To materialize the drilling of the first research well in the unexplored Namibe basin, ANPG, state-owned Sonangol and ExxonMobil (USA) signed this Tuesday, in Luanda, a memorandum of understanding for blocks 30, 44 and 45 of the basin from Namibe.
The chairman of the board of directors of ANPG, Paulino Jerónimo, the chairman of the executive committee of Sonangol Pesquisa & Produção, Ricardo Van-Deste, and the general manager of ExxonMobil in Angola, Melissa Bond, were the signatories of the agreement.
According to Paulino Jerónimo, the conclusion of the memorandum, resulting from the terms negotiated, foresees considerable benefits for all parties involved, where the State also hopes to achieve several benefits.
Investments estimated at 200 million dollars for studies and the drilling of the first research well in 2024 are among the forecasts of the Angolan authorities, who also estimate investments of 15 billion dollars for the evaluation and development of the large-scale discovery.
"It is expected that production will begin by 2030, contributing to the reversal of the decline in production, the replacement of reserves and the creation of new jobs in the region", pointed out Paulino Jerónimo.
The revenue estimated by the State "from the development of a single large commercial discovery can vary between 20 billion dollars and 40 billion dollars", considering "the conservative analysis price that varies between 50 dollars and 60 dollars/barrel", stressed.
Paulino Jerónimo recalled, in his speech, that the signing of the memorandum results from the conclusion of "service contracts with risk", between the signatories, for blocks 30, 44 and 45, with an effective date of 1 November 2020.
For, he added, the execution of oil operations, with a consortium made up of the companies Exxonmobil (60 percent) and Sonangol Pesquisa & Produção (40 percent), after "seismic assessment and definition of the prospects".
ANGP and the consortium of the blocks agreed to carry out the current contractual and fiscal terms, he stressed, "in order to better reflect the risk inherent in the exploration in the blocks" and "to guarantee the necessary financing for the drilling of the first exploration well in the Namibe basin".
"The drilling of the first well in the Namibe basin will make it possible to expand geological knowledge and the country's oil potential in strict alignment with the objectives defined in the General Strategy for the Production of Concessions", stressed the president of ANPG.
"If the drilling is successful, it will help us to continue mitigating the decline in production and reserves that our country has faced in recent years", he admitted.
Melissa Bond, director general of ExxonMobil in Angola, recalled that nothing has yet been discovered in the border basin of Namibe, assuming that it is a risk basin, but that it could gain new impetus in case of commercial discovery.
"It is an inherently risky basin, but we truly believe that if we combine our state-of-the-art technology with our capacity to execute and materialize the projects, we as a company can make Namibe happen in the event of a commercial discovery", she noted.
And the Minister of Mineral Resources, Oil and Gas of Angola, Diamantino Azevedo, highlighted the importance of the moment, referring that it is part of the "necessary actions" for the country to be able to maintain "a certain stability in oil production".
"So that we can continue to exploit this important mineral resource for a while longer and also so that this mineral resource, at this time of energy transition, continues to demonstrate its importance for the development of our country, for the improvement of the quality of life of our population", he pointed out.