Angola: Cabinet auctions off 55 oil blocks in 2019

Angola’s National Oil and Gas Agency (ANPG) is expected to auction 55 onshore and offshore oil blocks this year, the minister of Mineral Resources and Oil announced on Friday in Luanda.

Diamantino Azevedo, speaking at a series of conferences promoted by Ernst and Young, noted that the ANPG expects to continue studies in inland basins as well as to define the modalities for bidding on the blocks, according to the Angop news agency.

The auction announcement comes after the Ministry of Mineral Resources and Oil submitted a strategic plan for the exploration and bidding of new oil blocks in 2019/2022 for approval by the Council of Ministers in 2018, with a view to discovering reserves for increased production.

The minister also announced that the partial privatisation of national oil company Sonangol on the stock exchange should happen after the conclusion of the Group’s Restructuring Programme.

The restructuring process approved by the President of the Republic, João Lourenço, in September 2018, aims to find solutions to contribute to the sustainability and growth of the oil industry in Angola.

Azevedo guaranteed the commitment to review and approve legislation on local content, “an important aspect of oil activity,” which should be the subject of a public consultation in May or June.(Source: Macauhub)