Angola begins presentation of new oil blocks in September

15 August 2019

The Angolan National Petroleum, Gas and Biofuels Agency (ANPG) is due on 3 September, in Luanda, to start the presentation of the public tender for oil blocks in the Namibe and Benguela basins, the agency said.

The public tender for nine blocks in the Namibe Basin and one block in the Benguela Basin after Luanda will move on to Dubai, United Arab Emirates, Houston, United States, and end in London on 23 September, according to information released on Wednesday in Luanda.

“In addition to the geological potential of each of the blocks up for auction, the full legal, tax and contractual framework inherent to participation in the process will also be presented,” said the statement.

The Chairman of ANPG’s Board of Directors, Paulino Jerónimo, said this was an important moment for Angola and the oil sector, noting that “the last time an Angolan bidding process took place was in 2011.”

Angola, which is Africa’s second largest oil producer after Nigeria, at one point produced 1.8 million barrels of oil per day, but due to a lack of investment in the last 10 years there has been a decline in production, which now stands at 1,4 million barres per day. (Macauhub)