Sequa Petroleum, a U.K.-based oil and gas company, has received official approval from the Angolan government to acquire significant stakes in three offshore oil blocks.
The acquisition includes a 10% interest in Block 15/06, as well as 40% and 35% stakes in Block 23 and Block 27, respectively.
In an independent review, Sequa’s share in Block 15/06 was initially estimated to hold around 55 million barrels of recoverable oil as of April 2022.
This figure was later adjusted to approximately 72 million barrels in January 2024, reflecting an upward revision in reserves.
The acquisition deal, initially signed in 2022 with Sungara Energies, was later restructured to include national oil companies from Angola and Namibia.
Under the updated agreement, Sequa Petroleum holds a 25% economic interest, with completion expected by the end of the year. The acquisition will be financed through a blend of equity and third-party debt.
Block 15/06, a prominent deep-water offshore field, currently produces about 100,000 barrels of oil per day, with production expected to surpass 200,000 barrels daily within the next two years.
