Turkish state company interested in oil exploration in Angola

26 August 2014

Turkish state oil company, Turkish Petroleum Corporation (Türkiye Petrolleri Anonim Ortakligi or TPAO), intends to invest in oil exploration in Angola, according to a recent edition of Istanbul-based English-language newspaper “Daily Sabah”.

Citing a source close to the process, the newspaper said that TPAO plans to prospect for oil onshore, since offshore prospecting is very expensive in Angola and there are already a large number of international groups and companies involved in this activity.

The Turkish state company estimates it will invest US$2.4 billion in 2015, over two-thirds of which will be invested abroad.

Beyond Turkey itself TPAO operates in countries such as Azerbaijan, Kazakhstan, Iraq and Libya, and has an ongoing oil prospecting project in Colombia.

Angolan state oil concessionaire Sonangol in 2015 plans to put 12 offshore oil blocks up for auction, which will be added another ten onshore blocks that are already in the bidding process, according to information provided in June by the company.

Of the new blocks to be auctioned in 2015, seven are located in the Namibe basin (southern Angola) and five in the Lower Congo (North).

As the national oil and gas concessionaire Sonangol is responsible for these tender processes and has an ongoing auction of ten other new blocks in the onshore basins of the Zaire and Kwanza rivers, which may account for over half of known reserves in the country. (macauhub/AO)