Africa Angola Economy Fuel Gas Investing Natural Resources Oil

Angola and Block 14 agree on production increase

The National Agency of Petroleum, Gas and Biofuels (ANPG) and the contractor group for Block 14 signed this Thursday, in Luanda, a memorandum of understanding to redefine the development area of that block and an addendum to the development plan to increase oil production.

This memorandum signing will increase the increment of the current value of the State by approximately 400 million dollars.

Based on the agreement, there will be an additional investment in the block of US$600 million, an increase in production in the order of 51 million barrels by 2028, with a positive impact on the Angolan economy.

The operating license for this block, with a current production of 55,000 barrels per day, was granted in 1995 and entered into commercial activity in December 1999.

Source: Angop

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