Sonangol Raises Angola Oil Output, Seeks Bids for 15 Blocks
This article is for subscribers only.
Sonangol EP, Angola’s state energy company, boosted oil output by 4.5 percent last year and plans to spend $8.8 billion on exploration in the next decade, Chief Executive Officer Francisco de Lemos Jose Maria said.
The company is targeting daily output of 2 million barrels by 2017, he said today at a news conference in Luanda, Angola’s capital. Sebastiao Gaspar Martins, a board member, said Sonangol plans to seek bids this year for 15 onshore oil areas, 10 of them in the Kwanza basin near Luanda and five in the Congo basin in the nation’s north. Sonangol produced 1.81 million barrels a day in January, according to data compiled by Bloomberg.