its-reserves/
Vår Energi ASA has announced an increase in both production as well as recoverable volumes from the Gjøa field (PL153), following the start-up of the Gjøa low pressure project.
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10 October 20251 min readIran Adds 10 Trillion Ft3 Of Gas To Its Reserves
Oilfield Technology
10 October 2025
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Pembina Pipeline Among Potential Buyers Of Kkr $7B Stake In Pembina Gas InfrastructureGlobal investment firm KKR is exploring the sale of its 40% stake in Canadian midstream pipeline operator Pembina Gas Infrastructure (PGI), with Pembina Pipeline considered a strong contender to buy KKR’s share, according to recent reports.
Four sources familiar with the matter told Reuters that the holding could be valued at approximately $7 billion.
The New York-based private equity firm has been working with investment bankers at Scotiabank in recent weeks to gauge potential buyer interest for the stake in PGI, which owns and operates natural gas and natural gas liquids infrastructure across western Canada.
However, the sources cautioned that a final sale is not guaranteed and spoke on condition of anonymity to discuss confidential information.
PGI was established in 2022 as a joint venture between KKR and Pembina Pipeline Corp., combining assets originally acquired by KKR in 2015.
The entire division was valued at $11.4 billion at the time of the merger, with private equity funds typically looking to divest holdings after a period of 10 to 12 years.
With KKR evaluating potential buyers, Pembina Pipeline has emerged as a strong contender to acquire KKR’s stake, according to industry sources and analysts, along with institutional investors such as pension funds, The Globe and Mail reported on Sunday, October 5.
RBC Capital Markets analyst Maurice Choy noted that while he would not “preclude the potential of Pembina exploring the purchase,” the company would likely approach the opportunity with an eye toward acquiring it at a price that would immediately boost its cash flow.
PGI holds one of the largest gas networks in the Montney and Duvernay shale formations, with a processing capacity of five billion cubic feet of gas per day.
The company has recently been expanding its footprint, including a $420-million purchase in January of a 50% stake in Whitecap Resources Inc.'s gas processing assets in northwestern Alberta, alongside commitments for further expansion investments. KKR would be liable for its share of this planned spending.
Pembina continues to expand its natural gas operations throughout Western Canada, competing with other pipeline operators as power plant reliance on gas increases.
The company is also co-developing the $5.9-billion Cedar LNG project in British Columbia and is entering Alberta’s data center market with natural gas-powered initiatives.
Pipeline Technology Journal
oil & gas
08 October 20252 min readPembina Pipeline Among Potential Buyers Of Kkr $7B Stake In Pembina Gas Infrastructure
Pipeline Technology Journal
08 October 2025
oil-gas
Ojulari: Nigeria Lost Over 600,000 Barrels Of Oil To Pengassan’S 3-Day StrikeThe Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, disclosed that Nigeria lost over 600,000 barrels of oil due to a three-day strike by the Petroleum and Natural Gas Senior Staff Association (PENGASSAN). The strike, prompted by a dispute over the dismissal of 800 workers at Dangote Refineries, significantly impacted the oil industry's production capacity, leading to a rise in cooking gas prices attributed to the disruption. Despite the setback, Nigeria achieved a production of 1.68 million barrels per day in September 2025 and recorded gas output of 7 billion cubic feet per day, the highest in recent times.
*Gas output of 7bcf/day, highest in recent
•Attributes hike in LPG price to recent oil workers’ strike
•NNPC raises petrol price to N905 on union’s supply disruption
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has disclosed that Nigeria lost 200,000 barrels per day of crude oil to the recent strike action embarked upon by the nation’s oil workers, culminating in a total of over 600,000 barrels during the three-day supply disruption.
The Petroleum and Natural Gas Senior Staff Association (PENGASSAN) had last month directed its members to embark on strike in the wake of a face off with the management of Dangote Refineries over the reported sack of 800 workers.
Reacting to the effect of the three-day strike action on the oil industry, Ojulari stated that the industrial action had a telling effect on the production capacity of the NNPC.
The GCEO who spoke with newsmen after meeting with President Bola Tinubu in Lagos while describing the strike action as unfortunate stated that Nigeria has recently achieved a 7 Billion Cubic Feet (BCF) of gas.
