• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Nigeria on voicemail as investors answer Angola’s call with $50bn

1 year ago
in Business, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
41
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria on voicemail as investors answer Angola’s call with $50bn

Nigeria’s grip on Africa’s oil production throne is waning as neighbouring Angola surges in popularity with international oil companies.

Investment in Angola’s oil sector increased by 96 percent between 2022 and 2023, with investments of almost $50 billion recorded over the last five years, according to data sourced from Angola’s National Oil, Gas and Biofuels Agency (ANPG).

Over the next five years, investments of around $71 billion are planned, which does not include investment in incremental production, said Jerónimo, chairman of the board of directors at ANPG, said in the state company’s investor note.

Since 2017, Angola has been undertaking aggressive industry reforms to ensure a transparent and competitive oil and gas market.

The country introduced a six-year licensing round in 2019 which guarantees yearly investment opportunities in exploration for foreign players.

The most recent of these – a 12-block tender covering blocks in the Lower Congo and Kwanza Basins – featured 53 bids, underscoring the scale of interest in Angola’s oil and gas.

RelatedPosts

African Debt and Climate Change: How the ICJ’s Vanuatu Ruling Could be Used for Broader Justice

European Leagues Defend Plans to Stage Matches Abroad Amid EU Criticism

Bank of Ghana Sets Gold Coin Price at GHS 39,273 Per Ounce

José Barroso, Angola’s secretary of state for oil and gas, explained that the country’s national regulator and concessionaire, ANPG, will continue to aggressively promote the industry, pushing bid rounds in line with national production targets.

Barroso stated that Angola offers regulatory flexibility with regard to oil and gas agreements.

“In addition to production-sharing agreements under the six-year licensing round, the country introduced a risk-reducing alternative in 2020, enabling the awarding of risk service contracts when the public bid process is unlikely to succeed,” Barroso said in an interview monitored by BusinessDay.

He added, “A permanent offer program initiated in 2021 also enables the ANPG to negotiate new contracts with operators without offering a bid round. Additional reforms include a Tax Benefits Code enacted in 2022, creating incentives for oil companies”.

According to Barroso, the government is open to discussing terms and finding a balanced agreement that provides the right returns for investors.

He added that the government is open to licence renewal, thereby ensuring a strong and long-term relationship between oil companies and the state.

“With oil accounting for over 30 percent of GDP, 70 percent of government revenue and 90 percent of exports, the plan ensures oil and gas production remains a top priority for the next ten years,” Barroso said.

With vast oil reserves estimated at 37.1 billion barrels, Nigeria is punching below its weight.

Oil is the lifeblood of Africa’s biggest economy. It provides roughly half of government revenues and nearly all of its foreign exchange receipts as well as a big part of its presence on the global stage.

But it has also been underutilized as a resource for Nigeria’s 200 million people in the 64 years of its discovery due to bureaucratic bottlenecks, contracting delays, and low local participation since Royal Dutch Shell first tapped a well in the swamps of the Niger Delta.

“Nigeria loves to open topics without closing them. You love to debate. There is always a new legislature in Nigeria about a new petroleum law. When you have such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go,” Patrick Pouyanne, chief executive officer of TotalEnergies said.

Pouyanne, who spoke with panelists at the Africa CEO Forum in Kigali, Rwanda, said the inconsistency in policy-making decisions led to the diversion of the project from Nigeria to Angola, a country with a more stable policy framework.

“We have countries that have perfectly integrated policies like Angola. So, we went to Angola and announced a very large $6 billion project at the beginning of the week because their framework is stable. So we know where we go,” Pouyanne said.

Security concerns in the Niger Delta, the heart of Nigeria’s oil industry, have long been a deterrent for investors, according to experts surveyed by BusinessDay.

Early this month, the Nigerian government began processes for the 2024 oil bid round but perennial concerns around a forced merger of bidders, allegations of favoritism and high signature bonuses could mar the process.

12 oil blocks and five deep offshore assets from last year’s bid exercise are on the line.

BusinessDay’s findings showed out of the over 60 companies that got approvals in the last marginal bid round, only about five have started production.

“Nigeria can’t afford to be complacent,” says Folabi Ogunrinola, an energy analyst based in Lagos. “Angola has made a very compelling case to investors, and Nigeria needs to address the challenges that have made it a less attractive option in recent years.”

Source: businessdayng
Via: norvanreports
No Result
View All Result

Highlights

Rewriting the Rulebook: Ghana’s Battle to Restore Currency Credibility

Bank of Ghana Raises GHS 836m in Short-Term Bill Auction at 24.8% Yield

Importers Urged to Use Credit Cards as BoG Tightens Foreign Currency Rules

FirstBank Prepares for 2025 Staff Engagement Empowering People, Shaping Culture, Achieving Targets

Gov’t to Overhaul Investment Law, Create 24-Hour Economy Authority in New Bills to Parliament

Ghana, Singapore Push Cross-Border Payments and SME Ties as Mahama Hails Stabilising Economy

Trending

Features

African Debt and Climate Change: How the ICJ’s Vanuatu Ruling Could be Used for Broader Justice

August 28, 2025

African Debt and Climate Change: How the ICJ’s Vanuatu Ruling Could be Used for Broader Justice African...

European Leagues Defend Plans to Stage Matches Abroad Amid EU Criticism

August 28, 2025

Bank of Ghana Sets Gold Coin Price at GHS 39,273 Per Ounce

August 28, 2025

Rewriting the Rulebook: Ghana’s Battle to Restore Currency Credibility

August 28, 2025

Bank of Ghana Raises GHS 836m in Short-Term Bill Auction at 24.8% Yield

August 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.