Angola: Oil and Gas Reserves Estimates

By way of Executive Decree 688/25, of 27 August 2025, the Ministry of National Resources, Petroleum and Gas (MIREMPET) approved the Technical Regulations for the Oil and Gas Reserves Estimates.

This is a summary of Executive Decree 688/25 requirements:

• Subject entities: ED 688/25 is applicable to (i) the operators and (ii) the companies providing oil and gas reserves certification.
• Annual Report: Each operator must submit to ANPG (the National Concessionaire and regulator) an Annual Oil and Gas Reserves and Resources Report in the format attached to ED 688/25. The Annual Report must be submitted by 15th February each year. The report must be further consistent with the approved Development and Production General Plan for the respective contract area.
• PMRS: In preparing the Annual Report the operator must follow the most recent guidelines of the Petroleum Resources Management System (PRMS) published by the Society of Petroleum Engineers (SPE).
• Reserves and resources classification: Reserves/resources shall be classified in the Annual Report as follows:
  • Original Oil in Place
  • Proved Reserves (1P): Developed and Non-developed
  • Proved Reserves plus Probable (2P): Developed and Non-Developed
  • Proved Reserves plus Probable plus Possible (3P): Developed and Non-Developed
  • Contingent Resources (1C, 2C, 3C): per contingent resource and per contract expiration
  • Prospective Resources (1U, 2U, 3U): as included in the Annual Work Program
  • Accumulated Production

   Additionally, operator must also provide the following information:

• • Gas volumes used in the operations
  • Year-over-year comparative comparison of reserves/resources
  • All estimated volumes, including cost estimates
• Confidentiality: ANPG shall ensure confidentiality of all information provided by operator. However, ANPG shall use such information to prepare an “annual consolidated oil and gas reserves and resources report” for Angola by the 31st March of the following year.
• Language: The Annual Report and any related information must be produced by operator in Portuguese language.
• Reserves certification: In order to certify the reserves and resources, the operator must hire an independent certification entity registered with ANPG or an internal auditor certified by SPE.
• Project economic ring-fencing: Each project contained in the Annual Report and related reserves/resources information shall have a separate production plan and cash flow projection. Cash flow projections for calculating economic thresholds shall be prepared for each development area.
• Resource economic life: Estimates must take into account the resource economic life regardless of the length of the respective contract. Technically recoverable resources that extent beyond the contract term shall be classified as “contingent resources”.
• Information breakdown: Reserves/resources information must be provided per (i) contract area, (ii) basin, (iii) field, (iv) reservoir and/or (v) production area. Resources shall be classified as conventional or non-conventional.
• Prospective resources: Estimated volumes existing in undiscovered accumulations shall be classified as “prospective resources”.
• Project classification: Projects are classified as (i) commercial, (ii) subcommercial, and (iii) undiscovered.
• Recoverable volumes classification: Recoverable oil volumes are classified as (i) produced, (ii) reserves, (iii) contingent resources and (iv) prospective resources.
• Oil price: Oil and gas price projections shall be defined by ANPG in accordance with best international practice.
• Inspection/Audit: ANPG and/or MIREMPET may undertake audits and inspections to ensure compliance with the above requirements. ANPG shall prepare and send to operator audit reports describing problems identified and proposed corrective actions, if applicable.
• Independent verification: In case the volumes presented by the operator and the volumes estimated by ANPG are different in more than 10%, the latter may request verification of such volumes by an independent expert.

The operators have a grace period of 1 year to comply with the requirements of Executive Decree 688/25.