“I think it was unfortunate that the Dangote and PENGASSAN issue led to strike and whenever there is strike and critical staff manning critical facilities are not available and optimum production is almost impossible. In this particular case, we actually lost significant production of over 200,000 bpd that was deferred.
“We also have gas production that was deferred, we also have power generation that was impacted by about 1.2 megawatts of power that was affected by that strike,” he said.
He, however, expressed happiness that the crisis had been resolved through the timely intervention of the federal government via the Federal Ministry of Labour and the Office of the National Security Adviser (NSA).
Ojulari added: “I’m very pleased that the federal government through the leadership of the Minister of Labour and full support of the National Security Adviser was able to put together everyone into a dialogue and brought everybody to the table and now there has been a communiqué that has been agreed on the way forward.
“We are all very hopeful that everyone will abide by the communique, since then we have been able to return production back to status quo, there has been one or two areas that we are still trying to catch up with. Overall, we have gradually gone back to restore lost production and the deferment that we have as of today,” he added.
Ojulari further stated that Nigeria has been able to step up crude oil production with effect from last month, saying 1.68 million barrels per day were produced in September, 2025 while 7 billion cubic feet of gas was also produced per day during the same period.
“We are making good progress. As you know, we recorded 1.68mbpd of oil production last month which was very good. That was the first in about five years. In terms of milestones, we also recorded the highest gas production above 7 Billion Cubic Feet per day which is also the highest in recent times.
“What we are also expecting is that with some Turnaround Maintenance we have done in August and September and all of those are meant to come back this month, we are hoping that by the end of the year we should at least be clocking 1.8mbpd,” the NNPC chief executive stated.
He attributed the current hike in price of cooking gas to the artificial scarcity caused by the recent PENGASSAN strike, but expressed hope that the price will stabilise before long with the resolution of the crisis.
“The increase you saw was relatively artificial because for the period of the strike, movement and loading were delayed for about two to three days and because of that you see that impact and as things return to normal it takes sometimes for distribution to fully return and you see with that delay some of the people that have existing resources in reserves had to put up the price.
“My expectation is that now that things are back to normal prices it should return to what they were before the strike,” Ojulari added.
Asked the purpose of his visit to the President, Ojulari said it was a routine visit to update him about developments in the oil sector, especially the task given to him to attract investors.
“It is quite an important opportunity to update the president on the progress in NNPC particularly in terms of production performance, in terms of progress we are making in terms of attracting investment.
“As you recall, the President gave us a clear mandate which is to grow production to at least 2 million bpd by 2027 and up to 3 million bpd by 2030 as well as grow gas production as well. So, how are we progressing this year and how are we preparing for next year in terms of ensuring we deliver this growth? So, that was one of my updates to the President,” the engineer noted.
Meanwhile, the NNPC has once again raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail outlets, as light queues returned following the PENGASSAN and Dangote
It was learnt that NNPC stations in Abuja, especially in Wuse Zone 6 and Zone 4 areas had adjusted their pump price from N890 to N905 per litre, representing a N15 increase, or roughly 1.7 per cent upward review.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, attributed the latest price hike to recent supply disruptions caused by the standoff between PENGASSAN and the Dangote Refinery.
He said: “It is due to PENGASSAN’s strike disruption. However, our members are still selling between N885 and N895 per litre,” the IPMAN chief said.
Gulf Oil and Gas
oil & gas
08 October 20256 min readOjulari: Nigeria Lost Over 600,000 Barrels Of Oil To Pengassan’S 3-Day Strike
Gulf Oil and Gas
08 October 2025
oil-gas
Poland Commits $5.5B To Link National Fuel Network To Strategic Nato Pipeline SystemPoland announced Friday that it plans to spend 20 billion zlotys ($5.5 billion) to connect its national fuel network to the NATO Central Europe Pipeline System (CEPS), a critical project designed to enhance the security and supply of allied troops in the event of a conflict.
The country's defense ministry and Polish pipeline operator PERN signed a preliminary agreement earlier in the day to proceed with the extension, with Deputy Defence Minister Cezary Tomczyk calling the initiative "one of the largest investments in the security of the Polish state in the last 30 years."
