Angola becoming no-go zone for upstream players

Angola is facing an exodus of upstream operators as a result of an uncertain economy and problems at Sonangol
By Miriam Malek 31 July 2017
A platform off Angola. (BP plc)

Disappointing drilling results, high operating costs and unfavourable fiscal terms risk turning Angola into a no-go zone for upstream developers.

British supermajor BP announced in late June that it had exited Block 24 in the Kwanza Basin. Few reasons were cited for the departure, but BP previously said the 227 billion cubic metres of gas and 280 million barrels of gas condensate in the basin were not commercially viable.

BP is just one of several players to leave blocks in Angola over the past year in the...

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