Angola ‘to launch oil bidding round’ next year

Results from tests by Cobalt in the Kwanza Basin exceeded expectations. (Image source: Cobalt)Results from tests by Cobalt in the Kwanza Basin exceeded expectations. (Image source: Cobalt)In a bid to double production by 2020, Angola is planning to launch a bidding round for onshore oil exploration rights next year

According to the Financial Times, Angola will offer exploration rights in the onshore part of the Kwanza Basin, which it is hoped carries large volumes of high-quality light oil.

"I would not advance figures but the only thing I would say it's very, very lucrative, more than we expected," senior minister, Manuel Vicente, was quoted by the newspaper as saying.

He went on to say that Angola aims to boost output to 3.5 million barrels per day from 1.8 million bpd by 2020.

The bidding plan follows the signing of exploration deals between Angola's state oil firm Sonangol and oil majors, including Total, BP and Cobalt, in December last year.

Results from tests by Cobalt at a deep sea oil well in the Kwanza Basin exceeded the company’s expectations and predictions have been made that the reserve potential at the Cameia well could exceed two billion barrels.

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