At the start of the meetings, Bektenev highlighted the significance of the day, noting that Kazakhstan’s New Constitution had officially come into force. He described the development as a major milestone in the nation’s progress. He also stressed that under the leadership of Kazakhistan’s President Kassym-Jomart Tokayev, the country remains committed to an investment-driven economic model designed to achieve sustainable and diversified growth. The discussions reflected Kazakhstan’s continued efforts to strengthen investor confidence and advance major industrial initiatives, reinforcing the country’s commitment to attracting global investment.

Eni Discussions Focus on Energy Infrastructure Expansion

During a meeting with Luca Vignati, Director for Exploration and Production of Global Natural Resources at Eni S.p.A., attention centered on the expansion of Kazakhstan’s energy infrastructure. A key topic was the development of the 247 MW hybrid power plant in Zhanaozen, regarded as one of the nation’s flagship energy projects.

The project is expected to enhance the reliability and resilience of Kazakhstan’s electricity network while introducing advanced low-carbon technologies. The initiative aligns with broader government objectives aimed at supporting the country’s energy transition strategy and creating additional opportunities for global investment within the energy sector.

Baker Hughes Advances Localization and Technology Development

Talks with Lorenzo Simonelli, Chairman and Chief Executive Officer of Baker Hughes, concentrated on localization efforts and technology transfer. Baker Hughes has already established local production for 174 types of spare parts in Kazakhstan, while close to 100 additional components are being developed in collaboration with domestic suppliers.

The company’s local presence was further highlighted by the fact that 95% of Baker Hughes’ service operations in Kazakhstan are currently handled by Kazakhstani divisions and specialists. According to the discussions, Baker Hughes intends to expand its manufacturing activities in the country, deepen cooperation with local companies, deploy digital solutions for industrial equipment monitoring, participate in new gas processing projects, support the establishment of modern production facilities, and contribute to decarbonization programs.

Long-Term Cooperation Supports Industrial Growth

The meetings illustrated a broader evolution in Kazakhstan’s economic strategy. Alongside attracting foreign capital, the government is placing increasing emphasis on investments that support technology transfer, generate skilled employment, expand local production capabilities, and strengthen domestic supply chains. For international energy companies, Kazakhstan continues to provide access to one of the region’s largest resource bases while also presenting opportunities in clean energy, manufacturing, and digital industrial solutions.

The discussions concluded with all parties reaffirming their commitment to expanding investment cooperation and pursuing new joint projects. As Kazakhstan advances constitutional reforms alongside its economic agenda, partnerships with Eni and Baker Hughes are expected to contribute significantly to the modernization of the country’s energy sector, further supporting global investment and reinforcing Kazakhstan’s role as a regional industrial hub.

The exploration campaign involved the drilling of the Caiman-1 well, which reached a total depth of 5,065 meters in 90 meters of water. This operation successfully identified multiple oil-bearing Cretaceous sandstone intervals. Parallel to this, the Swartzia Aspasia Complex-1 (SAC-1) exploration well was drilled to a depth of 4,560 meters in 610 meters of water. Located 8 kilometers east of the previously identified Sloanea-1 gas find, the SAC-1 well intersected gas-bearing sandstone reservoirs. Subsequent drill stem testing confirmed high reservoir quality and strong gas deliverability, reinforcing the potential for future energy development in the region.

Appraisal Success and Resource Volume

In addition to the primary exploration successes, the Roystonea-2 appraisal well has provided critical data regarding the lateral extent of existing reservoirs. Drilled 7 kilometers north of the original Roystonea-1 site, the appraisal well confirmed the continuity of oil-bearing intervals. The results from the drill stem testing indicated robust oil productivity, further validating the scale and commercial potential of the reservoir system. These Suriname offshore discoveries are part of a broader strategy to establish the area as a significant deepwater hub.

The latest results from Block 52 bring the total number of successful wells completed by the company in Suriname to eight. Collectively, these operations have unlocked recoverable resources estimated at more than 1 billion barrels of oil equivalent. This milestone highlights the effectiveness of modern deepwater drilling techniques and disciplined project execution in high-prospectivity corridors.

Strategic Partnerships and Regional Outlook

Petronas maintains an 80% participating interest in Block 52 as the operator, while the remaining 20% is held by Paradise Oil Company,  a wholly-owned subsidiary of Staatsolie Maatschappij Suriname (Staatsolie). This partnership continues to focus on the “Golden Lane,” a highly prospective area that the company aims to transition into long-term value for the nation. The ongoing hydrocarbon exploration efforts build upon the commerciality declared for the Sloanea gas field in late 2025, with a final investment decision for that specific development expected by the end of the current year. Beyond Block 52, the company holds interests in seven other offshore blocks in Suriname, including blocks 9, 10, 48, 53, 63, 64, and 66.

