On July 12, the Angola’s National Oil, Gas and Biofuel’s Agency (ANPG) signed production sharing agreements (PSA) with Eni, Sonangol, and Tiptop Energy for blocks 27 and 28.

Sonangol has been granted exclusivity on Block 27 and also owns a 20% stake in Block 28, which is located in the Namib Basin south of Block 27. Block 28 is 60% owned by Eni, and the remaining 20% is owned by Tiptop Energy. Tiptop Energy’s parent business is Sinopec International.

Contracts between the parties on these perimeters have been in effect since July 1, 2021. The allocation of both blocks, which are located at ocean depths of 1,000 to 2,500 metres, was announced in January 2020.

Eni is one of Angola’s top hydrocarbon producers with a current production capacity of approximately 120,000 barrels of oil equivalent per day.

Sonangol is involved in several big projects in the country, the most notable of which being block 15/06 on the Agogo field, where two production poles and another are under construction.

The national oil firm, Sonangol, aims to increase its upstream participation to become more competitive and lucrative. For numerous years, the state has aided him in this endeavour with the help of major international corporations.