Angolan oil company Sonangol EP Monday in Luanda said it planned to auction off 10 new onshore oil blocks, in the Kwanza and Lower Congo basins, on 30 May.
According to information published on the Sonangol website proposals from interested companies should be put forward by 30 April.
Of the 10 blocks up for auction, seven are located in the Kwanza River basin and the remaining three in the Lower Congo basin.
The 10 blocks may account for over half of Angola’s known oil reserves, or at least 7 billion barrels.
Angola’s Oil Minister, José Maria Botelho de Vasconcelos, said last week in Luanda that Angola’s oil reserves were in excess of 12 billion barrels.
Sonangol’s technicians forecast that Angola may see oil production from the 10 new blocks by 2015. (macauhub/AO)