Tullow Oil plans to re-invest in Angola

1 November 2019

Oil company Tullow Oil intends to re-invest in Angola, particularly in deep water and oil blocks in the Namibe basin, the National Oil, Gas and Biofuels Agency (ANPG) said on Thursday in Luanda.

The agency also said that this interest was expressed by the director-general of Exploration for Africa, Robin Sutherland, during a meeting held with the board of the new Angolan oil concessionaire.

The board of ANPG said that the interest now shown by Tullow Oil is a clear sign that Angola is once again deserving of investor interest due to the creation of legal, economic and political conditions for new players to enter the market.

Tullow Oil started its activities in Angola in 2002/2007, when it received the first concession, for block 10, with 15% and block 24, also with 15%, and was associated with block 1/06, with a stake of 50% between 2005 and 2008.

The Irish-based company, which now has its headquarters in London, is 32 years old and currently operates in 25 countries, eight of which are in Africa: Mauritania, Ivory Coast, Equatorial Guinea, Gabon, Uganda, Kenya, Namibia. and Ghana. (Macauhub)