Mohd Jukris Abdul Wahab, Petronas’ Chief Operating Officer and Executive Vice President & Chief Executive Officer of Upstream, said, “Eight successful wells in Suriname with recoverable resources of more than one billion barrels of oil equivalent unlocked, reflect the strength of our technical capabilities, disciplined execution, and strong partnership in Suriname.”

Strengthening Regional Energy Ties

Maixent Raoul Ominga, the Managing Director of SNPC, led a delegation to the petroleum refinery facility in Lagos. He characterized the site as a vital asset for the continent and expressed a strong interest in establishing a long-term relationship.

“We have visited this remarkable refinery, which represents a major industrial achievement for Africa. The Republic of the Congo has refining capacity and we are keen to explore strategic cooperation that will help strengthen the supply of refined petroleum products while creating value for both organisations,” he said.

The dialogue between the two entities centered on several key pillars, including refining operations, energy security, and the sharing of technical knowledge. Ominga commended Dangote Group to prove the ability of African entities to finance and manage world-class industrial infrastructure. He further acknowledged the existing presence of the group in the Congolese cement sector, which has already contributed to local industrial capacity and improved access to essential construction materials.

Commitment to Continental Industrialization

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, stated that the facility serves the broader continent, emphasizing a willingness to meet the specific energy needs of neighboring nations. The petroleum refinery is currently producing fuels that meet international quality standards, which helps in reducing the reliance on imported products from outside the region.

Future Expansion and Investment Goals

Devakumar Edwin, the Group Vice President for Oil and Gas, Dangote Industries Limited, detailed the long-term strategy to expand total refining capacity to 2.1 million barrels per day. This plan includes the current operations in Nigeria and a proposed facility in Kenya to serve East African markets. Furthermore, the organization intends to invest an additional $46 billion between 2026 and 2028 across its refining and fertilizer sectors to support industrial infrastructure development.

The engagement regarding refined product supply cooperation highlights a shared vision to improve energy security and promote self-sufficiency. By strengthening regional value chains and fostering regional energy cooperation, both organizations aim to facilitate increased trade and industrial growth through sustained African energy cooperation.

Technical Specifications and Operational Capacity

The project involved the complex installation of a new 1,600-ton compression module onto the existing Sabratha platform. This module is outfitted with advanced compression trains, providing a total capacity of approximately 440 million standard cubic feet per day (mmscfd). This new gas infrastructure allows for production under low-pressure conditions, which is essential to offset the natural decline of the Bahr Essalam field and maximize the recovery of remaining resources.

Impact on Energy Security and Regional Supply

The successful start-up of the Sabratha Compression Project is expected to increase annual gas production by roughly 800 million cubic meters (mcm), in addition to associated condensate volumes. These increased supplies are vital for Libya’s domestic power generation requirements and will significantly bolster the country’s energy security. Furthermore, the project facilitates the continued export of gas to Italy via the Greenstream pipeline, reinforcing Libya offshore gas production as a key component of the regional energy matrix.

Ongoing Strategic Developments in Libya

Eni stated that the successful launch of the Sabratha Compression Project highlights its ongoing partnership with NOC in advancing technically complex offshore developments and strengthening the reliability of Libya’s gas infrastructure.

The company added that progress is being made on two other key energy projects in the country. Commissioning work has commenced on the Bouri Gas Utilization Project after the installation of the Bouri Gas Recovery Module, while development activities continue on the Structures A&E project, which is designed to bring two offshore gas fields into production.

Eni, which has maintained operations in Libya since 1959, remains the largest international energy operator in the region. The company reported equity production of approximately 162,000 barrels of oil equivalent per day in 2025.

According to the terms of the Sale and Purchase Agreements, both XRG and Eni will each hold a 32% stake in these 3 Vaca Muerta gas blocks. Argentina’s state-owned energy entity, YPF, is set to maintain a 36% operating interest. A Final Investment Decision regarding the development is currently anticipated to take place in the second half of 2026. The gas extracted from these 3 Vaca Muerta gas blocks will supply the Argentina LNG project, which aims for a total production capacity of 12 million tons per annum.

Infrastructure and Global Energy Export Strategy

The midstream and upstream framework for this initiative involves the deployment of two floating LNG facilities. These units, each capable of processing 6 million tons per annum, will be stationed in the Río Negro province. For international investors like XRG and Eni, the agreement provides long-term equity access to high-yield shale reserves, further diversifying their global portfolios. Simultaneously, the project represents a significant macroeconomic shift for the Argentine government, which is looking to strengthen its foreign exchange reserves through a robust energy export strategy.

