The State’s 16.63 percent stake in ACREP, an Angolan oil exploration company, is privatized through an issue of shares, an Initial Public Offering (OPI) authorized by order of the President of the Republic, João Lourenço.
The document, published in Diário da República dated December 12, states that the stake, held indirectly by the State, through the Savings and Credit Bank (BPC), is sold under the Privatization Program (PROPRIV) , in March extended to the period 2023-2026.
In light of the order, the Minister of Finance, Vera Daves de Sousa, receives (and may sub-delegate) powers to verify the validity and legality of all subsequent acts carried out within the scope of the aforementioned procedure.
According to available information, ACREP began exploration operations in 2004, having participated in the drilling of 15 research wells with expenses of around 80 million dollars, forming part of the Cabinda Norte Onshore Block contractor group, then, since 2008, having been involved in a research program that resulted in two marginal discoveries.
The company participates in the Offshore Block 1/14 research program, where the contractor group plans to drill two research wells in the first half of 2024 and 2025 respectively.
As operator of Cabinda Sul Onshore ACREP, the company plans to increase, in 2024, production to 600 barrels per day and, in 2025, put the gas field into production for energy generation.
