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The Trump administration issued a stop work order on the Empire Wind offshore wind project, potentially putting onshore jobs at risk as well.

African independent oil and gas companies are expanding their role in the continent’s upstream sector as international oil companies (IOCs) sell mature assets and local operators take on larger production portfolios. The trend will be discussed in October at the African Energy Week (AEW) 2026 conference in Cape Town, the African Energy Chamber (AEC) said in a media release. At AEW 2026, an African Independents Roundtable will examine how indigenous companies are managing acquisitions, securing financing and expanding into gas, refining, petrochemicals and power. The roundtable will also explore inherited environmental liabilities linked to mature onshore and shallow-water projects as energy majors Shell (LSE/NYSE:SHEL), ExxonMobil (NYSE:XOM), Eni (BIT:ENI, NYSE:E), Equinor (NYSE:EQNR) and other IOCs continue their retreat. According to the AEC, African independents are planning to expand beyond crude production into gas processing, refining, petrochemicals and power generation as they take ownership of strategic oil and gas infrastructure. Nigeria’s Seplat Energy (NGX:SEPLAT, LSE:SEPL) is one example. After completing its acquisition of Mobil Producing Nigeria Unlimited, the company reported H1 2026 working-interest production of 139,500 barrels of oil equivalent per day (bopd), up 15% from the previous quarter. It revived 24 idle wells, adding 26,000 barrels per day (bpd) of capacity. Seplat also began gas production from the ANOH Gas Project with capacity of 300mn cubic feet (mmcf) per day, equivalent to about 8.5mn cubic metres (mcm) per day, in January. Furthermore, the company is advancing the Oso-BRT Phase 1 development, a strategic offshore gas project. Nigerian integrated energy company Oando (NGX:OANDO, JSE:OAO) reported first-half revenue of about $1.5bn, facility uptime of 92% and average production of 42,789 bpd as it integrated assets acquired from Eni. The company is also progressing a $1.5bn financing programme to support a five-year, 100-well drilling campaign. In Angola, Azule Energy, a 50:50 independent joint venture of BP (LSE/NYSE:BP) and Eni, is advancing the Agogo Integrated West Hub Development, which includes what the company describes as the world’s first purpose-built green FPSO. Azule is targeting production of 250,000 bpd by the end of 2026 and is also expanding into Namibia’s Orange Basin. African operators are also increasing their presence further down the value chain. Aradel Holdings (NGX:ARADEL) has expanded its Ogbele modular refinery to 11,000 bpd, while private indigenous energy firms Heirs Energies, Aiteo, Chappal Energies and Springfield E&P are pursuing acquisitions, gas commercialisation, gas-to-power generation and brownfield developments. According to the AEC, these companies represent just a fraction of the indigenous operators demonstrating their ability to take on larger assets and attract further investment. The AEW roundtable will examine funding options for such companies, including reserve-based lending, trader-backed finance and partnerships with African development banks. “Africa’s independent operators are proving they have the technical capability, financial discipline and long-term vision to lead the continent’s next energy chapter,” said AEC’s executive chairman NJ Ayuk. “AEW 2026 provides the platform where these companies, investors and policymakers can shape the partnerships needed to scale production, strengthen energy security and ensure Africa captures more value from its own resources.”

Vista Oil & Gas ADR reached an all-time high of $74.49 on Mar 26, 2026 (Investing.com); market cap near $7.4bn and FY2025 production ~85,000 boe/d signal conditional re-rating.

India rationalizes royalties on crude oil and gas, offers zero royalty for seven years on deepwater and ultra deepwater DSF and HELP blocks to cut costs.

ASTANA, July 7 (Bernama-Qazinform) — Kazakhstan plans to develop 30 new oil and gas fields as part of efforts to expand its commercial gas resource base, Qazinform News Agency reported. Energy Minister Yerlan Akkenzhenov said the government has approved the Comprehensive Gas Industry Development Plan for 2025–2029 and the Hydrocarbon Field Development Plan through 2035 to increase the country’s commercial gas resources. According to Akkenzhenov, the key objective of these strategic documents is to establish a systematic framework for developing new oil and gas fields, ensuring sustainable growth of Kazakhstan’s hydrocarbon resource base while meeting the rising demand for natural […]

