Sequa Petroleum, a UK. oil and gas company, has received government approval to acquire a 10% stake in Angola’s offshore Block 15/06, as well as 40% and 35% interests in Block 23 and Block 27, respectively.
An independent review initially estimated that Sequa’s share in Block 15/06 held about SS million barrels of recoverable oil as of April 2022. This estimate was revised in January 2024 to approximately 72 million barrels, reflecting increased reserves.
The acquisition, originally signed in 2022 with Sungara Energies, was later restructured to include Angola’s and Namibia’s national oil companies. Sequa Petroleum now holds a 25% economic interest in the overall agreement, which is expected to close by the end of the year, financed through a combination of equity and third-party debt.
Block 15/06, a major deep-water offshore field, currently produces around 100,000 barrels of oil per day, with production projected to exceed 200,000 barrels per day within two years.
