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Meren Energy Doubles Reserves Ahead of AEW 2025 Silver Partnership
Oil and gas company Meren Energy – formerly Africa Oil Corporation – will participate as a Silver Partner at African Energy Week (AEW): Invest in African Energies 2025, taking place from September 29 to October 3 in Cape Town. As one of the continent’s most established independent upstream companies, Meren Energy arrives at AEW: Invest in African Energies 2025 with a sharpened strategy, bolstered reserves, a dynamic new identity and a clear focus on accelerating deepwater projects in Nigeria, the Orange Basin and key West African markets.
In July 2025, Meren Energy doubled its reserves and production following the completion of the its acquisition of Prime Oil & Gas – a landmark transaction that brought Brazilian investment bank BTG Pactual into the company with a 35% stake. BTG Pactual previously played a pivotal role in Brazil’s 3R Petroleum and brings deep expertise in maturing oilfield portfolios. The Prime deal added significant volumes from energy major Chevron- and TotalEnergies-operated Akpo, Egina and Agbami oilfields offshore Nigeria, which feature assets with low lifting costs, premium Brent-linked pricing and a favorable fiscal regime. As a result of the Prime deal, Meren Energy quadrupled its annual dividend from $23 million to $100 million and expects to generate approximately $350 million in cash flow in 2025, against a capital investment program of $170 million.
Outside Nigeria, Meren Energy holds promising exploration and development assets in Nigeria, South Africa and Equatorial Guinea. The company’s position in South Africa’s Orange Basin – including an 18% stake in Block 3B/4B – gained traction when, in early 2025, Meren Energy increased its stake in the block through a share cancellation agreement with oil and gas exploration company Eco (Atlantic) Oil & Gas. Block 3B/4B, now operated by TotalEnergies alongside petroleum company Qatar-Energy, lies adjacent to the Venus discovery and includes significant seismic coverage – 14,000km of 2D and 10,800km2 of 3D. The block spans 17,581km2 in water depths between 300m and 2,500m.
Meanwhile, in Equatorial Guinea, Meren Energy is pursuing a partial divestment of its 80% interests in offshore Blocks EG-18 and EG-31, with national oil company GEPetrol holding the remaining 20%. Announced in June 2025, the process includes open data rooms and aims to attract new partners to reduce exposure and optimize capital allocation. Block EG-18 has drawn international interest driven by potential large-scale Cretaceous prospects, while EG-31 offers gas-prone opportunities near existing LNG infrastructure.
“Meren Energy’s transformation is a powerful example of how African-focused independents can evolve into high-impact, full-cycle energy players. From deepwater Nigeria to the Orange Basin and Equatorial Guinea, Meren Energy is demonstrating disciplined growth, strong cashflow performance and a commitment to partnerships that unlock value for African nations. At AEW 2025, their participation as a Silver Partner will inspire confidence in the role independents can play in securing Africa’s energy future while delivering meaningful returns for shareholders and host governments alike,” states NJ Ayuk, Executive Chairman, African Energy Chamber.
AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.aecweek.com for more information about this exciting event.