“This number appears to support the predictions of the International Energy Agency, which – on the same day – announced in its annual report that in 2024 oil production in Angola will be above 1.100.000 barrels of oil/day,” ANPG also states.

This increase corresponds to approximately 12 percent, given that oil production rose from an average of 1.060.000 barrels per day to approximately 1.200.000 barrels.

The information was provided by Paulino Jerónimo, chairman of the Board of Directors (PCA) of ANPG, in statements, cited by Jornal de Angola, at the signing ceremony, this Tuesday, of two service contracts with risk for the concession of blocks 49 and 50, located in the Lower Congo Basin, between Sonangol and Chevron, through its subsidiary Cabinda Gulf Oil Company Limited (CABGOC).

According to Angop, with the documents now signed, Chevron will be responsible for carrying out studies when exploring offshore blocks, assessing the risks, as well as determining whether there are reserves available for exploration.

The contracts establish that CABGOC – which in more than seven decades operating in the country, has never operated outside Cabinda, and the blocks mentioned will be its first assets operated outside the aforementioned capital – owns more than half of the stake (80 percent), while the remaining 20 percent of the stake belongs to Sonangol Pesquisa e Produção.

The signing ceremony was attended by Diamantino Azevedo, Minister of Mineral Resources, Oil and Gas, who, on the occasion, said that, from now on, the research and evaluation process will begin until exploration is achieved as the final product.

Quoted by Angop, Diamantino Azevedo, although he expressed interest in increasing production, recalled that the fields in question will not yet be part of production this year or next.

The Minister of Mineral Resources, Oil and Gas considered that the signing of these contracts reflects “a signal” that Angola “continues to be an important hub for the global oil industry.”

The minister also reaffirmed the Executive's commitment to encouraging the stabilization of crude oil production levels, adding:

"We are aware that both blocks, due to geological conditions, are located in risk zones, so the tax incentives are justified and will still be open to adjustments, in light of the reform process that has continued to be implemented for seven years."

Billy Lacobie, Chevron's general manager in Angola, said he sees these new blocks as an opportunity to share technology and expand its operations in Angola, representing a significant portfolio for the company, Angop reports.