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Angola plans more multi-year oil and gas license rounds
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Angola plans more multi-year oil and gas license rounds
Nov 9, 2024 12:01 PM

CAPE TOWN, Nov 7 (Reuters) - Angola intends to replicate

its maiden multi-year licensing round for oil and gas acreage

from 2026, a senior government energy official said on Thursday,

as the country looks to boost production and investment.

The first multi-year auction for 50 onshore and offshore

blocks was for 2019-2025, as Angola strives to arrest a steep

decline in crude oil production from mature oilfields.

"We have already started to work on a plan for after 2025

and are currently executing our exploration strategy which is

the evaluation of different sedimentary basins of the country,"

Alcides Andrade, a board member at Angola's National Agency of

Petroleum, Gas and Biofuels (ANPG) said.

"It is an aggressive approach we believe we need to have,"

he said, adding it was unclear at this stage how many blocks in

total would be up for grabs.

Production in Africa's second largest crude oil producer

after Nigeria has stabilised at just over 1.1 million barrels a

day (bpd) after reaching a peak of around 2 million bpd in 2008.

Andrade, speaking on the sidelines of an energy conference

in Cape Town, said during the first four licensing rounds in the

multi-year strategy, 35 concessions have been awarded thus far.

"The plan is by the end of this year to be close to 41

concessions and then next year to 50," he said.

ANPG estimates more than $60 billion of new investment will

flow over the next five years in currently producing

concessions, besides "tens of billions" more from new license

holders in the future, Andrade said.

(Reporting by Wendell Roelf

Editing by Ros Russell)

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