The Bubale-1X well reached a total depth of 20,548 feet (6,263 meters) while operating in water depths of 7,795 feet (2,376 meters). According to the company, the well encountered 100 feet (30 meters) of net oil pay distributed across two reservoirs. Initial evaluations indicate the presence of high-quality light oil, supporting the prospectivity of the acreage within Block CI-709.

Commenting on the results, Eric Hambly, President and Chief Executive Officer of Murphy Oil Corporation, said, “Early results at Bubale reinforce the prospectivity of our Côte d’Ivoire acreage. We are pleased with the results to date, which underscore the value of a disciplined and consistent exploration approach. Our immediate focus now is advancing evaluation plans to define the discovery’s full potential.”

Evaluation Phase Planned Following Completion of Exploration Campaign

The Bubale-1X well represents the third and final exploration well drilled as part of Murphy’s current three-well campaign in Côte d’Ivoire. Following the discovery, the company intends to proceed with the next stage of evaluation activities aimed at better understanding the scale and potential of the find. As part of these plans, one additional well is scheduled for the second half of 2026 to assess the extent of the discovery associated with the Bubale-1X well.

Drilling operations began in late February 2026 when the well was spud by Murphy CI-709 Oil Co., Ltd., a subsidiary of Murphy Oil Corporation and the operator of Block CI-709. Murphy maintains a 90 percent working interest in the block, while Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (PETROCI) holds the remaining 10 percent interest.

Company Maintains Focus on Global Exploration Portfolio

Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The company has operated for more than a century and continues to pursue exploration and development projects across several regions. Its current asset base includes extensive inventory onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, alongside offshore operations in the Gulf of America and Canada.

In addition to its producing assets, Murphy continues to pursue long-term growth through offshore exploration and development activities in the Gulf of America, Vietnam and Côte d’Ivoire, where the recent Bubale-1X well discovery adds another milestone to its exploration efforts.

The Angola offshore oil project is being led by Azule Energy, a joint venture between BP and Eni, which serves as the operator. Additional partners include Norway’s Equinor, Angola’s national oil and gas agency ANPG, and the state-owned entity Sonangol.

Project Scope and Technical Details

The Greater PAJ development represents the latest expansion by Azule Energy, currently Angola’s largest independent oil and gas producer. The offshore oil development is located in the Lower Congo Basin and will integrate production from Block 31 with nearby discoveries in Block 31/21. The combined area contains estimated oil reserves of 252 million barrels, positioning it as a substantial addition to Angola’s production capacity. The deepwater infrastructure will feature a new floating production, storage and offloading vessel (FPSO).

Production Timeline and Economic Impact

The project is expected to begin producing crude oil in the first half of 2029, providing a clear development timeline for stakeholders and investors. Joseph Murphy, Chief Executive Officer of Azule Energy, said, “Greater PAJ will contribute to sustaining production, creating value for the country and reinforcing Angola’s position as a key energy supplier in the years ahead.”

Angola’s Strategic Energy Position

Angola maintains its status as a major African crude oil producer and has undertaken substantial reforms to its regulatory framework to attract fresh investment. The country has focused particularly on attracting development in mature and marginal fields as it works to maintain daily crude oil production at approximately one million barrels.

Engineering and Technology Partnerships

Other contracts supporting the Angola offshore oil project implementation were formalized during the signing ceremony, with several specialized engineering and technology firms selected for the work. These include Baker Hughes, Saipem, and TechnipFMC.

The agreement regarding Libya offshore exploration, announced by MOL Group, was concluded in collaboration with joint venture partners Repsol and Türkiye Petrolleri A.O. (TPAO). The consortium had previously secured exploration rights for an area situated in the Mediterranean Sea. This Libya offshore exploration undertaking represents an important milestone for Libya’s oil and gas industry, building upon the consortium’s earlier successful bid for the offshore O7 block.

The O7 block encompasses an area exceeding 10,300 square kilometers and is located approximately 140 kilometers northwest of Benghazi, in the Mediterranean Sea. The region is characterized by depths greater than 1,500 meters and is recognized as one of Libya’s most promising offshore exploration zones. The consortium’s commitment under the agreement includes a minimum work program that involves seismic data acquisition and the drilling of an exploratory well, designed to assess the hydrocarbon potential of the area.

Marton Zsombor, Executive Vice President for Exploration and Production at MOL Group, commented on the progression of the project, noting that the signing of the agreement has propelled the initiative into a new phase. He highlighted Libya’s strategic importance to Europe and emphasized the project’s potential to contribute to both the development of Libya’s domestic energy sector and the diversification of energy supplies for Central and Eastern Europe.