The plan involves the construction of approximately 300 kilometres of new pipelines to tie into the CEPS, an extensive, Cold War-era network that currently transports military-grade fuels across Belgium, France, Germany, Luxembourg, and the Netherlands.
For Poland, an eastern flank NATO member, the urgency of linking to the CEPS has intensified significantly since Russia's full-scale invasion of Ukraine in February 2022 and subsequent drone incursions near its border.
Poland has long sought this connection to better integrate its supply capabilities with NATO's collective defense structure.
The ambitious project, which is expected to take several years to complete, has already received some initial backing from the alliance. NATO has allocated 60 million zlotys to Poland to support the initial planning and design phases of the investment.
"At the NATO level, the decision regarding the planning and design of this investment has been made," Tomczyk confirmed. The full $5.5 billion commitment underscores Poland's increasing focus on hardening its military infrastructure and bolstering its logistical readiness against regional threats.
Pipeline Technology Journal
oil & gas
07 October 20252 min readPoland Commits $5.5B To Link National Fuel Network To Strategic Nato Pipeline System
Pipeline Technology Journal
07 October 2025
oil-gas
Ukraine: Naftogaz Secures €300 Million Loan From The European Investment Bank For Gas PurchasesNaftogaz Group has signed a landmark €300 million loan agreement with the European Investment Bank (EIB). The financing will be used to purchase gas to build long-term gas reserves and to ensure stable winter supplies for Ukrainians, following damage to the country’s infrastructure caused by Russia’s ongoing attacks.
EIB Group President Nadia Calviño said: 'This new financing from the EIB will help reinforce Ukraine’s energy security during the winter, providing vital support to communities and businesses.'
'This loan combines rapid crisis response with a long-term view. It supports the country’s shift to cleaner, more sustainable energy – a cornerstone of the country’s recovery and EU integration,' added EIB Vice-President Teresa Czerwinska, who oversees the bank’s operations in Ukraine.
The financing is part of the EIB’s Ukraine Energy Rescue Plan, with the European Commission backing the loan through the EU’s Ukraine Investment Framework (UIF) guarantee.
€300 million from the EIB is substantial and practical support that will help us guarantee the country’s energy resilience ahead of the winter. I sincerely thank the President of Ukraine, the Ukrainian Government, and the Prime Minister for their support, as well as our European partners for their trust and solidarity,' said Sergii Koretskyi, Chief Executive Officer of Naftogaz.
Prime Minister Yuliia Svyrydenko welcomed the agreement and highlighted its importance for Ukraine’s energy resilience: 'The €300 million agreement between the EIB and Naftogaz demonstrates the tangible results of Ukraine’s partnership with the European Union’s bank. Thanks to this financing, Ukraine will be able to secure gas reserves and ensure a stable supply of heat this winter for hundreds of thousands of households, even amid ongoing enemy attacks. This agreement also continues Naftogaz’s transition towards renewable energy and decarbonisation. It is an important step towards building a modern energy system and advancing Ukraine’s integration into the European Union,' said Ukrainian Prime Minister Yuliia Svyrydenko.
The agreement was signed in the presence of Minister of Economy, Environment and Agriculture Oleksii Sobolev and European Commissioner for Enlargement Marta Kos during her visit to Kyiv.
'This agreement between the EIB and Naftogaz is an important contribution to Ukraine’s energy and economic stability. Reliable energy supply is essential for businesses to operate, for jobs to be preserved, and for investment to continue flowing into our economy. At the same time, this partnership supports Ukraine’s long-term goal of building a resilient, sustainable and European-integrated energy sector,' said Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine.
As part of the agreement, Naftogaz pledges to reinvest an amount equivalent to the EIB loan into renewable energy and decarbonisation projects.
European Commissioner for Enlargement Marta Kos said: 'This loan helps prepare Ukraine for another difficult winter. It will help households and businesses keep the lights and the heating on. It will advance Ukraine’s integration into the EU energy market.'
European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis commented: 'Russia has relentlessly targeted Ukraine’s energy infrastructure in its brutal attacks. As Ukrainians face a fourth winter since Russia launched its full-scale invasion, this timely €300 million loan agreement, supported by the EU budget, will help reinforce Ukraine’s energy resilience, ensuring reliable energy supplies for households and businesses. The EU remains Ukraine’s largest donor and supporter. Today’s agreement is yet another demonstration of the EU’s unwavering commitment to Ukraine and its people.'
