Vår Energi Announces Barents Sea Discovery
Vår Energi has confirmed an oil discovery of up to 5 million BOE in the Goliat North exploration well. The well, 5 km north of the Goliat field, discovered hydrocarbons in the Realgrunnen and Kobbe formations. The well was drilled by the COSL Prospector in 409-m water depth as part of production license 229.
The Goliat North exploration well is part of the Goliat Ridge appraisal drilling program in which Vår Energi and partner Equinor will drill a total of four wells. Including the latest discovery, Goliat Ridge is estimated to contain gross discovered resources of 39 to 108 million BOE, with additional prospective resources taking the total gross potential to up to 200 million BOE.
According to the company, it is planning a tieback of the Goliat Ridge discoveries to the nearby Goliat FPSO.
Vår Energi serves as operator with 65% interest with Equinor holding the remaining 35%.
Petrobras and Shell Increase Stake in Brazil
A consortium comprising Petrobras and Shell was the sole bidder in a public auction held to acquire stakes in pre-salt fields being divested by the Brazilian federal government. Brazil’s state-owned Pré-Sal Petróleo (PPSA) organized the auction, which offered minority stakes in three Petrobras-operated fields: Mero (3.5%), Tupi (0.833%), and Atapu (0.95%).
Petrobras and Shell purchased stakes in Mero and Atapu, where they already partner, for a combined $1.65 billion. No proposals were received for Tupi.
With this purchase, Petrobras increases its participation in the Mero shared reservoir from 38.60 to 41.40% and its participation in the Atapu shared reservoir from 65.687 to 66.38%. Shell increased its participating interest in the units from 16.663 to 16.917% in Atapu and from 19.3 to 20% in Mero.
The companies are expected to sign contracts in March 2026 with Petrobras and Shell increasing their stakes in Mero and Atapu on March 2027.
TotalEnergies Divests Nigerian Assets
TotalEnergies EP Nigeria has signed a farmout agreement to sell 40% participating interest in offshore Nigeria licenses to Star Deep Water Petroleum Ltd., a Chevron company. The licenses, PPL 2000 and PPL 2001, are located in the West Delta basin, offshore Nigeria and cover 2,000 km2. The licenses were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission.
TotalEnergies will remain operator with 40% interest with partners Chevron (40%) and South Atlantic Petroleum (20%).
BW Energy Announces Discovery in Namibia
BW Energy announced confirmation of the presence of condensate and light oil within Namibia’s Kudu license area following the completion of drilling at the Kharas-1 appraisal well. The well was drilled to a depth of 5,100 m and encountered multiple shallow turbidite reservoirs showing dry gas, according to the company.
BW Energy CEO Carl Arnet reported that the results confirm for the first time the presence of liquid hydrocarbons within the Kudu block and mark a significant breakthrough in understanding the Kudu petroleum system.
“Kharas-1 achieved its technical objective of testing multiple targets within a single penetration and delivered valuable geological, geochemical, and petrophysical data,” he said.
The company confirmed Kharas-1 will now be plugged and abandoned.
BW Energy holds a 95% operated ownership interest in the Kudu block with National Petroleum Corporation of Namibia holding the remaining 5%.
88 Energy Secures 14 Licenses in Alaksa
88 Energy Ltd. secured 14 new North Slope Alaskan leases in November as part of the North Slope Areawide 2025W Oil and Gas Lease Sale. The purchase awards 88 Energy 34,560 acres across two high-value areas including South Prudhoe and Kad River East.
In South Prudhoe, the company purchased seven licenses spanning approximately 16,640 acres. Key regional wells in the area produce flow rates of up to 2,060 BOPD.
“The new South Prudhoe acreage expands our footprint across proven fairways, positions us beside existing pipelines and facilities, and introduces a suite of low-risk Ivishak prospects supported by modern 3D and strong well control,” said 88 Energy Managing Director Ashley Gilbert.
In Kad River East, the company purchased seven licenses spanning approximately 17,920 acres in the underexplored region east of the Trans Alaska Pipeline System (TAPS). According to the company, 3D seismic licensing is planned for Q1 2026.
“Our near-term priority is to convert these high-quality subsurface opportunities into commercial outcomes, while maintaining capital discipline and a sharp eye on monetization routes via tiebacks to TAPS,” said Gilbert.
TotalEnergies, Repsol, and HitecVision Form New Company
TotalEnergies is merging its UK upstream business with NEO NEXT to form a new company, NEO NEXT+, in which it will hold a 47.5% stake, making it the largest shareholder. NEO NEXT+ will be jointly owned by TotalEnergies (47.5%), HitecVision (28.875%), and Repsol UK (23.625%).
The expanded company will combine major assets from all three parties and become the UK’s largest independent oil and gas producer, targeting over 250,000 BOE/D by 2026.
The company’s portfolio will include NEO Energy’s and Repsol UK’s interests in the Elgin/Franklin complex and the Penguins, Mariner, Shearwater, and Culzean fields, and TotalEnergies’ UK upstream assets including its interests in the Elgin/Franklin complex and the Alwyn North, Dunbar, and Culzean fields.
“As the new largest shareholder of NEO NEXT+, we are excited to bring along our recognized track record as a leading operator in the UK North Sea, where we have been present for more than 60 years,” said Patrick Pouyanné, chairman and CEO of TotalEnergies.
Harbour Energy Divests Indonesian Assets
Harbour Energy announced it will divest its operated interests in the Natuna Sea Block A field and the Tuna development project in Indonesia to Prime Group for a total of $215 million. The deal includes Harbour’s 28.67% operated interest in Natuna Sea Block A and 50% operated interest in the Tuna field development project.
Natuna Sea Block A includes the Anoa, Bison, Gajah Baru, Gajah Puteri, Iguana, Naga, and Pelikan fields, which produced 4,000 BOE/D during the 9 months ended 30 September 2025. Prime Group is currently active in Indonesia and holds a 25% interest in the producing Natuna Sea Block B field.
The Tuna field development project contains the Kuda Laut and Singa Laut discoveries. The Tuna field, Indonesia–Vietnam maritime boundary, has already undergone appraisal drilling, concept selection, and early design work.
TotalEnergies and Conoil Swap Assets
TotalEnergies has signed agreements with Conoil Producing Ltd. to acquire Conoil’s 50% operating interest in block OPL257, and Conoil will acquire the 40% participating interest held by TotalEnergies in block OML136. Both blocks are located offshore Nigeria.
Through the purchase, TotalEnergies’ interest in OPL257 will increase to 90% with Concoil holding the remaining 10%.
OPL257 spans 370 km2 and is located 150 km offshore the coast of Nigeria adjacent to PPL 261 where TotalEnergies and its partners discovered the Egina South field in 2005.
According to the company, an appraisal well in Egina South is planned to be drilled in 2026 in OPL257, and the field is expected to be developed as a tieback to the Egina FPSO, located approximately 30 km away.