MOL also extended its engagement with Libya earlier in the year, having finalized a strategic partnership agreement with the National Oil Corporation (NOC) in January 2026. This collaboration is geared towards deepening technological cooperation, fostering knowledge exchange, and identifying new commercial opportunities that align with the international growth aspirations of both entities.

Currently, the Hungarian energy company holds oil and gas exploration and production assets in ten countries, with producing fields operational in eight: Hungary, Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, and Egypt. As part of its international growth strategy, MOL has established cooperation agreements with several national energy companies, including partners in Kazakhstan, Azerbaijan, Türkiye, and Libya.

The 2025 tender, launched by the NOC last year, saw five blocks awarded out of twenty that were made available, encompassing both onshore and offshore territories. The recent signings represent the contractual stage following the allocation of a portion of these exploration areas. Specifically, the exploration and production deals involve Spain’s Repsol in partnership with Turkish Petroleum, Italy’s Eni in partnership with QatarEnergy, and the Hungarian group MOL together with Turkish Petroleum and Repsol. These consortia’s structures align with the February award announcements for three of the five allocated blocks.

While the current announcement details these collaborations, it does not reference the two other blocks awarded previously: Block S4, secured by the US company Chevron, and Block M1 in the Murzuq Basin, awarded to Nigeria’s Aiteo. The pact between Eni and QatarEnergy pertains to the O1 offshore exploration license. This block, covering approximately 29,000 square kilometers, is situated in the offshore extension of the Sirte oil and gas province, a vital region for Libya’s energy industry. Eni is designated to operate this concession, with the consortium holding a 100% stake during the exploration and development phases. Plans include acquiring seismic data and conducting drilling operations within the initial five-year exploration period.

Another key partnership involves Repsol, Turkish Petroleum, and MOL, which were awarded offshore Block 07 in the Gulf of Sidra. This strategic location connects major producing areas to coastal export facilities. Additionally, Repsol and Turkish Petroleum secured onshore Block C3 in Cyrenaica, an area within the Sidra oil system, Libya’s primary producing basin.

These exploration and production deals empower the NOC to delegate exploration and development tasks to international partners while retaining public oversight of the nation’s resources. The participating companies will shoulder a substantial portion of the exploration risks, recoup their costs according to the agreements, and subsequently share any resulting production with the national company. Although the NOC did not disclose the financial terms of these agreements, the corporation highlighted that they signify growing international confidence in Libya’s oil and gas sector. The initiative aims to attract qualified investments, intensify exploration efforts, and contribute to the growth of national energy output.

The signing of these exploration and production deals occurs as the NOC is actively working to restore production capacity, reactivate facilities impacted by past conflicts, and strengthen Libya’s standing as a significant energy supplier in the Mediterranean region. Eni, which has had a presence in Libya since 1959, reported an equity production of approximately 162 barrels of oil equivalent per day in 2025.

The Merlin-1X well, which is the tenth to be drilled under the license and was operated by Shell, commenced drilling on 8th April 2026. It successfully penetrated the Coniacian play and revealed a reservoir of good quality. The findings included light oil and a limited amount of associated gas, marking a significant development compared to previous results in the license.

This latest Namibia offshore oil discovery further aids the partners in their assessment of the Orange Basin block and supports the ongoing evaluation of the resource’s potential for commercial viability. The Namibia oil discovery is a testament to the collaborative efforts in the region.

“These are encouraging results that add to our understanding of the Orange Basin potential. We are progressing this opportunity through a disciplined, data-led approach to establish commerciality, focusing our investment on options that are material, competitive and resilient within our portfolio,” said Eugene Okpere, Shell’s Executive Vice President for Exploration, Strategy and Portfolio.

“This is built on strong partnership and alignment, and I thank the Government of the Republic of Namibia, our partners and all teams involved,” he added on the Namibia offshore oil discovery.

QatarEnergy said the Merlin-1X Namibia offshore oil discovery has bolstered confidence in the Orange Basin as a developing hydrocarbon province.

“We are pleased with this discovery, which follows three earlier discovery announcements in Namibia. These results represent a significant step that further strengthens confidence in the Orange Basin as an emerging world-class hydrocarbon province and aligns with QatarEnergy’s strategy to expand its international upstream portfolio through high-impact exploration,” said Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy.

Looking ahead, Shell has indicated that further drilling later in 2026 is under consideration as part of a comprehensive exploration and appraisal program. The PEL 0039 license encompasses an area of approximately 12,000 square kilometers in deep water, situated more than 250 kilometers offshore Namibia. Over the past four years, the joint venture has undertaken drilling activities at ten different wells within this license, including notable sites such as Graff-1X, La Rona-1X, Jonker-1X, Graff-1A, Lesedi-1X, Cullinan-1X, Jonker-1A, Jonker-2A, Enigma-1X, and Merlin-1X.

