The Angolan government aims to boost the current production of crude oil and promote renewed investment in exploration and production in unexplored areas, according to the lawyers and business advisors Centurion Law Group
These marginal fields will be sold this year during the Angolan Marginal Field Bid Round, it added.
The company stated that these marginal reserves have become more relevant to Angola’s macroeconomic outlook because of the lack of exploration investment in the country in the past four years.
In May 2018, President Lourenço’s government published a new framework to encourage investment. In order to commercialise these reserves and promote their development, the government will offer extensive tax and fiscal benefits, as well as, easier conditions for cost recoveries to those who meet the framework conditions.
The Marginal Fields Bid Round is expected to be launched in Luanda in June 2019 at the Angola Oil & Gas Conference, organised by Africa Oil and Power with the support of the Angolan government.
The company also added that onshore and offshore blocks in the Congo, Namibe and Cunène basins will probably be part of the bids and that it has already received considerable attention from industry players in the region.
Angola’s path to revitalisation and production has already yielded positive results, with the perception that international investors are already moving toward a more positive outlook.
In December, ExxonMobil and BP made new investments in the country, while French Major Total launched its US$16bn Kaombo project in November and indicated further investment in the country in the near future.
