Africa Oil & Gas: Angola launches auction for oil prospecting blocks in 2019

Angolan government plans to auction new blocks for oil prospecting in 2019, announced the Minister of Mineral Resources and Oil, Diamantino Azevedo.

The minister, quoted by the Angop news agency, said the blocks to be auctioned are both onshore and offshore, and the onshore ones will be in the Congo, Namibe and Cunene river basins.

At a press conference to discuss the sector’s main strategies for the coming years, Diamantino Azevedo warned, however, that the results of these bids could take up to seven years to be visible.

The minister also said the Ministry of Finance will privatise 54 subsidiary companies of Angolan state oil company Sonangol that are not part of its core business.

The oil company has about 29 companies in the Special Economic Zone (SEZ) and other businesses inside and outside the country, some of which, the minister said, were nothing but a source of losses for the company.

In addition to this step for the privatisation of the subsidiaries, the Mineral Resources and Oil sector also intends to sell part of the company’s capital to private investors.

“The privatisation initiatives,” according to Diamantino Azevedo, are part of the company’s regeneration plan, which is being finalised.” (Source: Macauhub)