Oil and gas industry body shines spotlight on Angolan market
- May 28, 2024
- Infrastructure
- 0 Comments
The African Energy Chamber (AEC) has highlighted the opportunities provided by Angola’s oil and gas industry. The Chamber points out that oil and gas forms the lynchpin of the Angolan economy and that, since 2017, it has been subject to “aggressive reform”. Since 2019, the country has been undertaking multiyear licensing rounds for offshore blocks for both oil and gas exploration and production, open to foreign enterprises. So far, this policy has seen the awarding of more than 27 such blocks. The most recent of these rounds saw 53 bids for 12 blocks in the Lower Congo and Kwanza basins. The AEC is particularly urging multinational exploration and production, and technology, companies to invest in Angola. The organisation points out that the West African country plans to keep its oil production running at 1.1-million barrels per day (bpd) until 2027. After that, production will be stepped up to more than 2-million bpd, to boost economic growth.
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