Angola foresees a 16% increase in drilling activity for 2024, with plans to initiate drilling for 43 wells. The country aims for a short-term production surge to reach 1.2 million barrels per day, and the planned wells are expected to contribute to this output boost.
The anticipated drilling activity for 2024 represents a six-well increase compared to 2023, during which 37 wells were drilled. Exploration efforts are set to escalate following the announcement of results from the latest bid round in January 2024, which involved a 12-block tender for the Lower Congo and Kwanza onshore basins.
Additionally, forecasts suggest that Angola’s oil sector will receive up to $71 billion in investments over the next five years, with a focus on enhancing production. The National Oil, Gas, and Biofuels Agency, Angola’s state-owned regulator, disclosed that $50 billion has been invested since 2019, with capital expenditure witnessing a significant 96% increase between 2022 and 2023.
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The financing deal is a significant milestone in the project’s progress, and it is a credit to the company’s leadership and team for their tireless efforts in making this vision a reality. The company’s dedication to sustainability and environmental consciousness is a shining example for others in the industry to follow.