Investing.com -- S&P Global Ratings has upgraded Magnolia Oil & Gas Corp. to ’BB-’ from ’B+’ with a stable outlook, citing the company’s track record of maintaining strong credit measures and prudent financial policies. The rating agency noted that Magnolia targets leverage below 1.0x (debt to EBITDAX) and follows a disciplined capital allocation strategy, limiting capital spending to 55% of annual EBITDAX while returning capital to shareholders through dividends and share repurchases. This approach has enabled Magnolia to generate strong free cash flow, even during periods of lower commodity prices, while increasing production by approximately 60% since 2018. S&P expects the company’s funds from operations (FFO) to debt to remain above 100% and debt to EBITDA below 1.0x over the next two years. Magnolia maintains a conservative balance sheet with $400 million of 6.875% senior unsecured notes due 2032, an undrawn $450 million reserve-based lending facility maturing in 2029, and approximately $252 million in cash as of the end of the second quarter of 2025. S&P projects Magnolia will expand production by 10% this year, reaching approximately 99,000 barrels of oil equivalent per day (about 69% liquids), with capital expenditure of $430 million-$470 million. The company plans to defer roughly six well completions into 2026 to maintain operational flexibility. Magnolia has demonstrated a disciplined approach to shareholder returns, with long-term annual dividend growth averaging about 10% and a goal of repurchasing at least 1% of outstanding shares each quarter. The company returned about 90% of excess cash flow in 2024 and approximately 72% of free operating cash flow in the second quarter of 2025. S&P anticipates Magnolia will return about 85% of its annual free operating cash flow going forward, with remaining discretionary cash flow likely allocated toward small accretive bolt-on acquisitions in South Texas. The company has completed about $40 million of acquisitions year to date, bringing total acquisition spending to about $650 million since 2022. Despite steady production expansion, Magnolia’s size and scale remain smaller than similarly rated peers. As of year-end 2024, the company had 192 million barrels of oil equivalent of proved reserves, with about 78% classified as proved developed. All reserves and production are located in South Texas, specifically in the Eagle Ford Shale and Austin Chalk formations. The stable outlook reflects S&P’s view that Magnolia will maintain strong credit measures over the next two years while expanding its production base and demonstrating a conservative financial policy. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. With MGY making headlines, savvy investors are asking: Is it truly valued fairly? In a market full of overpriced darlings, identifying true value can be challenging. InvestingPro's advanced AI algorithms have analyzed MGY alongside thousands of other stocks to uncover hidden gems. These undervalued stocks, potentially including MGY, could offer substantial returns as the market corrects. In 2024 alone, our AI identified several undervalued stocks that later surged by 30 or more. Is MGY poised for similar growth? Don't miss the opportunity to find out.

Justicia Shipena  Namibia will not tolerate practices in the oil and gas industry that deny citizens their fair share of benefits, President Netumbo Nandi-Ndaitwah has warned.  She said the government will strictly monitor activities to ensure compliance with laws, regulations, and the local content policy. Nandi-Ndaitwah made the remarks at the Namibia Oil and Gas Conference on Wednesday in a speech delivered on her behalf by Kornelia Shilunga, head of the Upstream Petroleum Unit in the Presidency. The third edition of the conference draws 1,161 delegates and 73 exhibitors and takes place in Windhoek under the theme “From Exploration to Action: Positioning Namibia as the Next Energy Frontier.” The conference is taking place at a time when Namibia is estimated to have reserves of 11 billion barrels of oil and 2.2 trillion cubic feet of gas.  “Our natural resources are national assets, and their development must always serve the public good. We will not tolerate practices that undermine the Namibian people’s rightful share of the benefits,” she said.  Nandi-Ndaitwah said oil and gas successes will be measured not by barrels extracted but by the number of lives improved.  She said oil and gas must drive industrialisation, job creation, skills development, and local ownership.  “Local content development is not just a policy on paper; it is a non-negotiable pillar of our oil and gas governance,” she said. At the same event, deputy prime minister and minister of industries, mines and energy, Natangue Ithete, called for unity in managing the resources.  He warned against the “resource curse” seen in other countries.  “We refuse to become another cautionary tale. Our government’s pledge is clear: every barrel, every cubic foot, must translate into jobs, infrastructure, and opportunities for Namibians,” he said.  He told investors Namibia welcomes partnerships under conditions that protect the environment, respect communities, and share benefits fairly.  To citizens, he said, “This is your oil, your gas, your future rise; prepare and take your place in this new frontier.” The conference, endorsed by the ministry of industries, mines and energy, is hosted by the Economic Association of Namibia (EAN) in partnership with the Namibia Investment Promotion and Development Board (NIPDB), Hanns Seidel Foundation, Namcor, and SNC Incorporated. The conference opened with Future Generations Masterclasses, a collaboration with the Namibia Energy Youth Forum. Over 60 young people took part, learning about career paths and industry opportunities and engaging with experienced professionals. EAN chairperson Jason Kasuto said recent Orange Basin discoveries have made Namibia one of the most attractive global investment destinations in oil and gas.  He called for responsible, sustainable resource development and a fully integrated value chain covering upstream, midstream, and downstream activities.  The secretary general of the Gas Exporting Countries Forum (GECF), Mohamed Hamel, said Namibia can inspire Africa’s energy future by harnessing its natural gas resources.  He said the country’s gas reserves can be developed to build a green energy hub by investing in infrastructure and integrating gas into local manufacturing, transport, and electrification. “So, Namibia stands today not only as a new energy player but also as a symbol of what is possible when Asia leads leadership. With natural gas as a pillar, Namibia can accelerate its development, strengthen its programme, and inspire our continent,” Hamel said. According to the latest Global Gas Outlook, global energy demand will grow by 18% by 2050, driven by economic growth and a population increase of 1.8 billion people, including 1 billion in Africa.  Natural gas demand is expected to grow by 34% over the same period.

