Italian oil major Eni SpA and France's Total SA were among the successful bidders for rights to develop three offshore blocks in Angola out of 10 auctioned late last year, the country's petroleum regulator said Jan. 16.
Eni and Total won operator rights to blocks 28 and 29 respectively in the offshore Namibe Basin, while Angola's state oil company Sonangol and majors Equinor ASA and BP Plc won smaller stakes, regulator ANPG said in a statement.
All of the blocks are frontier, meaning they do not currently produce oil or gas.
The bid round for the fields in the Namibe and Benguela basins closed in November.
RELATED:
Pace Picks Up Offshore For High-Impact, Frontier Drilling
ANPG did not award any stakes in the Benguela Basin, and some stakes in the other blocks are also still available. It did not give details on why they had not been awarded.
Sonangol won a 35% interest in block 27, but the remaining 65% interest is still on offer. Sonangol also won a 20% interest in block 28. Eni, the operator, won a 60% stake, with the remaining 20% remaining up for grabs.
Block 29 was fully awarded, with operator Total taking a 46% stake, Equinor winning 24.5%, Sonangol taking 20% and BP winning a 9.5% concession share.
Angola, Africa's second-biggest oil exporter, is working to reform its oil industry and broader economy to arrest a drop in production that has heaped pain on the economy.
It has also pushed through broad economic reforms, including a potential sale of stakes of Sonangol and other state-owned enterprises.
ANPG was formed last year to replace Sonangol as the body managing energy concessions.
Recommended Reading
NatGas Storage Drops Ahead of Predictions
2024-11-21 - U.S. Energy Information Administration's weekly report shows the first withdrawal of the fall, a week before the consensus forecast.
US NatGas Prices Jump 7% to 1-Yr High on Surprise Storage Draw, Colder Forecasts
2024-11-21 - The U.S. Energy Information Administration said utilities pulled 3 Bcf of gas from storage during the week ended Nov. 15.
Permian Trends Continue to Point to Crude Growth
2024-11-20 - Smaller, more creative M&A deals are becoming the standard in the Permian’s Midland and Delaware basins, an Enverus analyst says.
Long-Debated Alaskan NatGas Project Comes Into Focus
2024-11-20 - Pantheon Resources steps up with proposal to bring natural gas to the southern part of the state.
Hurricane Francine Shuts in Quarter of GoM Oil, Gas Production
2024-09-11 - The Bureau of Safety and Environmental Enforcement reported that 130 platforms and several rigs were affected as the storm approached the Louisiana coast.