More than 50 new oil blocks auctioned in Angola

29 April 2013

Angolan state oil company, Sociedade Nacional de Combustíveis de Angola (Sonangol) plans this year to auction off 54 new oil blocks in the Kwanza, Congo and Namibe basins, the company’s chairman said Thursday in Madrid.

During the Angola-Spain Economic Forum, Francisco de Lemos said that the Angolan government, alongside putting up more blocks for tender, planned to see an increasing number of Angolan companies involved in oil exploration in the country.

Knowing that the oil sector requires significant resources, organisation, technology and capital and that many Angolan companies are not able to meet these criteria, the chairman of Sonangol said that this would be an excellent opportunity for establishing partnerships.

Francisco de Lemos said that the government had authorised the auction of 15 onshore blocks in the Kwanza basin, and that Sonangol was currently finalising the legal details. He also noted that a “specific programme” was in place to allow all Angolan companies that are selected and prove they are capable, to be involved in oil sector operations.

De Lemos noted that the conclusion of the Lobito refinery, which will begin partial operation in 2017 and will have capacity to process 200,000 barrels of oil per day, would speed up the process of replacing fuel imports and establish conditions to change the tariff system. (macauhub)