Gulf Oil and Gas accountACCOUNT

Angola Plans Oil Bidding Round Next Year

Source: Reuters 7/2/2012, Location: Africa

Share |
Angola is planning to launch a bidding round for onshore oil exploration rights next year in a bid to double production by the end of the decade, the Financial Times reported. The plan follows the signing in December of oil exploration deals between Angola's state oil firm Sonangol and seven oil majors including France's Total, Britain's BP and U.S. firm Cobalt.

Africa's second largest oil producer after Nigeria will offer exploration rights in the onshore part of the Kwanza Basin, which mirrors one off Brazil where major volumes of high-quality light oil have been discovered in recent years, a senior minister told the newspaper.

"I would not advance figures but the only thing I would say it's very, very lucrative, more than we expected," Manuel Vicente was quoted by the FT as saying.

Cobalt in February announced results from tests at a deep sea oil well in the Kwanza Basin had exceeded expectations. Analysts predicted reserve potential at the Cameia well could exceed 2 billion barrels and be worth up to $2.6 billion.

Angola wants to boost output to 3.5 million barrels per day from 1.8 million by 2020, Vicente said. Angola depends on crude output for 95 percent of its export revenues, making its economy vulnerable to the swings of the global oil market.

Exploration News in Angola >>

Niger >>  8/15/2018 - Savannah Petroleum PLC, the British independent oil and gas company focused around oil and gas activities in Niger and Nigeria, is pleased to announce...
United Kingdom >>  8/13/2018 - As part of the 31st Offshore Licensing Round, the Oil and Gas Authority offered companies the opportunity to propose additional blocks in more mature ...

Norway >>  8/8/2018 - Norway's Petroleum Safety Authority has given Faroe Petroleum consent to drill exploration well 30/6-30 in production licence PL 825. The well will te...
Norway >>  8/8/2018 - A/S Norske Shell, operator of production licence 832, has concluded the drilling of wildcat well 6304/3-1. The well is dry. The well was drilled in th...

Mozambique >>  8/7/2018 - Mozambique’s government on Tuesday approved contracts giving exclusive rights to energy companies to act on concessions awarded to them to explore for...
Indonesia >>  8/3/2018 - Empyrean Energy, the oil and gas development company with interests in China, Indonesia and the United States, has been informed by Conrad, its partne...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Angola Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

Oil & Gas Projects in Angola >>

More News

 

Oil & Gas Companies in Angola >>


Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.