Angola takes 15 new oil blocks to auction in 2015

26 February 2015

Angola’s national oil company Sonangol will this year auction off 15 new oil and gas concession in the Angolan basins of the Congo and Namibe, the group’s chairman said Wednesday in Luanda.

Francisco de Lemos Jose Maria also said that Sonangol, the national oil concessionaire, expects this year to complete the auction process for ten blocks in the onshore basins of the Congo and Kwanza launched in 2014.

Angola is the second largest oil producer in sub-Saharan Africa and the government expects this year to achieve daily production of 1.83 million barrels.

“There will be no production cuts [in 2015]. The fields that are in production will continue to produce, the projects that are in progress will be completed and go into production on the planned dates,” added Francisco de Lemos José Maria, giving assurances that Angolan oil production will increase in 2015 and 2016.

According to figures presented Wednesday by Sonangol, oil production in Angola fell 2.6 percent in 2014 over the previous year to 1.671 million barrels per day, and profit at the utility company fell 77 percent to US$710 million. (macauhub/AO)