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Africa’s Most Interesting Untapped Oil Play

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4 years ago

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When writing the article on this year’s Top Oil Wildcats, one of the hottest candidates had to be dropped out of the list. Not because the prospect turned out to be sub-commercial, far from it, it remains one of Africa’s most interesting untapped plays, potentially opening up a new country with no previous exposure to the world of energy. As Senegal and Mauritania started to break their way onto the energy maps of Western Africa, Guinea Bissau has remained a relative outlier. At the same time it needs to be pointed out that lack of officially recognized discoveries does not necessarily mean lack of hydrocarbons, as can be attested by the Atum prospect. Atum remains one of the hottest plays in offshore Africa, an overlooked gem that would only need a little bit of political stability to shine.
Recent big discoveries in Senegal’s offshore, such as FAN-1 and SNE (the latter being the largest oil discovery globally in 2014), shortly thereafter followed by new plays in Mauritania’s offshore such as Orca, have unearthed an untapped frontier area that is rich in both oil and gas. Over the past decade Mauritania and Senegal have advanced quite well in terms of appraising their offshore territory, however the southern flank of the MSGBC Basin (short for Mauritania, Senegal, Gambia, Guinea-Bissau and Guinea-Conakry) has been lagging behind. The root causes of this are institutional, although Guinea Bissau adopted a new Petroleum Law in 2014, its implementation was never really tested in real life. In countries where peaceful handover of power is still a questionable concept, the anticipation of hydrocarbon discoveries to come, coupled with a heightened sense of political infighting, has created a cumbersome challenge.
The hydrocarbon story of Guinea Bissau is a fairly standard one for a small West African nation.
The tiny country has no commercial discoveries up to date, with official 2P reserves estimated at 12-13 million barrels (equivalent to the Sinapa oil discovery within Block 02). The last offshore wildcat that Bissau had seen dates back to 2007 when the UK-based firm Premier Oil spudded the Eirozes-1 well in the Esperança block. Drilled into a total depth of 2250 metres in water depth of 100 metres, the well turned out to be dry. This failure has prompted Premier Oil to leave Guinea Bissau’s offshore in December 2007 – thereafter Svenska Petroleum assumed operatorship over the block. Whilst the Atum prospect, located farther out in deeper waters, has been known for quite some time already, financial issues of license-holding firms and the general lack of appetite for genuine frontier drilling has kept the ambition down.
The Atum prospect is located in the westernmost part of Block 02, partially spilling over into Block 04. It is abutted from the left by the Anchova prospect and from the right by the Sardinha prospect (you have guessed it right, the fishy concept extends to Atum, too, the name of the blocks means “tuna”). What is new about the Atum prospect? First and foremost, Atum is assumed to become Guinea Bissau’s first-ever deepwater well. Second, Atum is an analogue of Senegal’s SNE-1: it, too, is a shelf-edge play, in similar water depths (900 metres vs 1100 metres) and targeting the same Upper Albian deposits. The unrisked prospective resources of Atum are assessed at 471 MMbbls, i.e. very similar to those of SNE (563 MMbbls). Should the prospective drillers also aim for the Anchova prospect next to Atum, the combined reserves total would increase to 568MMbbls.
Atum has up to now suffered from one main deficiency – lack of a financially robust oil major. Throughout the 2010s, the Swedish Svenska Petroleum was seeking to farm out interests in Blocks 02 and 04A to fund its ambitious drilling plans. Struggling to go at it completely alone, Svenska reached an agreement in August 2019 with the Chinese CNOOC. CNOOC was to purchase 55.55% of the Sinapa and Esperança license blocks (i.e. Block 2 and Blocks 4A/5A) for the duration of the exploration phase, to be converted into a regular 50% participating interest should the project be deemed commercially viable.
The transaction was assumed to be concluded at some point in Q3 2019, once all the authorities of Guinea Bissau provide all regulatory approvals – needless to say, at that point (just as now) Block 02 was the most promising offshore play that Bissau had. Upon receiving all required approvals, drilling the Atum prospect in Block 02 was supposed to take place in Q1 2020, an ambition that never materialized.
Domestic political turmoil is also one of the main reasons underlying Guinea Bissau’s inability to move swiftly enough on regulatory approvals. For a brief period in early 2020 the West African nation had two presidents simultaneously, pitting the camp of Umaro Embaló, the winner of the presidential elections, and Domingos Simoes who refused to acknowledge the results of the ballot and had Cipriano Cassama elected as interim president. It was the President that was bound to approve CNOOC’s farm-in into Block 02 of Guinea Bissau’s offshore and with both parties fully focused on tripping up political opponents rather than kickstarting the country’s oil and gas sector, the end result was worse than anybody could have forethought.
Against this background, not only did CNOOC quit the intended deal, Svenska Petroleum sold all of its Guinea Bissau acreage (78.57% in Blocks 02, 04A and 05A) to the Norwegian PetroNor in November 2020. It seems likely that PetroNor, joined by the embattled Australian company FAR (21.42% interest), would also prefer to have a go at Atum with a heavy-hitting partner. The acreage license covering exploration works in Block 02 was extended by further 3 years into 2023, therefore the road is clear for interested parties. With this, the spudding of the Atum-1 wildcat is most likely to take place in 2022.
Katona writes for Oilprice.com
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Ibas Inaugurates RSIEC, Service Commissions, Healthcare Board In Rivers  …Charges Appointees To Embrace Principles Of Service 

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July 18, 2025

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The Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, has charged newly appointed Board members to uphold the highest standards of discipline, competence, integrity, and unwavering dedication in their service to the State.

