Angola will offer fifteen new offshore blocks in the licencing round scheduled for this year.
Sonangol, a state oil company, has said that apart from the deep-water blocks to be placed on offer, the country will also seek bids for ten onshore blocks.
Sonangol’s aim is to reach and sustain a production level of 2,000,000 barrels of oil per day by the beginning of 2016.
Oil production in 2014 averaged 1,671,673 barrels of oil per day, a reduction of 2.6% from 2013. Sonangol reported net income of $710 million for the full year 2014, down from $3 billion in 2013.
According to Douglas Westwood, an energy intelligence group, with the recent start-up of Eni’s West Hub and Total’s CLOV , the Angola, the second-largest oil producer in Sub-Saharan Africa, behind Nigeria, will succeed in achieving the 2 million barrels per day production plan.
Offshore Energy Today Staff