Angola’s Sonangol to receive proposals for abandoned oil exploration areas until May 9

31 March 2006

Luanda, Angola, 31 March – Angolan state oil company Sonangol has said that it has increased the deadline for handing in proposals to operate abandoned oil areas in blocs 17 and 18 in the Congo River basin until May 9, the local press reported.

The company also said in a statement that on April 3 the proposals would be opened in Luanda for blocs 1, 5, 6 and 26, and for an abandoned area of bloc 15.

The concessions for these deepwater blocs, located in the lower part of the Congo river basin, will be granted in May, according to recent statements from Sonangol director, Severino Cardoso.

“The alteration of the terms” for submitting proposals “became necessary after Sonangol accepted a partnership proposal for the Sonaref project,” a refinery to be built alongside China’s Sinopec, Sonangola said.

Sonangol had associated the process for receiving offers for the refinery project, valued at US$3 billion, but gave up this idea when Sinopec proposed its partnership to own 30 percent of Sonaref.

The company also said some of the terms of the tender for exploration licenses had been changed, without specifying which.

The program for granting licenses is part of the plan to increase oil production in Angola to around 2 million barrels per day within three years. (macauhub)