National Agency for Petroleum, Gas and Biofuels (ANPG) has improved the fiscal terms of blocks 30, 44 and 45 in the Namibe Basin, within the scope of the Contracts for Services with Risk (CSR) and Extension of the Initial Phases of Exploration for the referred Blocks, in a Memorandum of Understanding Signing Ceremony carried out with the entities involved in the process, namely the General Tax Authority (AGT), ExxonMobil and Sonangol in Luanda.

Within the scope of the General Strategy for the Attribution of Petroleum Concessions for the period 2019-2025, approved by Presidential Decree No. and production of liquid and gaseous hydrocarbons in the Concession Areas of Blocks 30, 44 and 45, pursuant to Presidential Decrees No. 54/19, of 18 February; No. 76/19, of March 13th and No. 55/19, of February 18th.

In case of commercial success, around $15 billion dollars will be invested, with the State expected to rise between $20 billion and $40 billion for conservative oil prices of between 50 and 60 dollars a barrel.

On the occasion, the Chairman of the Board of Directors of ANPG, Paulino Jerónimo, emphasized the benefits in mitigating the decline in production, replacing reserves and creating jobs:

“The Memorandum of Understanding, which is the result of the negotiated terms, provides considerable benefits for all parties involved. I highlight the estimated investments of 200 million dollars for studies and the drilling of the research well, until 2024. And the estimated revenue for the Angolan State from the development of a single large commercial discovery, which can vary from 20 to 40 billion Dollars, if we consider a conservative analysis price between 50 and 60 Dollars/barrel” Paulino Jeronimo said.

“The signing of the Memorandum is a historic milestone for the oil & gas industry in Angola, which reinforces the company’s commitment to the exploration sector in the country, namely in southern zone of Namibe, as the exploration of Blocks 30, 44 and 45 in the Namibe Basin opens a new door for the consolidation of the operator’s activity in the country,” General Manager of Exxon Mobil, Melissa Bond, said.

The Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, who presided over the event, welcomed the negotiations reached by the National Concessionaire and AGT with the contractor group formed by ExxonMobil and Sonangol.

“The importance that investment represents for the stabilization of oil production in Angola and for its assumption as a sector in full activity” Diamantino Azevedo said