Sequa Petroleum to acquire interests in multiple blocks in Angola

The Government of Angola has approved Sequa Petroleum NV's acquisition of participating interests in Block 15/06 (10%), Block 23 (40%, with operatorship), and Block 27 (35%)

Block 15/06 is one of the most prolific licences in the Angola deepwater with current oil production approximately 100,000 barrel of oil per day, forecasted to increase beyond 200,000 bopd within two years through an ongoing development programme. 

Angola is further opening its doors to investors from around the globe as Angola's National Oil, Gas & Biofuels Agency (ANGP) prepares to offer 10 blocks in the Kwanza and Benguela Basins early next year. 

Transaction details

The SPNV transaction process that dates back to 2022 following the issuance of an independent review of Block 15/06 is set to finally come to a close around the end of this year. The SPE PRMS guidelines-backed and updated review for estimated remaining recoverable volume of the 10% interest sums up to 72 million barrels of oil since January 2024 (around 78 million barrels from the effective date).

The transaction is planned to be funded through a combination of equity contributions from the partners, and third-party debt. 

Angola’s minister of mineral resources, oil and gas, Diamantino Azevedo, highlighted new industry policies in the country such as the permanent offering of blocks, among others, while speaking at the Angola Oil & Gas 2024 conference.