The lack of new discoveries, attributed to a withdrawal of major companies regarding new investments in exploration; an alleged lack of reliability in estimates of the existence of large reserves off the Namibe coast, and the small size of discoveries onshore (Cabinda, Zaire and Cuanza basins), are the elements on which the forecast of no reserve replenishment is based.
The delays observed at the beginning of the exploration of two blocks, 20 and 21, located between the parallels of the Cuanza basin and Cabo Ledo, are also cited as a cause of the difficulties in reserve replenishment, although their main potential is gas. The operator of both blocks is Total, with which negotiations are ongoing to start production. READ MORE