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Energy

Africa Oil & Power: Eni's oil discovery in Angola shows the country's attractiveness

The consultancy Africa Oil & Power (AOP) considered that the recent discovery of oil by the Italian ENI off the coast of Angola shows that the country remains very attractive to major international oil companies.

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"The latest oil discovery by the Italian oil company in the concession for the offshore Block 15/06 in Angola is a demonstration of how attractive the prolific basins and the favorable regulatory framework in Angola continue to be, despite strong competition from new regions such as Guyana and the Suriname ", reads in a note sent by this investment promotion platform in Africa.

For AOP, which acts as a consultant to the National Oil, Gas and Biofuels Agency (ANPG), "the current bidding round for three onshore blocks in the Lower Congo Basin and six onshore blocks in the Kwanza Basin arouses a lot of industry interest" .

This Monday, the regulator will launch a bidding round for new investments in these three blocks, which are part of the country's portfolio, presented as having a "combined extension of resources and infrastructure that provides explorers with 'upstream' opportunities [research and location of new fields] unmatched ".

In the note, the consultant states that "in the past twelve months, the covid-19 and the resulting instability in the price of oil have threatened global investment in seismic acquisition, new drilling and other non-essential activities", but notes that, "however , what has remained constant during this period is the magnitude of Angolan oil and gas reserves, which not only represent some of the least explored basins in the world, but also seem to increase in size with each new assessment ".

Angola has "57 billion barrels of oil and 27 billion cubic feet of gas - a substantial increase from previous estimates of 8.2 billion barrels and 13.5 billion cubic feet - that would provide the country with the largest continent's oil reserves, "add the consultants, citing an assessment from November last year.

"An online and physical hybrid roadshow on the current bidding round is scheduled for April 12 at the Talatona Convention Center, in Luanda; the event will provide investors with the opportunity to relate to the agency in relation to the blocks in offer, data packages and accessibility studies, in addition to addressing environmental, logistical and local content issues ", concludes in the note.

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