Luanda: Angola's National Oil, Gas and Biofuels Agency (ANPG) signed a concession agreement with five oil companies for the exploration of Block 17, aiming to increase oil production in the country. The agreement, signed with state oil company Sonangol, Total Energies, Equinor, ExxonMobil, and Azule Energy, includes an investment of 6 billion US dollars to improve the facilities of the Block 17 platform, specifically the Dalia field, over the next five years, extending operations until 2045.
According to Angola Press News Agency, Janio Correia Victor, Secretary of State for Mineral Resources, stated that the memorandum signifies growth in production capacity and is expected to boost employment, technology transfer, training of national staff, and economic development. He emphasized that this initiative is crucial for ensuring that Angola's existing resources continue to contribute significantly to the national economy.
Paulino Jeronimo, CEO of ANPG, explained that the Dalia field, one of the largest discovered in the 1990s and now in a mature production phase, has a favorable share distribution, with 90% for the state and 10% for investors. He noted that under normal conditions, the platform would produce approximately 120 million barrels by the end of its useful life, but with the new incentives, production could increase to 500 million barrels.
Martin Deffontaines, CEO of Total Energies, highlighted the agreement's role in stimulating growth in the oil and gas sector. He remarked that the contract initiates the Dalia and Dalia Lifex life extension project, addressing issues of platform and subsea facility integrity and replacing outdated equipment. This project will involve drilling five new wells, contributing to the country's economic growth.
Block 17 is situated between 150 and 200 kilometers off the Angolan coast and is operated by Total, holding 40% of the shares, alongside subsidiaries of Equinor (23.33%), ExxonMobil (20%), and BP (16.67%).
