Asia to benefit from rising output in Angola: S&P Global
March crude production in Angola rebounds from 4-month low
China, India, Thailand, South Korea keenly monitoring developments
Asia to benefit from rising output in Angola: S&P Global
March crude production in Angola rebounds from 4-month low
China, India, Thailand, South Korea keenly monitoring developments
Upstream oil and gas company Afentra secured approval from the Angolan government to acquire a 12% stake in Block 3/05 and a 16% share in Block 3/05A from international energy firm Azule Energy.
Angola’s push towards economic diversification and privatization has opened up opportunities for foreign investors, and Brazil has emerged as a highly strategic partner owing to its expertise in the oil and gas industry. Brazil’s trade with Africa surged by 33.7% in 2022, reaching nearly $21.5 billion, up from $15.9 billion in 2021. This increase presents an opportunity for Angola to deepen its economic ties with Brazil as the country aims to increase oil production while diversifying its economy.
Angola aims to hold and increase oil production beyond 1.18 million barrels per day (bpd) while positioning the gas sector to account for 25% of the country’s energy needs by 2025. To achieve this, government is inviting investment into exploration and production, with industry reforms guaranteeing both a competitive and stable investment environment.
Angola’s premier event for the oil and gas sector – the Angola Oil&Gas (AOG) conference and exhibition (https://apo-opa.co/4945xwG) – unites the country’s government and energy companies with global operators and investors.
Namibian President Nangolo Mbumba has announced that the country will utilize Angola’s oil and gas framework as a guideline for industry development, underscoring Namibia’s commitment to strengthening bilateral cooperation with its regional neighbor.
Serinus Energy plc (“Serinus” or the “Company”) (AIM:SENX, WSE:SEN) notes that it has been selected as a preferred bidder on the KON-13 block in the onshore Kwanza basin in the Republic of Angola. Formal notification of this preferred bidder status is expected to be received from the Agência Nacional De Petróleo, Gás E Biocombustíveis (“ANPG”) in the coming days.
The 2023 edition of the biggest gathering of energy stakeholders and policymakers on the continent, African Energy Week (AEW) – organized by the African Energy Chamber (http://www.EnergyChamber.org) – featured a country spotlight roundtable on Angola, showcasing the country’s abundant reserves and favorable business environment.
Oceaneering International, through its Offshore Projects Group segment, has secured two contracts, worth more than $100m in total, for offshore projects.
Azule Energy – an incorporated Joint Venture between oil and gas supermajors Eni and bp – and international energy company Equinor have signed a Production Sharing Agreement (PSA) with Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG) for Block 31/21, offshore Angola.