Angola’s national oil company (NOC) Sonangol has started reviewing investment proposals for partnership explorations on blocks 3/05, 4/05, 5/6, 15/06, 18, 23, 27, and 31 in the Kwanza Basin. Once the review stage is complete, selected companies will be granted a negotiation window before the NOC begins awarding and signage of oil concessions.
According to Sonangol, the sale of these oil blocks is part of its strategy, aligned with its regeneration program, as it seeks to minimize financial exposure and promote production sharing initiatives simultaneously. The efforts to alienate partial participation on the referred blocks commenced in the second quarter of 2021, with the primary objective to increase Sonangol’s production and exploration activities from 2% to 10% by 2027 as per its regeneration program.
Sonangol is expected to award the oil concessions between October 7 and November 8, 2021.
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