Beluga is an energy trader branching out into upstream oil
Nigerian trader buys Cameroon oil stake
Tower Resources has sold a share in the Thali development to Beluga Energy
Nigerian commodity trader Beluga Energy has acquired a stake in the production-sharing contract for the Thali development in Cameroon’s Rio del Rey basin from AIM-listed Tower Resources. Beluga will take a 49pc non-operating interest for $15mn, although Tower’s contractor subsidiary TRCSA's 10pc royalty overrides the other allocations. The deal is subject to approval by Cameroon’s Ministry of Mines, Industry and Technological Development and Beluga’s shareholders, but both companies expect to complete the transaction by the end of September this year. Tower says the funds will go towards the cost of drilling the NJOM-3 well on Thali’s Njonji structure, for which the firm is negotiating for
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
