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.
