Press

Angola: 2019 Licensing Round, Marginal Fields Drive Explorers’ Interest


  • Angola's licensing round will include a new focus on the development of marginal fields.
  • The Angola Oil & Gas conference will be 2019's main promotional event for the licensing round and marginal fields.
  • Licensing round and marginal field legislation indicate new strategic direction and opening of Angola's oil and gas business.

Luanda, December 17, 2019 — Angola has developed a strategic plan to attract new players to its established oil and gas sector, promoting a licensing round at Angola Oil & Gas in June 2019 and opening up marginal fields based on new 2018 legislation. The measures will encourage new participation and investment from Angolan, African and international independents in the country's oil and gas sector.

H.E. Diamantino Azevedo, Minister of Mineral Resources and Petroleum, is keen to bring new life to Angola's oil sector, which has seen a decline in discovered oil reserves and the maturing of producing fields. The 2019 licensing round, which will include onshore and offshore blocks in the Congo, Namibe and Cunene basins, will boost exploration potential with the ultimate aim to increase production from the country's current levels of 1.49 million barrels of oil per day.

“If we do not conduct the exploration works and finds new reserves, we will not be able to maintain the current levels of production,” said Azevedo on Friday. “We have to work on the perspective of finding new oilfields to sustain the desired production, based on the goals set by the government.”

In line with Angola's decision to promote access to marginal fields, the government has established guidelines for marginal operators by presidential decree. According to the law, marginal fields are characterized by at least one of many factors. These include: recoverable resources of less than 300 million barrels; water depth exceeding 800 meters; and/or income to the state less than $10.5 per barrel. The law also provides different tax structures for marginal fields.

“There is an antiquated perception that Angola as an oil and gas market is only for the big boys,” said Guillaume Doane, CEO of Africa Oil & Power, organizer of Angola Oil & Gas 2019. “Through marginal fields, Angola is attracting a greater diversity of exploration and production players that can operate smaller onshore and shallow water resource plays. In the next decade Angola can achieve historic developments through marginal fields similar to what Nigeria accomplished in recent years.”

Africa Oil & Gas 2019, held June 4-6 in Luanda, is officially endorsed by the Ministry of Mineral Resources and Petroleum of the Republic of Angola, and will bring together the top-level executives, government officials and experts for an elite, three-day conference on Angola's oil and gas market. Featuring moderated panel discussions, keynote presentations and exhibitions, the conference will tackle the issues of the restructuring of Angola's upstream sector, the introduction of marginal fields and the focus on local content development, and opportunities for downstream diversification.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://africaoilandpower.com/2018/12/17/independe...

AngolaDiamantino AzevedoAngola Oil & GasExhibition & ConferenceMarginal Fields

More items from aydanur


Senegal Makes Energy a Priority in 2020, Launches Official National Event

Senegal will launch key projects and encourage new momentum in 2020, representing the vision of H.E. President Macky Sall and the government to make energy a foundation for growth. Africa Oil & Power is organizing the nation's official energy event, Senegal Oil & Power 2020, with the support of t ...

Aydanur Akkurt - Africa Oil & Power


Posted 14 days agoPress > SenegalDakarSenegal Oil & Power +5

Egypt, Wintershall Dea Ink Gas Exploration Deal

Egypt's Ministry of Petroleum signed a $43 million gas exploration deal with Wintershall Dea in Nile Delta on Monday. Signed between the Ministry of Petroleum, the Egyptian Natural Gas Holding Company and Wintershall Dea, the agreement targets the exploration of Nile Delta's East Damanhour explor ...

Aydanur Akkurt - Africa Oil & Power


Posted 14 days agoLink > EgyptWintershall DeaNile Delta +1

Waltersmith to Replicate Nigeria’s Modular Refinery Model in Equatorial Guinea

Equatorial Guinea's Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, recently visited Nigeria's modular refinery and expressed his willingness to replicate it in Equatorial Guinea. “Primarily, I don't put it in the local content context, I put it in the African Continental Free ...

Aydanur Akkurt - Africa Oil & Power


Posted 14 days agoLink > WaltersmithEquatorial GuineaNigeria +2

Invest in Africa: AOP Events Drive Cross-Border Energy Trade and Investment

Africa Oil & Power is the only event group uniting the entire energy value chain, from oil exploration to renewables and focusing on the African continent. AOP 2020 flagship conference takes place on September 15-17 in Cape Town under the theme #InvestWithoutBoundaries. Key national conferences ...

Aydanur Akkurt - Africa Oil & Power


Posted 16 days agoPress > AngolaAfrica Oil & PowerEquatorial Guinea +9

Angola set to attract more FDI into oil and gas; part-privatization of Sonangol by 2022 a key measure

Government reforms in oil sector including at national oil company SONANGOL already yielding positive results, with 30 percent of the company set to be privatized by 2022. Sector reforms to be backed up by an investment campaign drive by Africa Oil & Power, including the Angola Oil & Gas Conferen ...

Aydanur Akkurt - Africa Oil & Power


Posted 23 days agoPress > AngolaOilgas +4
All posts from aydanur