Sonangol advises Angolan businesspeople to invest in oil prospecting

5 March 2014

Angolan oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) has advised private Angolan companies to bid for new onshore concession areas, the company’s chairman said.

Francisco de Lemos José Maria said that the oil concessions that are open to bids from private Angolan companies are mainly onshore as “they are a smaller risk from a financial point of view.”

The chairman’s words are in line with the government strategy to promote more Angolan involvement in the oil sector, the newspaper said.

In January Sonangol announced it would launch a tender for onshore oil wells in the basins of the Kwanza and Congo rivers.

The company said that all Angolan and foreign oil companies as well as interested investors may bid for three blocks in the Congo basin and eight blocks in the Kwanza basin. (macauhub)