Ver Angola


Oil: country reaches production of 1.2 million barrels per day

The country produced 1,200,000 barrels of oil barrels of oil per day. This number was reached on the 12th of this month, according to the National Oil, Gas and Biofuels Agency (ANPG).


"Angola reached the figure of one million and two hundred thousand barrels of oil per day on the 12th of June", reads a statement from ANPG, to which VerAngola had access.

According to the national concessionaire, block 0 (operator is Chevron), block 17 (operated by TotalEnergies) and block 15 (operated by ExxonMobil) contributed considerably to this growth.

"This number seems to support the forecasts of the International Energy Agency, which – on the same day – advanced in its annual report that in 2024 oil production in Angola will be above 1,100,000 barrels of oil/day", says also the ANPG.

The aforementioned increase corresponds to around 12 percent, given that oil production went from an average of 1,060,000 barrels per day to approximately 1,200,000 barrels, according to Paulino Jerónimo, president of the Board of Directors (PCA) of ANPG, in statements, cited by Jornal de Angola, at the signing, this Tuesday, of two service contracts with risk for the concession of blocks 49 and 50, located in the Lower Congo Basin, between Sonangol and Chevron, through of its subsidiary Cabinda Gulf Oil Company Limited (CABGOC).

According to Angop, with the documents now signed, Chevron will be responsible for carrying out studies when exploring offshore blocks, assessing the risks, as well as determining whether there are reserves available for exploration.

The contracts establish that CABGOC – which in more than seven decades of operating in the country, has never operated outside of Cabinda, and the aforementioned blocks will be its first assets operated outside the aforementioned capital – holds more than half of the stake (80 percent), while the remaining 20 percent of the stake is held by Sonangol Pesquisa e Produção.

The signing ceremony was attended by Diamantino Azevedo, Minister of Mineral Resources, Oil and Gas, who, at the time, said that, from now on, the research and evaluation process will begin until exploration is achieved as a final product.

Quoted by Angop, Diamantino Azevedo, although he expressed interest in increasing production, recalled that the fields in question will not yet be part of this and next year's production.

The head of the Mineral Resources, Oil and Gas portfolio considered that the signing of these contracts reflects "a sign" that Angola "continues to be an important hub for the global oil industry".

The minister also reaffirmed the Executive's commitment to encouraging the stabilization of crude oil production levels, adding: "We are aware that both blocks, due to geological conditions, are in risk zones, which is why the fiscal incentives are justified and will still be open to adjustments, in light of the reform process that continues to be implemented for seven years".

Billy Lacobie, general director of Chevron in Angola, said he sees these new blocks as an opportunity to share technology and expand its activity in Angola, consisting of a significant portfolio for the company, writes Angop.


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