Angola’s National Agency of Petroleum, Gas and Biofuels (ANPG) has presented a proposed strategy for hydrocarbon exploration to the country’s leading oil and gas figures.
The strategy seeks to establish the optimal way in which Angola can drive exploration between 2020-2025, while arresting declining production and mitigating the economic challenges created by COVID-19 and a global oil slump.
The presentation was attended by Minister of Mineral Resources, Oil and Gas H.E. Diamantino Azevedo, Secretary of State for Petroleum, H.E. José Barroso and President of the Board of Directors of the ANPG H.E. Paulino Jerónimo.
The strategy seeks to investigate the country’s hydrocarbon potential, specifically within its onshore interior basins and offshore maritime platforms.
The strategy comes on the heels of Angola’s 2019-2025 licensing strategy released last year, which sought to incentivize upstream investment through the allocation of 55 blocks across six years, with an emphasis on marginal field development.
The 2020-2025 document will be sent to the Council of Ministers for its review and is set to be approved later this month.