The Angolan National Petroleum, Gas, and Biofuels Agency (ANPG), ExxonMobil (operator), and the consortium consisting of Azule Energy, Equinor, and Sonangol have signed an addendum to the Production Sharing Agreement (PSA) for Block 15, aiming to extend oil production from 2032 to 2037.
The parties agreed to boost investment by approximately $3 million, which will allow oil reserves to grow by around 200 million barrels.
The signing was witnessed by Energy Minister Diamantino Azevedo, who acknowledged the efforts to continue attracting investment in Angolan oil and urged project partners to continue investing.
He stressed the need for observance of “environmental issues, which are and will continue to be an absolute priority.”
ANPG Executive Manager Alcides Andrade noted that the concession contract extension is within the legal, tax, and contract reforms implemented by the government to make the business environment more attractive and competitive.
The goal is to attract greater investment, expand reserves, prolong production, and significantly increase state revenues.
“The contract adjustments in this agreement aim to create conditions for new investments, guaranteeing higher economic returns for the country and strengthening the sustainability of the Angolan oil industry.”
ExxonMobil’s General Manager, Katrina Fisher, considered that ANPG has allowed the advancement of green hydrogen projects and feasibility studies for implementing a bio-refinery, demonstrating a commitment to the energy transition.
Regarding the attractiveness of the oil sector, ExxonMobil’s General Manager stated that continued interest from new companies to invest in the country demonstrates that Angolan oil remains competitive and relevant in the international market.
Concerning environmental issues, she emphasized that these are strictly safeguarded, highlighting the FPSO Agogo, built according to high standards of decarbonization, energy efficiency, and emissions reduction.
Source: https://energynewsafrica.com
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