The administration led by President Javier Milei is currently moving forward with a $30 billion energy export strategy centered on the Vaca Muerta basin. This plan includes the Vaca Muerta Sur Pipeline, a $2.6-billion infrastructure project designed to transport crude oil to a new terminal at Punta Colorada. Additionally, the Southern Energy Project involves a consortium of firms utilizing floating LNG facilities to generate approximately $2.5 billion in annual foreign exchange earnings.

Regulatory Framework and Unconventional Gas Resources

To accelerate the development of these unconventional gas resources, the government has implemented the Régimen de Incentivo para Grandes Inversiones. This regulatory framework offers 30-year tax breaks, customs benefits, and relaxed export regulations to attract the capital necessary for large-scale infrastructure. By securing these 3 Vaca Muerta gas blocks, the partners are positioning themselves within a framework designed to transform the region into a global fuel supplier.

The contract features an indexed pricing model and a prepayment structure. This gas supply agreement provides a cornerstone market for resources originating from the Cooper Basin’s Central Fields, which hold more than half of the region’s remaining proved and probable reserves. The prepayment mechanism is designed to directly support capital investment in regional infrastructure development over the coming years.

Infrastructure Upgrades at the Moomba Gas Plant

The deal serves as a foundation for the Moomba Central Optimisation project, which reached a final investment decision in March 2026. This initiative focuses on modernizing the Moomba gas plant by replacing seven aging gas-driven compressor stations with a single, high-efficiency electric-driven station. These upgrades at the Moomba gas plant are expected to increase productivity and lower operating costs while simultaneously reducing carbon emissions through more streamlined operations.

Santos Chief Executive Officer Kevin Gallagher stated that the contract secures South Australia gas supply for local industry while providing the necessary certainty for continued investment in Cooper Basin. The agreement also supports the South Australian Government’s Strategic Gas Reserve initiative, which is intended to safeguard domestic energy security and facilitate industrial growth, including the planned transition of the Whyalla Steelworks. By maintaining steady Cooper Basin production, the agreement helps sustain employment across regional operations and balances export commitments with local requirements.

“The Gjøa Subsea Projects demonstrate how we continue to develop our core hubs through efficient tie-back developments, leveraging existing infrastructure and exploration success to create long term value. The project strengthens Gjøa as a long-term production hub and supports our target to produce more than 400 thousand barrels of oil equivalent per day long-term,” said Torger Rød, COO of Vår Energi.

Project Timeline and Resource Estimates

The development is expected to unlock approximately 76 million barrels of oil equivalent in gross proved plus probable reserves. The economic profile of the project remains robust, featuring a breakeven price of less than 35 USD per barrel of oil equivalent and a rate of return exceeding 25%.

Production is scheduled to begin in stages, with the Cerisa field expected to come online during the third quarter of 2027. This will be followed by the start-up of the Gjøa Nord and Ofelia fields in the second half of 2028. This phased subsea development is intended to extend the economic viability of the Gjøa area from the early 2030s to approximately 2040.

Strategic Infrastructure and Regional Impact

By increasing the total throughput of the Gjøa asset, the project is anticipated to lower unit production costs and enhance the overall economics of existing fields in the vicinity. Vår Energi has recently bolstered its position in this region through the acquisition of assets from Pandion and a swap agreement with DNO, which increased its ownership across several producing assets and development projects.

Execution and Partnership Framework

The execution of these offshore projects will follow a “project factory” model. This approach emphasizes standardized technical solutions and coordinated drilling campaigns to accelerate the development timeline. By leveraging established supplier collaborations and execution, the company aims to realize significant synergies during the coordinated drilling and installation phase.

Vår Energi serves as the operator for the Gjøa Subsea projects, holding a 40% interest in Ofelia and a 30% interest in both Gjøa Nord and Cerisa. The partnership for these North Sea oil and gas developments includes several key stakeholders:

• Ofelia: Pandion (20%), Harbour (20%), Aker BP (10%), and DNO Norge AS (10%).
• Gjøa Nord: Petoro (30%), Harbour (28%), and OKEA (12%).
• Cerisa: INPEX (30%), Orlen (30%), and DNO Norge AS (10%).

The Block 80 concession agreement was signed by Salim bin Nasser Al Aufi, the Minister of Energy and Minerals, alongside Mahmoud Al Hashmi, the Chief Executive Officer of OQ Exploration and Production – Musandam Offshore, and Cagri Sirin, the Head of International Projects at the Turkish Petroleum Overseas Company. Located in the Musandam Governorate, Block 80 covers a vast area of approximately 5,737 square kilometers. The block is considered a strategically vital asset within the Oman energy sector as it includes the existing Bukha and West Bukha producing fields.

Operational Structure and Investment Phases

Under the terms of the concession agreement, OQ Exploration and Production will serve as the operator of the block with a 50 percent participating interest, while the Turkish Petroleum Overseas Company will hold the remaining 50 percent. This collaboration highlights the sustained international interest in the Oman energy sector and the country’s capacity to attract specialized technical expertise and foreign investment.

