Renewed activity in Angola’s offshore

Angola has secured a major investment from Qatar Petroleum in its ultra-deepwater Block 48 and seen the resumption of drilling in offshore Block 32.

State-owned QP made its debut in Angola last week, announcing its farm-in acquisition of a 30% participating interest in Block 48. The asset was previously a 50-50 venture between Sonangol and Total and will now see Total hold 40% as operator, and Sonangol and QP each with 30%.

Plans are in place to spud a wildcat well in the block that will set a record for the being drilled at the deepest-ever water depth.

“We are pleased to be part of this exciting ultra-deepwater opportunity in Angola, a leading oil and gas producing country,” said Saad Sherida Al Kaabi, who is minister of state for energy affairs as well as the president and CEO of QP.

In the same week, Total was reported by Africa Oil & Power to have relaunched drilling at Block 32, a positive sign in a country whose drilling was halted earlier this year due to the Covid-19 pandemic.

The step-up in activity marks a turning point as Angola aims to reverse its declining output and recover from the dual blows of the pandemic and oil price drop.