QatarEnergy holds a 45% stake in PEL 0039 and also possesses interests in three other offshore Namibian exploration licenses, bringing its total acreage in the country to approximately 34,000 square kilometers.

The Coral Norte FLNG project, situated offshore Mozambique, is being developed by Eni and its partners, including CNPC, ENH, XRG, and KOGAS. This initiative is designed to achieve an annual production of approximately 3.6 million tons of LNG. Upon completion, it will effectively double the existing capacity of the Coral hub to 7 million tons per annum. This expansion is poised to elevate Mozambique into the ranks of Africa’s top three LNG producing nations, further solidifying its influence in the international energy sector.

The Coral Norte FLNG project is conceived as an enhanced replication of the Coral Sul FLNG, which was the initial development within Mozambique’s Area 4 offshore gas block. This strategic replication approach capitalizes on the shared characteristics of the feed gas composition and the deepwater environment. The objective is to enhance execution certainty and optimize operational performance, drawing valuable insights and lessons learned from the preceding development. By standardizing the project delivery model, Technip Energies and its consortium partners are paving a de-risked pathway for scaling operations and ensuring greater predictability throughout all project phases. This significant contract award builds upon prior agreements and underscores the ongoing progress of Technip Energies’ involvement in the Coral Norte FLNG project.

Arnaud Pieton, Chief Executive Officer of Technip Energies, said, “The Coral Norte project reflects the confidence of ENI and its partners in our FLNG execution capabilities and in the performance in operations of the Coral South FLNG. By leveraging our ‘design one, build many’ approach, we are demonstrating how a standardized model can accelerate large-scale offshore project delivery.”

According to Devakumar Edwin, Vice President for Oil and Gas at Dangote Industries Limited, the capacity increase to 700,000 bpd forms part of a comprehensive strategy to more than double processing capabilities to 1.4 million bpd over the next 30 months. This ambitious growth trajectory positions the facility to potentially become the largest refinery globally. Edwin underscored that the expansion initiative reflects a deliberate progression toward continental and global refining dominance, extending well beyond domestic supply requirements.

The 700,000 bpd milestone is anticipated to significantly bolster Nigeria’s energy self-sufficiency by eliminating dependency on imported refined products while establishing the nation as a prominent regional export hub. This development aligns with broader national objectives to enhance local refining infrastructure and maximize economic value derived from Nigeria’s substantial crude oil reserves.

Since commencing fuel production in 2024, the facility owned by Nigerian industrialist and philanthropist Aliko Dangote has rapidly established itself as a major supplier to both domestic and international markets. The refinery has successfully exported refined petroleum products to multiple African nations and key European destinations, including the United Kingdom, France, Spain, Italy, and the Netherlands. Additionally, the facility has supplied petrol to American markets and jet fuel to Saudi Arabia and other international clients.

The facility has also played a stabilizing role within the petroleum industry during periods of disruption, particularly given ongoing Middle Eastern tensions. Many African countries have increasingly turned to the refinery for energy security, demonstrating the strategic importance of local refining capacity in the continental energy landscape.

The crude oil processing capabilities of the refinery have proven instrumental in stabilizing fuel supplies throughout Nigeria, directly reducing the nation’s dependence on imported petroleum products and alleviating pressure on foreign exchange reserves. The growing production volumes have attracted considerable attention from global crude suppliers and commodity trading entities, with the refinery sourcing feedstock from both domestic and international producers to sustain escalating output levels.

Aliko Dangote has communicated ambitious plans to transform the facility into the world’s largest refinery by 2028, with a targeted processing capacity of 1.4 million barrels per day. This expansion initiative is expected to generate substantial economic benefits, including employment creation, increased industrial activity, and improved trade balance positions for the nation.

The refinery will strengthen downstream manufacturing by guaranteeing consistent supply of Liquefied Petroleum Gas (LPG) and other critical industrial feedstocks, particularly polypropylene utilized extensively in packaging materials and consumer goods production. The facility has also outlined future plans for Linear Alkylbenzene (LAB) supply, an essential ingredient in detergent manufacturing, thereby establishing integrated value chains across multiple industrial sectors.

According to the African Energy Chamber (AEC), this evolving investment landscape is underpinned by growing balance sheet strength observed among African sovereign wealth funds, state-backed investment vehicles, and independent energy operators. This financial robustness is fostering a broader embrace of outward-focused investment strategies across the continent’s energy sector. The AEC projects that Africa’s upstream sector will achieve approximately 11.4 million barrels of oil equivalent per day (MMboed) in production by 2026, complemented by roughly $41 billion in upstream capital expenditure. This level of activity is cultivating a larger pool of experienced investors and operators actively seeking international growth avenues.

