Auction for oil blocks in Angola postponed

10 February 2010

Luanda, Angola, 10 Feb – The auction for the concession of new oil blocks in Angola has been postponed indefinitely after originally being scheduled for this year, the chairman of Angolan state oil company, Sociedade Nacional de Combustíveis de Angola (Sonangol) told the Reuters news agency.

Launched in 2008, the process was delayed until 2009 and was suspended due to Angola’s presidential elections in September 2008, despite the increasing interest from foreign oil groups in one of the African regions with greatest crude oil production potential.

This year Angola expects to extract 1.9 million barrels of oil per day and Manuel Vicente said one of Sonangol’s priorities was to analyse basins located in deep waters off the Angolan coast. (macauhub)