(Ecofin Agency) - Sonangol EP group, has announced that Lontra-1 gas well of Block 20/15 in the Kwanza Basin is a commercial well.

The company which owns and operates the Block 20/15 concession, stated that the declaration is due to the result of the drilling and discovery of the reservoir containing natural gas and condensate.

The results confirms the existence of gas and condensate, estimated at 139 million barrels of condensate and 2.5 tcf of gas, amounting to 570 million boe.

The Ministry of Petroleum, has said that Sonangol is to continue working alongside the executive for the essential definition of appropriate legislation and regulatory, contractual and tax framework.

This is to guarantee continuous investment for the certification of natural gas exploration potentials as well as monetizing resources discovered to gasify the economy, Angola Press reports.

Anita Fatunji