Africa-Press – Angola. An addendum to the Production Sharing Agreement (PSA) of Block 15 was signed on Thursday in Luanda, aiming to extend the production period of this oil well, from 2032 to 2037.
The addendum also aims to increase investments by about US$3 billion and oil reserves by around 200 million barrels.
Speaking at the ceremony, the executive director of the National Agency of Petroleum, Gas and Biofuels (ANPG), Alcides Andrade, said that the act is part of the ANPG strategic actions to operationalize the reforms that the government has approved in recent years, in order to ensure the stabilization of national oil activity.
He informed that Block 15, since the beginning of its first production in November 2003, to date, has produced more than 2.6 billion barrels of oil and more than US$47 billion has been invested.
He recalled that the Production Sharing Contract (PSA) for Block 15 was initially approved in August 1994.
He said that, with the block in its mature stage and there is a need to create conditions to improve productivity with a view to reaping new investments in this block, the national concessionaire carried out, with the contractor group, a negotiation process that culminated in the unification of the four development areas of the block into a single one.
Alcides Andrade said that, with this process, the extension of the useful life of the facilities was also achieved to ensure future production.
He said that it is also planned to double revenues for the state, as the country is still dependent on the oil sector, as well as to support social projects, which include training young Angolans.
According to the ANPG administrator, the approval of this addendum by presidential decree 130/25 of June this year is a clear testimony of the confidence that the Angolan government has in this project and also in its contribution to the country’s oil production.
In turn, the Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, encouraged the partners of Block 15 to continue to invest in projects presented by the Angolan government, as the country has safe conditions to do so.
He defended the need for the sector to continue to maximize each barrel of oil produced in Angola, with a view to the development of Angola.
The addendum to the Production Sharing Agreement (PSA) for Block 15 was signed between the Executive Director of the National Agency of Petroleum, Gas and Biofuels, (ANPG), Alcides Andrade, as the national concessionaire and the contracting group represented by the general directors of ExxonMobil, Katrina Fisher, of Equinor, Ane Ellefsen Aubert, of Azule Energy, Adriano Mongini, and the members of the executive committee of Sonangol Exploration & Production, Isabel Policarpo and Walter Nascimento, respectively.
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