africa Angola commodities oil

Blocks tendered in Angola contain about 7 billion barrels of oil

The ten blocks in the Benguela and Namibe sea basins in Angola to be put up for international public tender by the National Oil, Gas and Biofuels Agency (ANPG), the national concessionaire, contain an estimated 7 billion barrels of oil, according to figures released on Tuesday in Luanda.

Studies conducted so far by the ANGP in the basins of block 10 in Benguela, 11, 12, 13, 27, 28, 29, 41, 42 and 43 in Namibe confirm the existence of a functional oil system and layers that they may have hydrocarbon generating properties and oil accumulation and storage characteristics.

The information was made public on Tuesday on the sidelines of the opening of the presentation programme that will cover the cities of Houston, London and Dubai, and the ANPG has ensured that the conditions are in place for oil exploration in these blocks by companies in the sector.

The invitation to tender is scheduled for 2 October, while proposals should be submitted by 11 November.

Concessions will be awarded on 17 January 2020 and negotiations are scheduled for 27 March, ahead of contracts being signed on 30 April.

Blocks 30, 44 and 45 located in the sea basin of Namibe province were granted to oil company Esso before the bidding strategy came into force in February this year as they were already being negotiated, according to Paulino Jerónimo.

“In this case it is not a bidding strategy, but the awarding of concessions, which allowed direct negotiation without going through a public tender,” he said.

Source: Macauhub

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