The Angolan National Oil, Gas and Biofuel Agency (ANPG) is due on Tuesday, in Luanda, to start disclosing the details of the international public tender for oil blocks in the sea basins of Benguela and Namibe provinces for the 2019/2025 period.
The tenders will include one block in the Benguela basin and nine blocks in the Namibe basin and the disclosure aims to promote the oil potential of the blocks up for auction, present the new legal framework, as well as all activities inherent to the bidding process.
After Luanda, the public tender will be presented in Houston, the United States, on 10 September, followed by London, United Kingdom, on 17 September and lastly Dubai, the United Arab Emirates on 23 September.
The chairman of ANPG’s Board of Directors, Paulino Jerónimo, recently said in Luanda that this action is an important moment for Angola and its oil sector, given that the last time an international public tender for oil concessions was held was in 2011.
Angola is the second-largest oil producer in sub-Saharan Africa, with a production of about 1.5 million barrels of oil per day, after Nigeria with 1.7 million barrels.
The country, which at one point produced 1.8 million barrels per day, saw its production fall due to lack of investments in the prospecting, research, development and exploration of new areas. (Macauhub)