The Angolan Oil, Gas and Biofuels Agency (ANGP) estimates that turnover in the oil sector will reach $66 billion over the next five years, 40% above the previous five years.

According to a statement from the Angolan concessionaire, the $66 billion forecast includes the extension of production licenses already signed between ANPG and the operators, namely in Blocks 15, 17, 18 and also in Block 0, as well as activities related to the exploration and development of oil projects and operational and administrative activities.

The data were presented by the Director of the Strategic Planning Office of the agency, Alcides Andrade, at the 7th Consultative Council of the Ministry of Mineral Resources, Oil and Gas (Mirempt), held on June 2nd and 3rd, in Benguela.

According to this responsible, more than 50% of the turnover foreseen for the next five years will be associated with the activities of exploration and development of oil projects, highlighting the wide participation in the biddings carried out by public tender or under direct negotiation.