The offshore exploration program is scheduled to be executed in two distinct phases. The first phase, which will last for four years, involves the acquisition of 3D seismic data over an area of 500 square kilometers. This stage also includes the drilling of two exploration wells and one appraisal well, with a mandatory investment of no less than 60 million US dollars. The second phase, also spanning four years, will involve drilling an additional exploration or appraisal well based on the findings of the initial phase, with a minimum investment of 30 million US dollars.

Strategic Importance of the Musandam Governorate Assets

Al Aufi noted that the agreement for Block 80 is a significant step in the development of the offshore acreage of the Sultanate. He explained that the block is situated in a strategic maritime zone with high geological potential. The region benefits from substantial data and expertise gained from nearby offshore operations in the Musandam Governorate, which already hosts commercially viable fields. These factors are expected to enhance the potential for new discoveries that will bolster hydrocarbon resources and ensure the sustainability of national production.

The ministry is also prioritizing the use of advanced technologies in offshore exploration and field development. By employing modern seismic surveys and sophisticated drilling techniques, the government aims to improve operational efficiency and increase the probability of success in offshore zones. This Block 80 concession agreement reflects the commitment of OQ Exploration and Production to leverage its operational capabilities and expand its portfolio as a leading operator in the region.

Technical Collaboration in Hydrocarbon Exploration and Production

Under the terms of the oil and gas cooperation agreement, the two entities will assess specific initiatives aimed at the revitalization of mature fields and the implementation of seismic reprocessing. A primary objective of this collaboration involves identifying and developing opportunities in deepwater and ultra-deepwater regions, including assets located in the Gulf of Mexico. By optimizing deepwater production, both organizations aim to strengthen their resource extraction capabilities and operational efficiency. This memorandum remains valid for a period of two years and is eligible for renewal, though it does not constitute a binding investment commitment or the formation of a joint venture.

Advancements in Refining Processes and Industrial Cooperation

The oil and gas cooperation agreement extends to several critical areas, including refining processes, petrochemicals, and the production of fertilizers. The two parties also intend to explore opportunities in gas processing, energy efficiency, and the reduction of carbon emissions. Further areas of cooperation include carbon capture, production of lower-carbon-intensity fuels as well as sharing of best practices for safety, operational reliability and envioronmental protection.

“We have an interest in exploration in the Gulf of Mexico, on the Mexican side, in increasing production from mature fields, and in industrial processes involving refining, petrochemicals, and fertilizers. This partnership between the two state-owned companies will certainly prove beneficial for both countries,” said Magda Chambriard, Petrobras’ Chief Executive Officer.

“The signing of this MoU opens cooperation opportunities to the benefit of the companies, the countries, and their people; it establishes a framework for strategic and technical collaboration to jointly evaluate, develop, and execute comprehensive and promising projects involving hydrocarbon exploration and extraction activities – aimed at new discoveries and opportunities to optimize and increase production in deepwater, heavy and extra-heavy oil areas, mature fields, and pre-salt potential in the Gulf of Mexico – as well as activities related to industrial processes such as refining and petrochemicals,” added Juan Carlos Carpio Fragoso, Director General of Pemex.

Largest Development of TotalEnergies in Suriname

The planned well drilling campaign comes as TotalEnergies advances its largest development in Suriname, the $10.5 billion Gran Morgu offshore project. The project is scheduled to begin oil production in 2028 and is expected to mark a significant step for the South American nation, where crude production is currently concentrated entirely onshore.

Speaking at an energy conference in Paramaribo, Daniel Larranaga outlined the company’s intentions to move ahead with further exploration activity in the region.

“We’re going to start a multi-well campaign hopefully next year, depending on rig availability,” Larranaga said.

“We’re really looking forward to be able to unlock further potential,” he added.

Four Exploration Wells Planned for Block 58

According to the company, the upcoming well drilling campaign will involve four new exploration wells in Block 58. The offshore block spans approximately 1.4 million acres (about 5,665 square kilometers) and is the same area that will be developed through the Gran Morgu project.

If exploration activity results in a reserve discovery of sufficient scale, the partners involved in the area could decide to move forward with the development of a second field, head of Suriname’s state-run energy company Staatsolie, Annand Jagesar said. Alternatively, should a discovery prove smaller, it could be connected back to the Gran Morgu project.

Broader Exploration Focus Includes Namibia and Nigeria

Beyond Suriname, TotalEnergies is also pursuing growth opportunities elsewhere in Africa. In Namibia, Larranaga said the company and its partners could reach a final investment decision in upcoming weeks regarding the flagship Venus discovery in the Orange basin. The executive further noted that the company continues to advance exploration efforts in Nigeria as part of its broader strategy to expand its upstream portfolio.