Angola gets 60,000 barrels per day oil production bump
Sub-Saharan Africa's second-largest oil producer after Nigeria, Angola has overhauled its oil and gas regulations to attract energy companies and help stabilise oil production that has halved because of maturing fields since reaching a peak of around 2 million bpd in 2008.
Last year, President Joao Lourenco approved a law that offers new incentives, opens new tab to incrementally expand production in offshore blocks, after Angola decided to leave OPEC following a spat over crude output allocations.
Both the offshore CLOV Phase 3 development and the BEGONIA project will separately produce 30,000 bpd.
Located in Block 17, the CLOV 3 satellite project will be linked to an existing floating production storage and offloading (FPSO) vessel and will help Angola maintain its overall production above 1 million bpd, government and company officials said.
"This is good news for the country. First oil is always very important," Paulino Jerónimo, chairman of the board of directors of the National Agency for Oil, Gas, and Biofuels (ANPG) said in a statement.
Block 17 is operated by TotalEnergies (TTEF.PA), opens new tab with a 38% stake, together with Equinor (EQNR.OL), opens new tab (22.16% stake), ExxonMobil (XOM.N), opens new tab (19%), Azule Energy (15.84%) and Sonangol E&P (5%).
Situated some 150 kilometres (93 miles) off Angola's coastline, BEGONIA is the country's first inter-block subsea development that links Blocks 17 and 17/06 and using the Pazflor FPSO.
"We will produce oil from one block using existing facilities from another," Martin Deffontaines, general manager of TotalEnergies Angola said in a statement.
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