Angola’s upstream regulator, the National Agency for Petroleum, Gas and Biofuels (ANPG), has signed Contracts for Services with Risk for the development of blocks 3/24 in the Lower Congo Basin and 6/24 in the Kwanza Basin, marking a significant step in the country’s efforts to revitalize exploration and diversify its resource base.
For Block 3/24, the contract was signed with a consortium comprising block operator Afentra, Maurel & Prom and Sonangol E&P. For Block 6/24, the contract was signed with a consortium including block operator Sonangol E&P, Red Sky Energy and ACREP Angola.
The Risk-Service Contract model is designed to balance risk and return for participating companies, in line with Angola’s Legal Regime for Risk-Based Service Contracts, which aims to foster a competitive and conducive investment environment. Jânio Corrêa Victor, Secretary of State for Mineral Resources, stated that these contracts symbolize investors’ confidence in Angola’s geological potential, its legal, fiscal and institutional framework, and the joint capacity to transform natural resources into shared wealth and sustainable progress.
Paulino Jerónimo, Chairman of the Board of Directors of ANPG, said the agreements form part of a national effort to revitalize exploration in onshore and shallow-water areas and diversify Angola’s resource base. Afentra plans to capitalize on Block 3/24’s proximity to existing Sonangol-operated infrastructure to develop the asset at short cycle and low cost, while Sonangol E&P intends to leverage Block 6/24 to solidify its position as the country’s national operator while supporting a national goal to maintain production above one million barrels per day.
Source: energycapitalpower.com