‘Fast-track oil, gas infrastructure’ …interest grows in Namibia’s hydrocarbon resources  New Era Newspaper

Nam seeks oil, gas investments …targets US-Africa Business Summit for partnerships  New Era Namibia

Portugal's Galp seeks Namibia oil and gas partner  Reuters

President Netumbo Nandi-Ndaitwah has assured Namibians that she will use strict legal control on the oil and gas industry to improve transparency in the sector. She made this assurance during a recent interview with Al jazeera. She was responding to concerns around transparency, political interference and a lack of independent regulatory oversight. “In everything you do, there will always be critics. But I have to tell you that the mandate I got from the Namibian people is to do what I believe is right for them,” she said. Nandi-Ndaitwah said because of the history of oil and gas, its dynamics and because it is a new industry for Namibia, she saw it appropriate to put it under her office. She said it requires close monitoring as she believes it creates jobs for many Namibians. “I want to assure the Namibian people that having taken an oath to defend and protect the Constitution and the Namibian laws, there is no way I can manage this industry outside the Namibian laws,” she said. She said her office will run the affairs of the oil and gas industry in accordance with the country’s laws. The post Nandi-Ndaitwah promises strict legal control on oil, gas industry appeared first on The Namibian.

Popular Democratic Movement president McHenry Venaani has said the decision by president Netumbo Nandi-Ndaitwah to place the management of the oil and gas under her office is insufficient. Nandi-Ndaitwah announced on Saturday that the oil and gas industry will be placed under the Office of the President. For years, the similarly-contentious green hydrogen sector has been managed by former president Hage Geingob’s economic adviser, James Myupe, without designated legislation to regulate it. Venaani yesterday said Nandi-Ndaitwah should rather tell the nation whether her administration will renegotiate the terms of existing oil agreements. “First and foremost, president Netumbo Nandi-Ndaitwah must tell this country if she is willing to renegotiate the oil deals where we are receiving 10%. Whether she moves it to her office or any other office, the bottom line is we need to renegotiate our oil deals – is she willing to do that?” Venaani asked, in an interview with The Namibian. Venaani said a willingness by the president to renegotiate oil deals to help address the country’s needs would indicate that her presidency is moving in the right direction. Venaani claimed that countries like Papua New Guinea were able to successfully negotiate oil deals that gave the country higher stakes in the oil industry. “We need to renegotiate our oil deals before drilling starts,” Venaani said. Spokesperson of the Namibia Green Hydrogen Programme Jona Musheko said this weekend that it is misguided to judge the president’s decision to place the oil and gas industry under her office. “We trust the leadership of [the president] and are looking forward to contributing in all manners we would be required to make Namibia the best place for all Namibians,” Musheko said. The post Venaani challenges Nandi-Ndaitwahto renegotiate oil deals appeared first on The Namibian.

Popular Democratic Movement president McHenry Venaani has said the decision by president Netumbo Nandi-Ndaitwah to place the management of the oil and gas under her office is insufficient. Nandi-Ndaitwah announced on Saturday that the oil and gas industry will be placed under the Office of the President. For years, the similarly-contentious green hydrogen sector has been managed by former president Hage Geingob’s economic adviser, James Myupe, without designated legislation to regulate it. Venaani yesterday said Nandi-Ndaitwah should rather tell the nation whether her administration will renegotiate the terms of existing oil agreements. “First and foremost, president Netumbo Nandi-Ndaitwah must tell this country if she is willing to renegotiate the oil deals where we are receiving 10%. Whether she moves it to her office or any other office, the bottom line is we need to renegotiate our oil deals – is she willing to do that?” Venaani asked, in an interview with The Namibian. Venaani said a willingness by the president to renegotiate oil deals to help address the country’s needs would indicate that her presidency is moving in the right direction. Venaani claimed that countries like Papua New Guinea were able to successfully negotiate oil deals that gave the country higher stakes in the oil industry. “We need to renegotiate our oil deals before drilling starts,” Venaani said. Spokesperson of the Namibia Green Hydrogen Programme Jona Musheko said this weekend that it is misguided to judge the president’s decision to place the oil and gas industry under her office. “We trust the leadership of [the president] and are looking forward to contributing in all manners we would be required to make Namibia the best place for all Namibians,” Musheko said. The post Venaani challenges Nandi-Ndaitwahto renegotiate oil deals appeared first on The Namibian.