Angola prepares tender for concession of oil blocks

14 January 2019

The Angolan government is in the final stages of preparing the first tender process in about eight years for the concession of blocks for oil exploration, the Minister of Mineral Resources and Oil said in Tokyo.

Diamantino Pedro Azevedo also told S&P Global Platts that the strategy for the concession of both onshore and offshore blocks should be approved soon, adding that this strategy will not be limited to the next tender but will be valid for the period from 2019 to 2025.

“The strategy will include blocks on land and at sea in the Congo and Kwanza river basins and in Namibe,” the minister said.

The Minister of Mineral Resources and Oil declined to name a date for the new tender, “as it depends on the approval of the strategy paper.”

During a seminar on investment in Angola held on Friday in the Japanese capital, Azevedo asked Japanese companies in the sector to take part in the next tender.

The Japanese companies and groups currently involved in oil exploration in Angola are Inpex Corporation, Mitsubishi, Japan Petroleum Exploration Co., Ltd. and Taiyo Oil.

The new tender to be launched by Angola comes at a time when the country’s oil production is declining due to technical and operational problems, as well as to the depletion of some wells, in addition to a lack of new investments in the sector. (macauhub)