Discoveries boost Angola upstream mood
Prospects for a first licensing round in almost a decade will be buoyed by new finds
Angola will hold an auction of upstream exploration licenses in October—a first under the presidency of Joao Lourenco and a first in almost 10 years. A series of new oil discoveries by Italy's Eni should bring some much-needed feel-good factor. Angola is sub-Saharan Africa's second-largest oil producer, but output has dwindled as the crude price slump from mid-2014 made the country's relatively high cost deepwater reserves a less attractive prospect. Crude oil production fell to 1.42mn bl/d in June 2019 from 1.77mn bl/d in 2013, according to Opec data. "With the blocks that are in operation now, the geology is becoming more complex and the fields are more spread out, so you really need to th
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised