With oil revenues falling and production flatlining due to a reliance on mature fields, Angola has been trying to inject fresh momentum into its upstream sector by making the commercial framework more attractive and offering improved fiscal terms for marginal fields. Its efforts appear to be paying off, with majors and indies showing interest in onshore and offshore blocks.
“The overall investment conditions are good for Angola, relative to the region,” Bracewell’s Adam Blythe told African Energy. “Work has been done to improve fiscal terms and to achieve petroleum regime stability, and that bodes well for future activity. Significant ongoing developments like the Agogo demonstrate a mark of confidence in Angola as a place to do upstream business and invest capital.”