Original announcement link
Source: Naftogaz
Energypedia News
oil & gas
06 October 20253 min readUkraine: Naftogaz Secures €300 Million Loan From The European Investment Bank For Gas Purchases
Energypedia News
06 October 2025
oil-gas
Nigerian Oil Mogul Expands To Liberia With $800M Investment In 4 Oil BlocksNigerian billionaire Arthur Eze has secured four offshore exploration blocks in Liberia through his company, Atlas Oranto Petroleum Limited with plans to invest over $800m. This followed the agreement between the Liberia Petroleum Regulatory Authority (LPRA) and Atlas Oranto Petroleum International Ltd. The contracts, sealed under the Petroleum (Exploration and Production) Law of Liberia, will take effect once ratified by the National Legislature and approved by Liberian President Joseph N. Boakai.
Nigerian billionaire Arthur Eze has secured four offshore exploration blocks in Liberia through his company, Atlas Oranto Petroleum Limited with plans to invest over $800m.
This followed the agreement between the Liberia Petroleum Regulatory Authority (LPRA) and Atlas Oranto Petroleum International Ltd.
Four Production Sharing Contracts (PSCs) in Paris, representing Liberia’s first major upstream oil agreements in more than a decade were signed.
The contracts, sealed under the Petroleum (Exploration and Production) Law of Liberia, will take effect once ratified by the National Legislature and approved by Liberian President Joseph N. Boakai.
They cover offshore Blocks LB-15, LB-16, LB-22 and LB-24 in the Liberian Basin and include a $12 million signature bonus, alongside planned investments of over $200 million per block.
LPRA Director General Marilyn T. Logan described the deal as a “turning point” for Liberia’s petroleum industry.
“Atlas Oranto’s entry into Liberia is a testament to the country’s hydrocarbon potential and commitment to ensuring African companies play a leading role in our upstream programme,” she said, adding that the contracts would help deliver wider economic benefits through employment opportunities, capacity building and the transfer of technical expertise.
Atlas Oranto, one of Africa’s largest privately owned oil and gas firms, operates in more than 20 countries. Its Executive Chairman, Prince Arthur Eze, framed the Liberian deal as a long-term partnership.
“We are proud to join Liberia at this historic moment. We see Liberia not just as an investment destination but as a partner for success,” he stated.
Liberia’s long-stalled ambition to develop its offshore oil reserves has received a boost with the entry of Nigerian firm Atlas Oranto Petroleum, which signed four production sharing contracts with the government last week.
The agreements, valued at a $12 million signature bonus, are seen as a potential turning point for a sector hindered for years by political uncertainty and global oil price volatility. Liberian Officials say the deal could help diversify an economy still reliant on iron ore, rubber and gold.
At the signing ceremony in Paris, President Boakai said: “Our goal is to ensure that Liberia’s resources are managed with transparency and responsibility. These contracts will be implemented with strict standards of environmental protection, strong local participation, and clear accountability so that Liberians benefit directly from the opportunities created.”
Atlas Oranto operates in 22 countries, including Equatorial Guinea, Senegal, South Sudan, Uganda, São Tomé and Príncipe, and Zambia.
In 2010, the Nigerian billionaire was awarded three oil blocks in Liberia for US $200,000 each and later sold them to Chevron the same year for over US $250 million, marking a significant early profit in his West African operations.
Arthur Eze is a philanthropist, politician, and the CEO of Atlas Oranto Petroleum, the largest privately held Nigerian exploration and production group.
Atlas Oranto Petroleum was founded by Arthur Eze in 1991. The company currently has 22 oil and gas licences in 12 jurisdictions across Africa. It has assets in Nigeria, Equatorial Guinea, and several Atlas Oranto operated blocks.
To date, the company is the largest holder of oil exploration blocks in Africa.
With its latest contracts in Liberia, Executive Chairman Arthur Eze strengthens the company’s African footprint while extending Atlas Oranto’s reach into global frontier energy markets.
Gulf Oil and Gas
oil & gas
04 October 20254 min readNigerian Oil Mogul Expands To Liberia With $800M Investment In 4 Oil Blocks
Gulf Oil and Gas
04 October 2025
oil-gas