Cape Town, South Africa — Angola’s National Oil, Gas and Biofuels Agency (ANPG) has announced that Angola will publish the decree for the Incremental Production Law within two weeks. This announcement was made by ANPG’s Production Director, Rui Afonso, during a keynote he presented at Africa Energy Week: Invest in African Energies 2024.
The Incremental Production Law aims to reverse declining output in Angola’s oil fields, which have been in operation for over two decades. Afonso explained that production declines as fields mature, making them less attractive for investment. “We are addressing this by investing in new drilling and adjusting fiscal terms, including reducing the state’s stake while increasing contractor shares, to make mature fields economically viable,” he said.
Key strategies under this initiative include drilling more exploration wells, enhancing technical conditions for oil recovery, and implementing regulatory changes to facilitate incremental projects. The project is already attracting interest from major operators such as TotalEnergies and ExxonMobil, who have committed to stabilizing and increasing output.
ANPG emphasized that the new law will not only boost production but also optimize economic recovery from existing assets. “By stabilizing base production and promoting additional exploration, we aim to maximize revenues for all stakeholders and extend the life of Angola’s producing facilities,” Afonso added.
This article was originally posted at sweetcrudereports.com
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