Updates about global exploration and production activities and developments.
The MoU was signed during a visit by Egypt’s Petroleum Minister Karim Badawi, ambassador to the UK Ashraf Swelam, and Exploration Undersecretary Samir Raslan to BP’s London headquarters. The Egyptian delegation met with BP's leadership, including CEO Murray Auchincloss; EVP for gas and low-carbon energy William Lin; MENA Regional President Nader Zaki; and BP Egypt President Wail Shaheen.
Source: BP
BP Signs MoU To Explore in Mediterranean Sea
BP has signed a memorandum of understanding with Egypt’s Ministry of Petroleum and Mineral Resources to assess a five-well drilling program in the Mediterranean Sea at depths of 300 to 1500 m.
The initiative, planned to begin in 2026, aims to accelerate development of national gas reserves and extend the use of existing West Nile Delta facilities, with potential tiebacks depending on results.
The supermajor announced it plans to increase its oil and gas production to between 2.3 to 2.5 million BOE/D by 2030.
BP has been operating in Egypt for more than 60 years and reported two successful explorations this year in the country, including the Fayoum-5 gas discovery well and El King-2 exploration well, both part of the West Nile Delta development.
OKEA ASA Reports North Sea Find
OKEA ASA reported oil discoveries in the Talisker exploration well in the North Sea. The 10,223-m-long well was drilled from the Barge platform as part of PL 055 with oil/water contact at 2,616 m below the sea level.
The finds were made in the Cook and Statfjord formations and are considered commercial, with preliminary recoverable resources estimated at 16 to 33 million BOE, including from 2 to 7 million BOE in the Cook Formation and from 4 to 26 million BOE in the Statfjord Formation.
The Brage platform is located in the northern North Sea, 125 km west of Bergen, Norway.
Source: OKEA
Hydrocarbons were also encountered in two sandstones within the Brent Group, which will be appraised through additional well paths expected by Q4 2025.
OKEA ASA is the operator of PL 055 and holds 35.2% interest with partners Lime Petroleum AS (33.8434%), DNO Norge AS (14.2567%), Petrolia NOCO AS (12.2575%), and M Vest Energy AS (4.4424%).
Petrobras Expands in Africa
Petrobras has expanded its presence in Africa after acquiring a 27.5% stake in Block 4 in São Tomé and Príncipe, Africa. The Brazilian company has been active in São Tomé and Príncipe since early 2024 when it purchased 45% stakes in Blocks 10 and 13, and 25% interests in Block 11.
Shell is the operator of Block 4 and holds a 30% interest with Galp (27.5%), Petrobras (27.5%), and the National Petroleum Agency of São Tomé and Príncipe (15%).
Indonesia Awards East Java Block to TIS Petroleum
Indonesia’s Ministry of Energy awarded the Perkasa offshore East Java block to TIS Petroleum, with a $2.25 million 3-year work commitment and a $300,000 signature bonus. The block holds an estimated 228 million bbl of oil or 1.3 TCF of gas. The block's firm commitment includes geological and geophysical studies plus 3D seismic data acquisition over 200 km2.
The government also launched the offering of the Gagah block in South Sumatra, with estimated reserves of 173 million bbl of oil or 1.1 Tcf of gas.
MedcoEnergi Purchases South Sumatra Blocks
MedcoEnergi announced it will purchase two South Sumatra oil and gas blocks from Spain’s Repsol for approximately $90 million. MedcoEnergi will serve as operator and hold45% participating interest in the Sakakemang block and 80% interest in South Sakakemang block.
The Sakakemang block, which has government approval for its plan of development from the Indonesian government, is adjacent to the Corridor, an conventional onshore gas field in South Sumatra comprising seven gas fields and one oil field. In June, MedcoEnergi purchased Repsol's 24% interest in the Corridor for $425 million.
In 2019, Repsol reported the Sakakemang block held 2 Tcf recoverable gas based on preliminary estimates, while South Sakakemang remains in the exploration phase.
TotalEnergies Scoops Up Four Blocks in Liberia
TotalEnergies has signed four production-sharing contracts with Liberia for offshore blocks LB-6, LB-11, LB-17, and LB-29, marking the country’s first upstream petroleum agreements in over a decade.
The blocks were awarded following the 2024 Direct Negotiation Licensing Round organized by the Liberia Petroleum Regulatory Agency.
Source: TotalEnergies
The deal, reached after the 2024 Licensing Round and pending government ratification, covers 12,700 km2 in the Liberian Basin and includes a 3D seismic program.
The Liberia Petroleum Regulatory Authority called the agreements a historic step, highlighting opportunities for investment, local capacity building, and sustainable development. "Entering these blocks aligns with our strategy of diversifying our exploration portfolio in high-potential, new, oil-prone basins," said Kevin McLachlan, senior VP of exploration at TotalEnergies.
Eni Expands Initiatives in Ghana
Eni and partners Vitol and the Ghana National Petroleum Corp. (GNPC) have signed a Memorandum of Intent with the Government of Ghana to boost oil and gas output and introduce new sustainable initiatives under the Offshore Cape Three Points (OCTP) project.
Key areas of the agreement include evaluating an increase in OCTP’s production capacity through both offshore and onshore upgrades, as well as the potential development of the Eban-Akoma field in Cape Three Points Block 4. Eban-Akoma was declared commercial in July.
Since 2018, the OCTP project has delivered more than 107 million BOE and 480 Bcf of gas, providing approximately 70% of Ghana’s gas for power generation.
Eni serves as operator and holds a 44.4% stake with partners Vitol (35.6%) and GNPC (20%).
Hungarian Companies Share Latest Find
MOL Group and partner O&GD have discovered a new oil field near Galgahévíz, Hungary, at a depth of 2,400 m. The companies report the Galgahévíz-4 well, part of the Mogyoród concession area, can produce around 1,000 BOPD. The oil is processed at MOL’s Danube Refinery in Százhalombatta, Hungary.
MOL and O&GD will share the extracted volume in a 51%/49% split, respectively.
MOL has made multiple recent hydrocarbon discoveries in Hungary, including successful wells at Vecsés (2022–2024), an oil find near Somogysámson in March, and 25 successful wells under its shallow-gas program launched in 2019.
MOL plans to invest approximately $449 million over 5 years in domestic oil and gas production, with Hungary accounting for nearly 40% of MOL’s total output.
