Angola Effects Changes in Legislation to Increase Oil Output

A worker works with a hose on the Kaombo Norte, an oil tanker converted into a FPSO vessel (Floating Production Storage and Offloading), owned by the French Total oil company, on November 8, 2018, about 250km off the coast of Angola in the Atlantic Ocean. – Moored in the endless South Atlantic Ocean far off the coast of Angola, the “Kaombo Norte” oil-extraction vessel is a deeply impressive sight — 330 metres long, with a tower 110 metres high sending a burning flame into the sky. But inside, daily life on the ship is a different matter, with a crew of about 100 sharing narrow passages and confined spaces, living for weeks at a stretch in close quarters 24 hours a day. (Photo by Rodger BOSCH / AFP) (Photo credit should read RODGER BOSCH/AFP/Getty Images)

Angola said it has changed the legislation to restart the bidding of new blocks, increase oil output and stabilize its hydrocarbon production

The country’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo said Thursday that the country acknowledges that the oil production was in decline due to a lack of investment in recent years, so it managed to change the legislation to restart bidding for new blocks and increase oil exploration.

The minister added that Angola is to host from May 16 to 19 the 8th edition of the African Petroleum Congress and Exhibition (CAPE VIII), an event that brings together member countries of the African Petroleum Producers’ Organization (APPO).

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The CAPE is the largest and the most influential oil and gas event in Africa, which seeks to provide investors the opportunity to have deeper information and knowledge of the oil and gas industry in Africa.

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