E&P Highlights: May 19, 2025

From a discovery offshore Brazil in the Santos Basin to the delivery of two wells offshore Namibia, below is a compilation of the latest headlines in the E&P space.

Activity

Petrobras Makes Oil Discovery in Santos Basin

Petrobras said it has found oil in the Santos Basin pre-salt layer, in an exploratory well in the Aram Block offshore Brazil. 

Well 3-BRSA-1396D-SPS is located 248 km from the city of Santos, São Paulo, at a water depth of 1,952 m. Drilling has been completed, and the oil-bearing interval was confirmed through electrical profiles, gas traces and fluid sampling.

"This is the second discovery in the same block, following the excellent result already achieved in another exploratory well at the beginning of the year, where we found excellent quality oil,” Petrobras CEO Magda Chambriard said.

Petrobras plans to analyze the discovery, drill two more wells and perform a formation test. It may also seek to collect more data.

The Aram Block was acquired in March 2020. Petrobras is the operator of the block and holds an 80% stake, in partnership with CNPC (20%).

VEX Closes Acquisition of Oklahoma Assets

VEX Energy Midcon I LLC announced it has closed the acquisition of certain oil and gas leasehold interests across approximately 30,000 net acres in Dewey and Woodward counties, Oklahoma.

The company also has an option to purchase 30,000 more acres throughout Dewey. This leasehold position is 100% HBP and gives VEX the rights to produce oil and gas from the Des Moines and Mississippian geological formations.

VEX, based in Oklahoma City, is a privately held energy company that explores for, develops and produces oil and gas in Oklahoma, Texas and New Mexico.

Libya’s Latest Bid Round Draws More Than 40 Applicants

Libya’s latest upstream licensing round has attracted more than 40 applicants, an adviser to the country’s energy minister said at the Invest in African Energy forum in Paris, France.

The adviser, Abdolkabir Alfakhry, said the results of the licensing round are expected in November.

A ConocoPhillips executive said the company intends to boost its engagement in Libya, Equatorial Guinea and the rest of Africa.

“Libya is a place where we can work—over the last few years, we’ve significantly increased production at the Waha concession,” said Steiner Vaage, ConocoPhillip’s regional president.

Rhino Resources, Halliburton Deliver Two Wells Offshore Namibia

Rhino Resources and Halliburton announced the delivery of two exploration wells on Block 2914 within Petroleum Exploration License 85 offshore Namibia. The wells are the first to be completed entirely from in-country infrastructure through Halliburton’s newly established operational bases in Walvis Bay, Swakopmund and Lüderitz.

“This success is an example of what’s possible when world-class technology, local collaboration, and a shared long-term vision come together,” said Antoine Berel, vice president, Halliburton Sub-Saharan Africa. “Our newly established infrastructure across Namibia enabled this discovery, which will help unlock Namibia’s energy potential and build the capacity to support the country’s future as an energy hub in Africa.”