#Angola #Country Updates #News #Upstream Exploration & Production

Hydrocarbon strategy provides discovery of 57 billion barrels

Hydrocarbon strategy provides discovery of 57 billion barrels

Angola’s Hydrocarbon Exploration Strategy for 2020-2025, analyzed on Wednesday by the Council of Ministers, foresees the discovery of reserves between 40 to 57 billion barrels of crude oil (BBO).

Angola currently has proven reserves estimated at over seven billion barrels of oil.

The strategy analyzed by the government has a budget for its implementation of 870 million US dollars , with USD 679 million of foreign investment (multiclient and joint investment) for the acquisition of geological data, while about 188 million US dollars for the promotion of evaluation  studies of oil potential and bidding will be supported by the State.

 The initiative aims to guarantee a base production above one million BOPD by 2040 and the discovery of 17.5 to 27 trillion cubic feet of gas (GIIP).

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Source: Angop

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