Angolan onshore round draws big interest
Angola’s oil and gas regulator ANPG said all nine onshore oil and gas blocks were bid for in its 2020 upstream round, "a rare result in an increasingly competitive and investment-shy global environment," according to the African Energy Chamber. The ANPG is hoping to replicate the successes of its offshore fields and says the onshore blocks have long been home to world-class hydrocarbon discoveries.
The government has dropped the $1mn entry fee for bids and also streamlined the bidding process, which could have increased the attraction.
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The blocks, in the Lower Congo and Kwanza basins, received 45 bids from 15 companies, totalling a proposed investment of over $1bn.
“From the initial data at our disposal, we believe strongly in the potential of the nine blocks on offer. We look forward to finding the right partners for exploring them at the end of this process. It is our fervent hope that these blocks will play an important role in increasing Angola’s oil output in the future,” said the ANPG head negotiator Natacha Massano.
ANPG’s technical teams will now assess the merits of the bids with the aim of announcing the results August 25.