The Angolan Ministry of Mineral Resources and Oil before the end of the year will finalise the strategy for exploration and auctioning of new oil blocks for the 2019/2023 period, the minister announced on Thursday in the city of Soyo.

Diamantino Azevedo, who made statements on the sidelines of the 2nd sector advisory council, acknowledged that most of the oil fields are in the process of maturation and another is already in decline, adding that it is necessary to recover some blocks to maintain the level of oil production in the country.

However, he added that companies operating in the oil sector have forecast maintaining the level of production at 1.49 million barrels per day, as set out in the National Development Plan (PDN) for the 2018/2022 five-year period, according Angolan news agency Angop.

The minister also referred to the ongoing reform process in the oil sector, namely the restructuring of state oil company Sonangol, aimed at focusing the group on its core activity of oil and derivatives exploration, processing, distribution and storage. (source: Macauhub)