Angola grants 8 new concessions for oil exploration in May

23 March 2006

Cape Town, South Africa, 23 March – Angola is to grant eight new oil exploration concessions in May for the lower region of the river Congo basin, Sonangol’s exploration director, Severino Cardoso said.

Speaking to the press, the state oil company director said that the new concessions would be granted for blocs 1, 4, 5, 6, 15, 17, 18 and 26.

Severino added that “within a few weeks,” BP and Total’s plans to start production in blocs 31 and 32 would be approved.

In the last quarter of 2006, he said, 23 concessions for oil exploration will be granted for the onshore area in the river Cuanza basin.

Also according to Cardoso, in the Soyo region in northern Angola, at a least two licenses will be granted for oil exploration in shallow waters.

The granting of new oil concessions is part of the plan to increase oil production in Angola to around 2 million barrels of oil per day within three years.

Currently, Angola is the second-largest oil producer in sub-Saharan Africa, producing some 1.45 million barrels per day. (macauhub)