Sonangol to exploit onshore oil blocs in Angola’s Kwanza and Congo Basins

7 January 2014

Sonangol is to exploit five onshore oil blocs, per a decree from the Angolan presidency, reports the newspaper Expansão.

The newspaper cites a decree from last year indicating that four of the blocs are situated in the Kwanza Basin near Luanda and the fifth in the Lower Congo Basin.

The decree also specifies that Sonangol must assure 50 percent of exploitation of the four other Kwanza Basin blocs, part of a total of ten to be auctioned in 2014.

Angola’s onshore blocs are usually cheaper to exploit than the offshore blocs, where Total, Chevron, Exxon and BP dominate, accounting for most of the daily production of 1.7 million barrels of crude oil.

Sonangol has divided the Kwanza Basin into 23 concessions measureing 1,000 sq. km each, some of them within the limits of Kissama National Park. (macauhub)