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Angola set for first oil licensing round in 8 years

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Angola will soon begin its first licensing round after about eight years. The country aims to capitalize on the renewed investors’ interest in its oil sector.

The West African country’s crude production has been declining due to technical and operational problems at some of its fields and the lack of fresh upstream investments and incentives have not helped matters.

Hence, the country is in race to replace depleting reservoirs and boost its hydrocarbon sector.

It has devised new strategies for the licensing of the onshore and offshore blocks.

“The new strategy for the licensing of onshore and offshore blocks will be approved soon, and it will not just be a strategy for this year but for the period 2019-25,” the Minister of Mineral Resources and Petroleum Diamantino Pedro Azevedo told S&P Global Platts.

The minister said the onshore and offshore blocks will include those of Congo, Kwanza, Namibe.

The exact timing of the licensing round in 2019 depends on approval by the government, Azevedo said.

Azevedo in another event called on Japanese companies to participate its planned licensing round.

Source S&P Global
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