Ver Angola

Energy

Government estimates to award more than 50 oil concessions by 2025

The Government estimates to award more than 50 oil concessions until 2025. The information was advanced this Monday by Diamantino Azevedo, Minister of Mineral Resources, Oil and Gas, during the opening of the information session on "The Oil Potential of the Blocks of the Lower Congo and Kwanza Basins".

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In his speech, the ruler explained that the measure is the result of the concessions allocation strategy that the Government launched in 2019, advancing that the Executive "foresees allocations of more than 50 concessions between 2019 and 2025."

"Aware of the importance of oil and gas as strategic resources and major contributors to GDP, tax revenues and the diversification of our country's economy, the Government launched in 2019 the 2019-2025 concessions award strategy, which aims to create the conditions to reverse the framework of declining production and hydrocarbon reserves in the country that has been seen since 2016" he said, quoted in a note posted on Facebook by the Ministry of Mineral Resources, Oil and Gas.

At the opening session, the minister revealed that the 2020 bidding round will proceed, adding that it will be composed of nine onshore blocks: "Consistent with the strategy of awarding concessions referred to above, the 2020 bidding round is proceeding, which brings us here today [Monday], a round composed of nine onshore blocks, a continuing part of this strategy that provides for allocations of more than 50 concessions between 2019 and 2025."

The holder of the Mineral Resources, Oil and Gas portfolio admitted that the country has great oil potential and stressed that the Executive continues to work to improve the business environment.

"Angola is still blessed with great petroleum potential, presents itself with a stable petroleum sector, competitive and very attractive to investors, and the Government is still focused on the continuous improvement of the business environment so that our country can be the place of choice for local and international investors," he said.

Speaking of the challenges that the sector had to face with the arrival of covid-19, the minister highlighted the "resilience" of the Government, ANPG and the sector's partners, who managed to respond to the adversities and obstacles posed by the pandemic.

Diamantino Azevedo was confident with the work done so far and expressed some optimism for the future.

"Allow me to look to the future, reiterating that we are optimistic about the future of our sector in Angola and we will continue aggressively with our block allocation strategy in the coming years, in order to consistently ensure the increase in volume of activities and investments in the sector in order to mitigate the decline in production and reserves of hydrocarbons in the country," concluded the governor.

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