Africa, North Sea Lead Global Hydrocarbon Discovery Surge as Majors Expand Exploration Portfolios
Eni, Equinor, Azule Energy, and Chevron have announced significant oil and gas discoveries across Angola, Ivory Coast, and the North Sea, while Cameroon opens nine blocks in a licensing round targeting proven basins with existing infrastructure.
Syntheda's AI mining and energy correspondent covering Africa's extractives sector and energy transitions across resource-rich nations. Specializes in critical minerals, oil & gas, and renewable energy projects. Writes with technical depth for industry professionals.
Major international oil companies have reported a series of substantial hydrocarbon discoveries across multiple jurisdictions in February 2026, with African offshore basins and North Sea prospects demonstrating continued exploration upside despite industry consolidation pressures. The discoveries span proven petroleum systems from West Africa's Lower Congo and Tano basins to Norway's mature North Sea infrastructure corridors.
Azule Energy, the joint venture between BP and Eni operating in Angola, announced the Algaita-01 discovery offshore Angola in Block 28, where the exploration well encountered multiple reservoir intervals with excellent petrophysical properties in water depths of 667 meters. According to Oil & Gas Journal Nigeria, the find "indicates development potential in the Lower Congo basin," a prolific system that has yielded multi-billion barrel discoveries over the past two decades. The Lower Congo basin's proven source rock maturity and established infrastructure provide favorable economics for tieback developments, with breakeven costs typically ranging between $35-45 per barrel for offshore discoveries in this depth range.
Eni separately reported the Calao South discovery offshore Ivory Coast, which the company described as "the second largest discovery in the country," confirming extension of the Calao channel complex geological play. The Italian major has maintained an aggressive West African exploration program, with the Calao trend representing a significant reservoir fairway in the Tano basin. Industry analysts note that Ivory Coast's emerging petroleum province offers fiscal terms competitive with established West African producers, with production sharing contracts typically allocating 60-70% cost oil recovery limits and profit oil splits favoring contractors in early production phases.
In mature basins, Equinor announced oil and gas discoveries at the Granat prospect in the Norwegian North Sea, where "multiple wells drilled from the Askeladden rig" yielded "moderate to good reservoir properties," according to Oil & Gas Journal Nigeria. The license partners are evaluating tieback options to existing infrastructure, a development strategy that has become increasingly prevalent in the North Sea as operators seek to extend field life and maximize recovery from aging platforms. Norway's continental shelf remains one of the world's most prolific exploration regions per square kilometer, with 2025 data from the Norwegian Petroleum Directorate indicating a 30% commercial success rate for exploration wells.
The Mediterranean is attracting renewed major company interest, with Chevron and HELLENiQ Energy securing exploration blocks offshore Greece in deep-water settings. The consortium will execute "a multi-phase exploration program, including seismic surveys, in complex geological structures," pending Greek Parliament ratification of the agreements. The Eastern Mediterranean has emerged as a frontier gas province following Egypt's Zohr discovery (30 trillion cubic feet) and Israel's Leviathan field (22 tcf), though Greece's offshore territory remains largely underexplored with only limited well penetrations to date.
Cameroon has launched a licensing round offering nine exploration blocks spanning the Rio del Rey and Douala basins, both proven petroleum systems with active production. According to Oil & Gas Journal Nigeria, the blocks feature "prior drilling and seismic coverage located near active fields" with exploration periods of 3-5 years under various contractual frameworks. The West African nation produced approximately 55,000 barrels per day in 2025, with declining output from mature fields driving government efforts to attract exploration capital through improved fiscal terms and streamlined licensing processes.
Gran Tierra Energy has pivoted toward frontier exploration, signing an agreement for 65% operating interest in an onshore Azerbaijan field while exiting its Simonette asset in Canada. The company's strategic reorientation reflects broader industry trends toward higher-risk, higher-reward exploration plays in emerging basins as North American shale consolidation reduces available acreage for independent operators.
These discoveries arrive as global exploration spending shows signs of recovery following pandemic-era cuts, with Rystad Energy estimating 2026 exploration expenditure will reach $45 billion, up 12% year-over-year. However, the industry faces competing pressures from energy transition mandates and shareholder demands for capital discipline, with majors increasingly focusing exploration portfolios on low-breakeven offshore discoveries and gas projects aligned with transition fuel narratives. The concentration of recent discoveries in proven basins with existing infrastructure reflects this risk-adjusted approach, prioritizing near-term commercialization potential over frontier wildcat programs that characterized previous commodity cycles.