The barrel of Brent oil, the reference for the North Sea and for Angola’s exports to international markets, closed the second week of this month negotiating deliveries for May at $85.35.
This price attributes a positive difference of more than 20 dollars in relation to the estimated value in the OGE/2024 of 65 dollars per barrel.
Although the OGE/2024 set production at a level of 1.1 million barrels/day, the most recent news estimates that the country is approaching 1.18 million barrels/day.
For this reason, increasing daily production continues to be a goal for operators and the Concessionaire, as it would increase the sector’s revenue and benefit the country with more taxes and also more open jobs, in this maximum rotation and capital-intensive industry.
The country’s oil revenue accounting, according to sector experts, stipulates that 37 percent of revenue from oil sales are channeled to the State’s coffers, 41 percent to recover investments and 22 percent constitute company profits. oil companies.
“Onshore” Exploration
The National Oil, Gas and Biofuels Agency (ANPG) is the National Concessionaire and holder of mining rights for prospecting, research, evaluation, development and production of liquid and gaseous hydrocarbons throughout the Angolan territory.
It is currently carrying out, until the 25th of this month, a “Competition for the Attribution of Petroleum Concessions for the 2023 Bidding” for the oil exploration of the Lower Congo and Kwanza Onshore Basins, open to national or foreign entities.
“Onshore” oil exploration is carried out on land, while “offshore” is carried out at sea.
