Angola’s oil production history and future prospects

Angola’s rich history of oil production – dating back to its first commercial discovery in 1955 – has been a cornerstone of the nation’s economic development, with the sector accounting for 75% of the government’s revenue. Now, Angola represents one of the continent’s largest producers and is set to maintain production at 1.1 million barrels per day (bpd) beyond 2027.

Angola’s sustained upstream success continues to attract new entrants to the market, facilitated by the country’s six-year licensing round – launched in 2019. Currently, Angola’s National Oil, Gas & Biofuels Agency is negotiating production sharing agreements with the winners of the 2023 bid round, announced in January 2024. The 12-block tender featured 53 bids, demonstrating the scale of interest in Angolan exploration.

Among the winners were ACE Energy, Etu Energias, Transoceanic, Intank Group, Grupo Simples Oil, Acrep S.A, Walcot Limited, and Serinus Energy, as operators. Selected non-operators included Effimax Energy, Enagol, Sonangol and Afentra, all seeking to inject fresh investments into the Lower Congo and Kwanza basins. 

Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Serinus Energy

More articles like this

Serinus Energy

Oil prices rise on shrinking US crude inventories

Oil prices rose in early trade on Thursday as shrinking U.S. crude inventories signalled tighter supply, and amid rising hopes that the Federal Reserve would cut interest rates by the end of the year. Brent crude

Serinus Energy

Asian trade sees Oil Prices rise on tightening Supply

Oil prices ticked up in Asian trade on Monday, extending gains from last week of nearly 4% on the view that supply was tightening, with the risks heightened by further attacks on Russian energy infrastructure. Brent

Serinus Energy

Serinus Energy publishes 2023 Annual Financial Results

Serinus Energy plc (LON:SENX) has announced its Annual Financial Results for 2023. 2023 HIGHLIGHTS FINANCIAL ·       Revenue for the year ended 31 December 2023 was $17.9 million (2022 – $49.3 million) ·       Cash generated from operations for the year

Serinus Energy

Oil prices rise on Middle East geopolitical tensions

Oil prices rose in Tuesday trade as geopolitical tensions in the Middle East continued to spur concern, but gains were limited on bearish demand sentiments and as the market waited for monthly reports from oil agencies.

Serinus Energy

Oil up as OPEC+ cuts override China, US demand concerns

Oil prices rebounded slightly on Wednesday after four days of declines as signs of supply tightness amid output cuts by major producers overrode demand concerns in China and the U.S., the world’s two biggest crude consumers.