Angola may re-launch auction for oil blocks in 2011

17 March 2010

Vienna, Austria, 17 March – Angola may re-launch its auction for the concession of oil blocks in 2011, the Angolan Oil Minister, José Botelho de Vasconcelos said in Vienna Tuesday at an OPEC meeting.

“The signs shown by the world economy last year forced us to delay the opening of the auction,” the Minister told the Reuters news agency adding that “we hope to re-launch the process at the right time which may be in 2011.”

Botelho de Vasconcelos also said that Angola needed to speed up the process of construction of the Lobito refinery, an investment of US$8 billion, as fuel consumption in the country was growing.

“It does not make sense for an oil producing country not to meet domestic fuel demand and thus we are going to speed up the project in order for the refinery to start production in 2014,” added the Angolan oil minister. (macauhub)