The oil bidding initiative that has been taking place since 2019 resulted in the allocation of 12 oil blocks until January 2024. The information was provided by the Secretary of State for Oil and Gas, José Alexandre Barroso, during the networking event, which took place this Tuesday , 19, in Houston, USA. Angola will launch a new round of oil and gas bidding in 2025 and, to this end, is inviting exploration and production companies based in the United States of America to invest in available blocks.
The networking event in Houston was organized by Energy Capital & Power (ECP), with support from the National Oil, Gas and Biofuels Agency (ANPG), under the theme “Multidimensional Energy Transition: markets, climate, technology and geopolitics”. Secretary of State José Barroso said that it is important for the country to be at an event to promote opportunities in the oil and gas sector, adding that “although we recognize the importance of the energy transition, we believe that both hydrocarbons and renewable energies can work together”.
Therefore, “we continue to look for investments in the oil sector, while also trying to make this industry cleaner, making sure we acquire the latest technologies to reduce carbon and methane emissions.” The Executive administrator of the National Oil, Gas and Biofuels Agency (ANPG) said that the success of previous bidding rounds motivated the national concessionaire to invite North American companies to participate in the next process in 2025, in order to help the country in intention to increase production to more than two million barrels per day (BPD).
The person in charge also added that, “we have improved with other bidding processes that we follow in other parts of the world, and, therefore, one of the things we have been good at is the agility and engagement in acting at the right time to find solutions whether whether legal, contractual and/or tax”. With more than 2.5 billion barrels of proven oil reserves and 11 billion cubic feet of proven natural gas reserves, Angola offers a wide variety of opportunities to global investors. The country aims to use 25% of its natural gas to meet energy needs by 2025 and plans to increase oil production to 1.18 million bpd this year and two million bpd in the long term.
