Angola’s private indigenous companies (homegrown independents) produced slightly over a million barrels of oil from mainly shallow water fields, in the first quarter of 2013. The companies hold equity in 13 acreages in Angola, of which six are producing, even though marginal. These six tracts produced a total of 5,861,516 Barrels of Oil in the first three months of 2013. The equity percentages of the Angolan companies in the producing blocks range from 9% to 30%. The companies netted equity production of 1,024,464 Barrels of oil (1.024MMBO), or 17.4% of the total production of these blocks, during the quarter.
That figure comes to 0.065% of Angola’s overall production of 155, 889, 347Barrels for the period. Angola’s daily production itself was 1.732Million Barrels Of Oil Per Day (1.732MMBOPD).
Sociedade Petrolífera Angolana (Somoil) is the most proficient of Angola’s independents. It’s the only one which operates a block. It is also the only private Angolan oil company with an acreage abroad. It is currently acquiring 3D seismic data on Blocks FS and FST, which it operates.
Duncan Clarke’s Book, Crude Continent: : The Struggle for Africa’s Oil Prize, reports that Falcon Oil(owned by the Volkswagen dealer, Antonio Moquito Mbakassi), won 10% of Block 6 and 5% of Block 15, for which it paid large signature bonus as were levied. Banco Africano de investmentos lent Falcon Oil funds to meet the costs, using the blocks as collaterals.
What’s misleading is not the source of funds, but the subject acreages. The book confuses Block 6 for Block 6/06 and Block 15 for Block 15/06. The company doesn’t have equity in either of Blocks 15 and 17, which are Angola’s largest producers.
Instead, Falcon Oil has 5% equity each in Blocks 15/06, operated by ENI Block 17/06, which is operated by TOTAL and Block 18/06, operated by Petrobras. ENI, TOTAL and Petrobras have made quite a few significant discoveries in Blocks 15/6, 17/06 and 18/06, which will eventually translate to equity production for Falcon, but for now Falcon has no production. Seen from the potentials of these exploratory blocks, which were excised from the producing Blocks 15, 17 and 18 respectively, Falcon is looking to become a sizeable net equity holder of crude.
The much vilified Nazaki Oil, reportedly owned by ranking principals of the Angolan government, holds equity in two deepwater blocks, which are still very much in the exploratory stages. Nazaki holds 30% each in Cobalt operated shallow water block 9/09 and Cobalt operated deepwater block 21/09. Cobalt is an American independent.
ACREP has 20% in 17% in Cabinda North Block, in the onshore Cabinda enclave, in the north of the country. Force Petroleum holds 20% equity in Cabinda South Block in the same area. Neither of these blocks, operated by Sonangol P&P and Pluspetrol respectively, is a producer. But ACREP also has 15% in Block 4/05, which is a marginal producer. Block 4/05 produced 935,875Barrels of oil in the first quarter of 2013.
Somoil is 15% operator of FS and FST, two small producing blocks located onshore Soyo, with partners including Sonangol EP (80%) and Sonangol P&P(5%) in FS and partners Sonangol EP(63.67%), Chevron(16.33%) and Sonangol P&P(5%) in FST. Both FS and FST delivered 172,801Barrels throughout the first three months of 2013, according to Angola’s Ministry of Finance.
Poliedro and Kotoil each holds 9.1% in producing Block 2/85, with Somoil holding 9.3% on the same lease. The entire production for this block in the first quarter of the year was 366,162Barrels.
ANGOLA INDEPENDENTS-PRODUCING ACREAGES AND PRODUCTION
BLOCK OPERATOR ANGOLAN INDIE/% Output 1st Qtr 2013 Indies’ Equity Production
2/05 Petrobras Somoil 30% 892,071BO 267, 621BO
2/85 Sonangol P&P Somoil 9.3%, Poliedro 9.1%, Kotoil 9% 366,162BO 100, 328BO
3/05 Sonangol P&P Somoil 10% 3,494,667BO 349,467BO
4/05 Sonangol P&P Somoil 15% 935,875BO 140, 381BO
FS/FST Somoil Somoil 15% 172,801BO 25, 920BO
ANGOLAN INDEPENDENTS, NON-PRODUCING ACREAGES
6/06 Petrobras Falcon 10%
9/09 Cobalt Nazaki 30%
15/06 ENI Falcon 5%
17/06 TOTAL Falcon 5%, ACREP 2.5%
18/06 Petrobras Falcon 5%
21/09 Cobalt Nazaki 30%
33 TOTAL Falcon 16%