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Sonangol Starts Tender Process for 10 Onshore Oil Blocks

Source: Reuters 1/14/2014, Location: Africa

Angolan state oil firm Sonangol said it planned to launch a tender process for onshore oil exploration licences in 10 new blocks in the Kwanza and Lower Congo basins later this month.

Angola, Africa's biggest oil producer after Nigeria, extracts almost all its crude from offshore fields but wants to develop its onshore potential.

Sonangol said it would hold presentations for oil firms and other investors to demonstrate that potential in Luanda on January 27, in London on February 3 and Houston on February 10. It did not provide any further details on when bids will have to be submitted or when the final decision will be made.

Sonangol confirmed that seven of the blocks would be in the Kwanza Basin and the others in the Congo Basin.

The government last year approved a round for 15 onshore blocks but Angola's oil minister told Reuters in November five of these would be reserved for Sonangol.

Oil revenues represent over 95 percent of the country's export income and 45 percent of gross domestic product.

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