ANGOLA INKS MAJOR 25-YEAR OIL DEAL AS ETU ENERGIAS CONSORTIUM SECURES BLOCK CON 4
In a significant development for Angola’s energy sector, the National Agency for Petroleum, Gas and Biofuels (ANPG) has formalized a Service with Risk Contract for Block CON 4 with a powerhouse consortium featuring Etu Energias, state oil giant Sonangol, and Gesprocon. This groundbreaking agreement hands the consortium the keys to a 25-year operating license for the strategic onshore block, with an ambitious timeline of five years dedicated to exploration followed by two decades of production.
ANPG’s Board Chairman Paulino Jerónimo highlighted the critical nature of the studies mandated under this contract, describing them as essential for conducting a comprehensive technical evaluation of the region’s hydrocarbon reserves. The deal represents a cornerstone of Angola’s broader strategy to magnetize fresh investment capital into its oil sector while supporting the National Development Plan 2023-2027, which aims to bolster the sustainability of oil and gas production as a catalyst for economic expansion.
José Barroso, Secretary of State for Oil and Gas at the Ministry of Mineral Resources, Oil and Gas, emphasized that this contract will serve as a catalyst for local content development, job creation, and skills enhancement, particularly benefiting from the involvement of domestic firms Etu Energias and Sonangol. The strategic positioning of Block CON 4 adjacent to other concessions already operated by Etu Energias opens up promising avenues for infrastructure sharing and accelerated exploration activities.
Source: energycapitalpower.com
