The Angolan government will award 49 new oil concessions for exploration, research, development and production of hydrocarbons in the period between 2019 and 2025, under a presidential decree.
The decision is contained in the General Strategy for the Allocation of Petroleum Concessions, approved on February 18 of this year, by the President of the Republic, João Lourenço, through Presidential Decree 52/19.
The Angolan news agency wrote that the General Strategy presents a distribution map, which plans to allocate nine concessions this year, the same number in 2020, eight in 2021 and 12 and 11 concessions in 2023 and 2025, respectively.
The General Petroleum Concession Concession Strategy aims to “ensure the replacement of reserves, promote rational and adequate exploration activity, initiate appropriate measures to confirm the country’s petroleum potential and provide enough oil to meet domestic refining capacity, by an economic weighting of exports versus imports. ”
The award of oil concessions will be made, according to the Strategy, through a public tender, limited public tender and direct negotiation.
The government-approved document aims to respond to the natural decline in oil production in Angola (1.49 million barrels per day) due to the lack of investment in the exploration, research and exploration segments in the last ten years. (Macauhub)