Angolan oil minister announces auction of new oil concessions

29 October 2009

Recife, Brazil, 29 Oct – Angola’s Oil Minister, José Maria Botelho de Vasconcelos, said Tuesday in Recife, Pernambuco state (Brazil), that soon new oil concessions would be auctioned and granted for exploration.

In his speech at a seminar on oil and gas organised by the State Government, the Angolan minister said that investment and business opportunities were immense, taking into consideration that new fields have been discovered in deep and ultra-deep waters.

Botelho de Vasconcelos noted that the projection for investments in the various areas of the Angolan oil sector for 2010 and 2011 was of between US$16 and US$18 billion, respectively.

The seminar, which was held Tuesday and Wednesday, aimed to put Pernambuco state into the context of the world oil and naval industry and is an opportunity for the state to show its economic potential and the business opportunities that are offered to investors in the oil and naval industry sectors.

According to the organisers the event’s target audience were goods and services companies specialised in supplying the oil and natural gas, offshore and naval industries, finance institutions and other investment funds and national and international associations related to the sector. (macauhub)