Angola Optimistic About Future of Oil Sector
Angolan Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo has reiterated optimism about the future of the oil sector in Angola, which presents itself with “great” potential.
According to the minister, Angola remains “blessed with great oil potential, presenting itself with a stable, competitive and very attractive oil sector for investors”.
Speaking at the Bidding Roadshow for oil concessions in the Lower Congo and Kwanza Terrestrial Basins, he said that the Government is focused on the continuous improvement of the business environment to attract the local and international investors.
Azevedo said that Angola has a robust history, of “great pride and great relevance” in the oil industry, having been evolving in this sector for several decades, with major discoveries of hydrocarbons in onshore, shallow and deepwater segments.
This, he said, has allowed the country to reach the position of second largest oil producer in Africa in the last two decades.
According to the minister, the Government will aggressively continue with its strategy of allocating blocks in the coming years, in order to guarantee, consistently, an increase in the volume of activities and investments in the sector.
The strategy aims to mitigate the decline in production and hydrocarbon reserves in the country.
“With a focus on ensuring the continued sustainability of production and activities in our sector, we are here today to continue our strategy for awarding concessions”, said Minister Azevedo.
He reiterated the country’s commitment to continue working with partners to improve the business environment, creating the necessary conditions to continue to invest in this sector considered stable, competitive and with attractive rates of return for investment.
With the concessions allocation strategy of the two basins, the National Oil and Gas Agency (ANPG) continues with the 2020 bidding round, composed of 9 onshore blocks, a continuous part of this strategy foresees allocations of more than 50 concessions between 2019 and 2025.
On December 31, that the National Agency of Petroleum, Gas and Biofuels (ANPG), within the scope of the Strategy for the Attribution of Petroleum Concessions 2019-2025, announced the intention of bidding on the CON1, CON5 and CON6 Blocks (Baixo Terrestrial Basin) Congo) and Blocks KON5, KON6, KON8, KON9, KON17 and KON20 (Kwanza Terrestrial Basin), starting the promotion process.
ANPG launches the sale of the data package of the blocks to be auctioned, after clarification sessions of the bidding process.
The ongoing promotion process will culminate with the launch of the Public Tender, on April 30, 2021, the date on which the rules, procedures and Terms of Reference for that tender will be disclosed.