Angola will look to start the bidding process for 15 new offshore and onshore oil exploration licences in Q1 2014, according to the country's Oil Ministry
The southern African country will look to raise its oil output to two million bpd in 2015 from around 1.7mn bpd this year, the ministry sources added.
Jose Botelho de Vasconcelos, the oil minister, said, “The bidding will be in the first quarter of 2014.”
Last month state-owned oil company Sonangol had announced plans to hold bidding in later this year for 10 new onshore oil exploration blocks in the Kwanza and Lower Congo Basins, Reuters reported.
According to the government’s draft budget for 2014, the total crude output for next year has been predicted at 655mn barrels in the country.