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Angola receives 53 bids in its latest tender offering 12 oil and gas blocks

Angola has received 53 bids from 22 companies in its latest onshore tender which features 12 oil and gas blocks in the country’s Lower Congo and Kwanza basins. Of the total 53 bids received by Angola’s National Oil, Gas and Biofuels Agency (ANPG), 22 bids were submitted for four blocks in the Congo Basin, while an additional 31 bids were submitted for five blocks in the Kwanza Basin. Three blocks in the Kwanza Basin received no bids. ANPG will evaluate the bids received by the end of December 2023. The results of the onshore tender are expected to be announced by mid-January 2024.

In 2022, Angola produced over 55 Mt of crude oil and 5.5 bcm of natural gas. Oil production has been declining in the country since 2015 (-38%) while gas production was multiplied by seven over the same period. Angola’s oil and gas proved reserves stood at 1,061 Mt and 129 bcm respectively in 2022.