 

He emphasized that such commitment is critical to stabilizing governance, restoring democratic institutions, and advancing the principles of good governance in the State.

 

 

 

This was contained in a statement by the Administrator’s Senior Special Adviser on Media, Hector Igbikiowubo on Monday.

 

 

 

Ibas issued the charge on Monday while inaugurating the reconstituted Rivers State Independent Electoral Commission (RSIEC), Rivers State Civil Service Commission, Rivers State Local Government Service Commission, and the Rivers State Primary Health Care Management Board at Government House, Port Harcourt.

 

 

 

The Administrator urged the new appointees to embrace their roles with diligence, patriotism, and a commitment to transforming Rivers State through excellent service.

 

 

 

Addressing the Chairman and members of RSIEC, Ibas underscored their pivotal role in ensuring credible local government elections that reflect the will of the people.

 

 

 

“Your task is clear but demanding: to conduct free, fair, transparent, and credible elections at the grassroots level. You must resist bias, favoritism, and external interference while restoring public confidence in the electoral process,” he stated.

 

 

 

“The independence of your actions is crucial to sustaining peace, stability, and grassroots governance. I urge you to act with fairness, impartiality, and professionalism—even in the face of difficult choices,” Ibas added.

 

 

 

The Sole Administrator also charged the Rivers State Civil Service Commission on the need to eliminate mediocrity and foster a culture of excellence through merit-based recruitment, training, and promotions.

 

 

 

“The civil service must transition from favoritism to competence, integrity, and accountability. Your commission will lead reforms, including digital transformation and standardized practices across ministries, departments, and agencies,” he said.

 

 

 

He disclosed that extensive training programmes are underway, with a committee set up to overhaul the public service framework for greater efficiency.

 

 

 

Meanwhile, Ibas urged the Rivers State Local Government Service Commission to ensure professionalism and discipline in local government administration.

 

 

 

“As the closest tier of government to the people, you must drive reforms that insulate the system from politics and mediocrity. Your mandate includes merit-based recruitment, training, and enforcing standards for effective service delivery,” he stated.

 

 

 

In the same vein, the Administrator charged the Rivers State Primary Health Care Management Board with revitalizing healthcare delivery across the state’s 23 local government areas.

 

 

 

“Primary healthcare is the foundation of a sustainable health system. Your board must ensure facilities are adequately staffed, equipped, and operational focusing on maternal health, immunization, malaria control, and community health services,” he said.

 

 

 

He emphasized data-driven operations, incentives for rural health workers, and restoring the referral system to improve healthcare access.

 

 

 

He also assured the Board of sustained government support, including funding, for the effective discharge of their mandates but warned that board members would be held accountable for their performance.

 

 

 

The newly inaugurated members include: RSIEC: Dr. Michael Ekpai Odey (Chairman) with Prof. Arthur Nwafor, Prof. Joyce Akaninwor, and others as members.

 

 

 

Civil Service Commission: Dr. Livinus Bariki (Chairman), Amb. Lot Egopija, Mrs. Maeve Bestman, and others.

 

 

 

Local Govt. Service Commission: Mr. Isreal Amadi (Chairman), Rear Adm. Emmanuel Ofik (Rtd), Dr. Tonye Pepple, and others.

 

 

 

Primary Health Care Board: Dr. Dawari George (Chairman), Dr. Chituru Adiele (Executive Director), Prof. Kaladada Korubo, and representatives from key ministries.

 

 

 

 

 

 

 

 

 

 

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Rivers PDP Debunks Sale Of LGA Election Forms

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July 18, 2025

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The Publicity Secretary of the Peoples Democratic Party (PDP) in Rivers State, Dr. Kenneth Yowika, has debunked claims that the party has commenced sale of forms for chairmanship and councillorship elections across the 23 local government areas of the state.

 

Yowika made the rebuttal in a statement made available to newsmen on Wednesday, describing the publication on the social media as baseless and untrue.

 

He urged members of the PDP to disregard the claim, saying that official communication regarding the sale of forms would be disclosed through the appropriate channels.

 

“With reference to information trending on social media, it has been falsely claimed that the sale of forms for Chairmanship and Councillorship elections in the 23 Local Government Areas (LGAs) of Rivers State will begin soon.

 

“However, the party has firmly denied these rumours, stating that they are baseless and untrue.

 

“The party has its own established methods of reaching out to its numerous supporters.

 

“The People’s Democratic Party, a law-abiding organisation, will patiently await the release of guidelines from the recently inaugurated Rivers State Independent Electoral Commission (RSIEC) before considering any sale of election forms.

 

“The PDP is urging its members to remain calm as official communication regarding the sale of forms will be disclosed through appropriate channels,” the statement read.

 

Enoch Epelle

 

 

 

 

 

 

 

 

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South-South contributes N34trn to Nigeria’s economy in 2024 – Institute

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5 hours ago

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July 18, 2025

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Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.

He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.

He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’

Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).

The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.

According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.

“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.

“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”

Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.

He,  however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.

On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.

Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.

“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.

“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.

He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.

Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.

Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.

Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.

He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.

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