The Angolan government may launch extraordinary oil concessions as long as they are “properly substantiated” the Angolan minister of Mineral Resources and Oil said on Tuesday in Luanda, speaking at the first session of the presentation of the international public tender for the concession of 10 blocks in the Benguela and Namibe basins.
Diamantino Azevedo also said that the international public tender moves ahead with “the strategy of boosting exploration, in order to make good on the commitment made to maintenance and growth of production, as well as the economic sustainability of the country.”
The minister stressed, however, that such extraordinary oil concessions would have to be “duly substantiated and approved by the ministerial department responsible for the oil sector.”
Angola is Africa’s second-largest oil producer, with current production of less than 1.5 million barrels of oil per day, according to the latest figures from the Organization of Petroleum Producing Countries (OPEC), after Nigeria with 1.7 million barrels of oil per day (bpd).
The country, which produced 1.9 million bpd at the end of 2008, according to ANPG director Natacha Massano, has seen production drop progressively, due to lack of investments in the prospecting, research, development and exploration of new areas.
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.