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Thu, 27 Aug 2020 19:59 - Updated Thu, 27 Aug 2020 19:58

Hydrocarbon strategy provides discovery of 57 billion barrels

Luanda - Angola’s Hydrocarbon Exploration Strategy for 2020-2025, analyzed on Wednesday by the Council of Ministers, foresees the discovery of reserves between 40 to 57 billion barrels of crude oil (BBO).

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Angola currently has proven reserves estimated at over seven billion barrels of oil.

The strategy analyzed by the government has a budget for its implementation of 870 million US dollars , with USD 679 million of foreign investment (multiclient and joint investment) for the acquisition of geological data, while about 188 million US dollars for the promotion of evaluation  studies of oil potential and bidding will be supported by the State.

 The initiative aims to guarantee a base production above one million BOPD by 2040 and the discovery of 17.5 to 27 trillion cubic feet of gas (GIIP).

 The strategy aims to have available and access to surfaces over an approximate area of 575,000 square kilometers, negotiate the remaining blocks until 2023, divide into blocks the Ultra Deep areas of the Kwanza and Benguela basins from 2022 to 2024.

It also plans to evaluate 33 blocks in the Basins of Lower Congo, Kwanza and Benguela by 2023 and the creation of a new gas development and monitoring hub in the Center-South region.

Regarding the award of oil concessions in the country, the goal is to evaluate and tender 45 blocks and inland basins by 2025, as well as to promote the drilling of 51 opportunities within the development areas by 2025 and divide the inland basins into blocks by 2022.

The strategy also plans to supply the ALNG plant with a gas pipeline, the construction of a Gas Development and Monitoring Pole in the south central region.

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