Angola aims to leveraging its oil and gas resources

Playing a pivotal role in driving upstream activity for the past two decades, local explorer ACREP has drilled over 15 wells, resulting in two marginal discoveries in the onshore Cabinda Norte Block, and has invested over $80 million in exploration activities since 2004.

Earlier this year, ACREP was awarded the license to operate Block KON 19 as part of Angola’s latest bid round.

The company’s exploration activities in the block are set to generate new investments in Angola’s upstream market.

In Block 1/14, where the firm carries a 10 per cent interest – ACREP is working with Azule Energy to unlock the asset’s full potential, with two wells slated for drilling in the first half of 2024 and 2025.

ACREP also acquired operatorship and a 55 per cent interest in the Cabinda Sul Block last year.