Angola's offshore CLOV phase 3 production starts

Angola’s offshore CLOV Phase 3 developed started oil production Wednesday, adding 30,000 bbls per day to its country's production, according to its national oil and natural gas agency.

The satellite project, located in Block 17, will be connected to an existing floating storage and offloading vessel. This will help Angola keep its production at or above 1,000,000 bpd.

Angola, Sub-Saharan Africa’s second-largest producer of oil after Nigeria has reformed its oil and natural gas regulations in order to attract energy companies. This will help stabilize oil production which has been declining due to maturing fields ever since it peaked at around 2 million barrels per day (bpd) in 2008.

This is good news for our country. "First oil is very important," Paulino Jeronimo, Chairman of the Board of Directors of the National Agency for Oil, Gas, and Biofuels, said in a press release.

TotalEnergies operates Block 17 with a stake of 38%, along with Equinor (22.16%), ExxonMobil (19%), Azule Energy (15.84%), and Sonangol E&P (5%) (Reporting and editing by Alexander Winning, Emelia Sithole Matarise, and Wendell Roelf)

(source: Reuters)