Brazil’s deepwater pre-salt developments are recognized globally as among the most competitive offshore oil projects. Concurrently, Argentina’s Vaca Muerta shale play is progressing into a new phase characterized by a strong emphasis on LNG exports, gas monetization initiatives, and crucial infrastructure expansion. The AEC highlights specific opportunities within Brazil, including its offshore gas infrastructure, floating production, storage, and offloading (FPSO) developments, and the subsea supply chain. In Argentina, the focus is on planned pipeline expansions and gas processing projects.

African investors are entering the South American market equipped with valuable experience garnered from offshore and LNG developments in countries such as Congo, Nigeria, Cameroon, and Mozambique. Their expertise particularly shines in areas like floating LNG technology and gas commercialization strategies.

The African Energy Chamber has been actively involved in developing bilateral engagement frameworks designed to connect Latin American stakeholders with African governments, national oil companies, and private-sector energy firms. These initiatives aim to foster deeper cooperation and understanding between the regions. Notably, the AEC has been involved in cooperation efforts that include Petróleos de Venezuela (PDVSA) and Venezuela’s Ministry of Hydrocarbons, alongside Brazilian energy stakeholders, focusing on upstream investment and infrastructure development.

Both Africa and South America continue to place a high priority on energy sovereignty, the implementation of robust local content policies, and the pursuit of long-term hydrocarbon development strategies. These shared priorities create fertile ground for enhanced South-South cooperation, particularly within the offshore oil, LNG, and infrastructure sectors.

The comprehensive full-field Phase 3 development is set to substantially augment production capabilities. Envisioned under this phase is an increase in oil output from the current 60,000 barrels per day to a target of 150,000 barrels per day. Simultaneously, natural gas production is slated to rise from 80 million cubic feet per day to 200 million cubic feet per day. Crucially, all natural gas generated by the Baleine project phase 3 development will be directed towards meeting the domestic energy demands of Côte d’Ivoire. This strategic allocation is expected to bolster the country’s electricity generation capacity and provide vital support for its ongoing industrial expansion.

The Baleine project phase 3 development plan includes the integration of a new floating production, storage, and offloading (FPSO) unit. This unit is being engineered to uphold stringent standards of operational efficiency and safety, while simultaneously minimizing its environmental footprint. This approach aligns with global efforts towards more sustainable energy production.

This third stage of development continues the successful strategy of phased and fast-track implementation, a model that has defined the initial two phases of the Baleine project. This methodology has facilitated the commencement of early production, effectively optimizing costs and capitalizing on the existing infrastructure.

“Baleine is a testament to Eni’s exploration and production model, built on excellence in exploration activities, the ability to develop projects through a fast-track and phased approach, and a consistent commitment to sustainability, in continuous dialogue with the host country. This project reflects our commitment to strengthening energy security, supporting local economic development and advancing a lower-carbon energy future,” said Claudio Descalzi, Chief Executive Officer of Eni.

According to the NOC statement, a final agreement has been officially executed between the National Oil Corporation and Trasta Company. This accord mandates the withdrawal of the foreign partner from LERCO, with its shares now reverting to the NOC. Consequently, the Ras Lanuf refinery and its associated complex will operate entirely under Libyan sovereignty and management.

The Chairman of the Board of Directors of the National Oil Corporation confirmed that this agreement formally concludes the foreign partnership within LERCO. This marks a pivotal moment for the Libyan oil sector, enabling the restructuring and operation of the Ras Lanuf complex under exclusively Libyan leadership. This outcome is being recognized as one of the most significant transformations within the Libyan oil sector since 2011.

The resolution of this dispute definitively closes a complex chapter in the Libyan oil and gas industry. It ensures that one of the country’s most crucial oil and petrochemical assets is returned to full Libyan control. This development is expected to pave the way for a new era of rehabilitation, operation, and development for the Ras Lanuf complex.

The NOC Chairman expressed his satisfaction with the achieved agreement, commending the extensive efforts of the negotiating team and the Corporation’s legal and technical departments throughout the years of conflict. He emphasized that this accomplishment underscores the capability of Libyan expertise in safeguarding state rights and recovering strategic assets through legal and negotiated avenues. Furthermore, he acknowledged the contributions of various departments within the Corporation and its subsidiaries, viewing this Ras Lanuf Refinery recovery as the commencement of a revitalized phase for the complex. The goal is to restore the Ras Lanuf complex to its former standing as a premier refining and petrochemical hub in the region. The Ras Lanuf Refinery recovery is a testament to sustained efforts.