Ver Angola

Energy

Sonangol and Eni sign production sharing contracts for blocks in the Namibe Basin with ANPG

Sonangol and Eni signed with the National Agency of Oil, Gas and Biofuels (ANPG), production sharing contracts for blocks 27 and 28, located in the Namibe Basin. The contracts were signed on June 22 and became effective on July 1.

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According to a statement sent to VerAngola, in block 27 Sonangol Pesquisa & Produção holds 100 percent of the production sharing contract for prospecting, research, evaluation, development and production of liquid and gaseous hydrocarbons.

For block 28, the production sharing contract was signed between Eni (60 percent), Sonangol Pesquisa & Produção (20 percent) and Tiptop Energy Limited (20 percent).

With the largest share of block 28, Eni becomes the license operator of that block. "This stake will allow Eni to consolidate its long-term strategic presence in Angola, where it operates a total of five blocks," the statement said.

Sonangol's strategy for participating in these two blocks aims, among other objectives, to improve the company's performance to make it more competitive and profitable; to transform it into an oil operator of global reach; to ensure the continuous increase of oil resources discovered; to promote the identification of new oil and gas reserves that are economically viable and to leverage the country's energy and electrification policy, by prospecting and finding natural gas in existing and future oil concessions," the statement said.

The ANPG board, cited in the note, considered this act as "relevant". For ANPG, this "clearly demonstrates the interest of international oil operators in continuing to invest in boosting oil production in Angola.

"The national concessionaire will do everything to ensure that these agreements now signed have the expected performance, and to support the companies involved in whatever is necessary," added the ANPG administration.

In turn, the officials from Sonangol Pesquisa & Produção and Eni who were at the ceremony stressed their "importance for the activity they develop", making it clear that "Angola continues to be a place of choice for investors in the oil sector in Africa and worldwide".