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Sonangol Gets OK For New Angolan Oil Fields Exploration

29/08/2014 by


Government-held oil company, Sonangol has been given a greenlight by the Angolan government for oil exploration rights in onshore areas of the Lower Congo and Kwanza basins.

“The concession included prospecting, exploration, development and production of liquid and gaseous hydrocarbons in the KON2, KON4, KON11 and KON12 blocks and allows the national concessionaire to carry out a preliminary assessment of existing resources and determine their potential,”said State Secretary for oil, Aníbal Silva.

Oil is the backbone of the Angola’s economy. This sector makes up over 90 percent of the country’s exports. The first oil surveys date back to 1906, and it was not until 1955 that the first oil well was discovered.

Last month multinational oil and gas company, BP group says it plans to invest $15 billion in new Angola oil fields. The oil firm has to date invested more than $25 billion in its Angola assets and intends to invest another $15 billion in exploration and development in Angola over the next 10 years. BP Angola’s net average production is around 200,000 barrels of oil per day.

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