Angola oil sector: New “kids” in town

Angola is meticulously implementing its strategy of attracting new companies to its oil sector and is using the licensing of new blocks in unexplored areas to pursue this goal. Last August a total of 7 new companies (which hitherto had no activity in Angola’s E&P landscape) signed contracts for the exploration of onshore oil blocks in the basins of the Congo and Kwanza rivers. These comprise a mix of international independent companies and local companies, of which 3 will become operators. The Angolan concessionaire and regulator ANPG signed contracts with newcomers MTI Energy, Mineral One, Alfort Petroleum, Intank Oil, Brite’s Oil & Gas, Monka Oil, Omega Risk Solutions and Upite Oil Company, together with other companies with an established presence in Angola’s oil sector. The number of companies with Angolan E&P assets has now surpassed 30.

Angola’s oil output is currently hovering above 1.1 million barrels per day, which puts it neck to neck with Nigeria as the largest producer in sub-Shaharan Africa. The government is hoping successful exploration and development of the new blocks will increase this output.