Angola to sell rights to on-shore oil blocks

An oil rig at one of the exploration sites. Angola has over seven billion barrels of oil potential in onshore blocks and production rights will soon go on sale, state-owed company Sonangol said on Tuesday. PHOTO/FILE 

In Summary

• The new wells would boost its current production of 1.7 million barrels a day and 12.6 billion barrels in proven reserves, according to the Petroleum ministry.

By AFP
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LUANDA,

Angola has over seven billion barrels of oil potential in onshore blocks and production rights will soon go on sale, state-owed company Sonangol said on Tuesday.

“The 10 blocks that we will award have great potential, with on average 700 million barrels each,” said Severino Cardoso, head of exploration at the firm.

“But that can increase with more exploration,” he told a news conference after an information session with prospective investors. Earlier this month Sonangol said 10 new blocks — its first major onshore reserves — would be concessioned before end of the year.

The new wells would boost its current production of 1.7 million barrels a day and 12.6 billion barrels in proven reserves, according to the Petroleum ministry.

“Several foreign companies have shown interest in these blocks,” said Suzel Alves, the firm’s director of negotiations, calling on local companies to also invest in the sector.