Angolan oil company wins international tender in Brazil

18 April 2007

Luanda, Angola, 18 April – Angolan oil company Somoil recently won an international tender to take part in oil and gas research, development and production in Brazil, Angolan news agency Angop reported Tuesday.

According to a source from the company, Somoil will be granted 50 percent of the concession of Bloc BT-REC-18, in the Reconcavo Basin in the state of Bahia, and the operator will be Brazil’s Starfish Oil & Gas, which also has a 50 percent stake.

In order to fulfil its contractual obligations, Somoil has paid out half of the US$6 million set out to pay down the initial expenses incurred by its Brazilian partner.

Angop also reported that Somoil was a planning to open up a subsidiary in Brazil, after failing to enter the Brazilian market in June 2006, when it came second in an international tender.

At the time, although it had proposed a bigger payment for the concessions, the Angolan company presented an investment program of lower value than the other competitors.

Somoil has already carried out a technical survey of the main oil fields in the Kwanza basin, in Angola in partnership with Starfish.

Somoil also carries out distribution of fuel and lubricants in Angola, as well as developing solar and wind power.

Somoil, which was the first totally Angolan private company to enter oil exploration in 2002, with a share of 10 percent, is one of the companies in the consortium that holds the concession for blocs 3/05 and 3/05A, along with Sonangol Pesquisa & Produção (25 percent), China Sonangol International Limited (25 percent), Angola Japan Oil (20 percent), Eni Angola Production (12 percent), Petroleum Industry of Serbia (4 percent) and Croatia’s Ina-Naftaplin (4 percent).

IN bloc 4/05, which has not yet been surveyed, the company has a 15 percents hare, together with Sonangol Pesquisa & Produção (50 percent), Norsk Hydro Angola (20 percent) and private Angolan company Angola Consulting Resources (ACR: 15 percent).

As well as Somoil, private companies Angola Consulting Resources (ACR), Poliedro, Prodoil, Falcon Oil, OPC Petroleum, Majofas, Initial Oil, Wodege, Banigor Oil Company and Sociedade de Hidrocarbonetos de Angola also work in the Angolan market. (macauhub)