US-based Vaalco Energy has secured a 60% operational stake in the offshore Kossipo field in Cote d'Ivoire, with PetroCI retaining the remaining 40% interest. The Kossipo field, discovered in 2002 and appraised in 2019, is situated on the CI-40 block. Vaalco expects to finalise a field development plan (FDP) in the latter half of this year (H2 2026). Recent advancements include utilising new ocean bottom node seismic data to refine development strategies and assess the field's resources. The Kossipo fi ...

Core Insights - Equinor ASA (EQNR) secured 35 new production licenses from the Ministry of Energy in the 2025 APA licensing round, enhancing its exploration and production capabilities in the North Sea, Norwegian Sea, and Barents Sea [1][6] - The company plans to operate 17 of the 35 licenses, with a distribution of 21 in the North Sea, 10 in the Norwegian Sea, and 4 in the Barents Sea [2][6] - Equinor aims to drill 20 to 30 exploration wells annually, focusing 80% on existing infrastructure and 20% on new concepts and frontier areas, to counteract the expected decline in oil and gas production from the Norwegian Continental Shelf (NCS) [2][3] - To maintain production levels, Equinor targets the addition of six to eight new subsea developments each year through 2035 [3] Industry Context - The upstream business of Equinor is facing pressure due to West Texas Intermediate crude prices hovering just above $60 per barrel [3] - Other major players in the integrated oil and gas sector, such as BP, Chevron, and Exxon Mobil, are also vulnerable to crude price volatility, with varying Zacks Ranks indicating their market positions [4][5]

Core Insights - Zallaf Oil and Gas has successfully shipped its first export cargo from the Chadar oil field, totaling 600,000 barrels [1] - The Chadar field, located in the Sirte Basin, began production in January 2023, initially producing 1,500 barrels of crude oil daily and 7.5 million cubic feet of associated gas [1][2] - The National Oil Corporation (NOC) has been active in discovering new oil fields, with recent announcements of new discoveries in northwestern Libya and the Sirte Basin, indicating a resurgence in oil production [3][4] Company Developments - Zallaf Oil and Gas was established by the NOC in 2017 to develop previously discovered oil fields that had not yet entered production [2] - The NOC has recently announced new discoveries, including a well producing approximately 4,675 barrels of crude oil per day and 2 million cubic feet of gas [3] - Another discovery by OMV's local subsidiary in the Sirte Basin showed production exceeding 4,200 barrels of oil per day, with gas production expected to surpass 2.6 million cubic feet daily [4] Industry Context - Major oil companies, including BP, Shell, Eni, TotalEnergies, Exxon, and Chevron, have resumed operations in Libya, reflecting an improving security environment after years of civil conflict [5] - The NOC has launched its first oil and gas tender in 18 years, attracting interest from international oil companies for both existing fields and new exploration projects [5]

Core Insights - Shell plc has signed an agreement with QatarEnergy to sell a 27% non-working interest in the North Cleopatra block in Egypt, retaining a 36% participating interest and operatorship of the block [1][7] - The North Cleopatra block covers over 3,400 square kilometers in the Herodotus basin, with water depths of nearly 8,530 feet [2][7] - QatarEnergy is expanding its global presence by acquiring stakes in oil and gas blocks in various countries, including Egypt [2] Company Analysis - Shell plc (SHEL) currently holds a Zacks Rank of 3 (Hold) [3] - Cheniere Energy Inc. (LNG) has a Zacks Rank of 1 (Strong Buy), while Oceaneering International (OII) and Galp Energia SGPS SA (GLPEY) both hold a Zacks Rank of 2 (Buy) [3] - Cheniere Energy is expanding its LNG production capacity with the Corpus Christi Stage 3 Liquefaction Project, which includes seven midscale LNG trains [4] - Oceaneering International provides integrated technology solutions for the offshore oilfield lifecycle, supporting client retention and revenue growth [5] - Galp Energia's exploration in the Orange Basin has led to the Mopane discovery, estimated to hold nearly 10 billion barrels of oil, enhancing its potential as a significant oil producer [6]

Core Insights - Equatorial Guinea is launching a new oil and gas licensing round for 2026, named EGRonda 2026, which will open 24 blocks for global exploration and production companies with enhanced fiscal terms to boost exploration and profitability [1][2] - The government will maintain an open-door policy allowing companies to apply and negotiate contracts directly until the new licensing round begins [1][2] - The licensing round is part of efforts to address declining oil output, as the country's production has decreased from a peak of 241,000 barrels per day in 2010 to 55,000 barrels per day in 2023 [2][3] Industry Developments - The International Monetary Fund projects modest annual economic growth of 0.9% from 2025 to 2030, primarily due to decreasing hydrocarbon production [3] - Chevron's subsidiary, Noble Energy, has reached an agreement with Equatorial Guinea to develop the Aseng gas project in Block I of the Douala Basin, requiring an initial investment of approximately $690 million [3][4] - Equatorial Guinea is collaborating with Nigeria on the Gulf of Guinea Gas Pipeline and is developing the EG-27 LNG project, which could produce 2.4 million tonnes per annum of LNG over two decades, focusing on the Ebano field [4]