Sonangol, Angola’s national oil firm, has begun considering investment offers for partnership explorations in the Kwanza Basin’s blocks 3/05, 4/05, 5/6, 15/06, 18, 23, 27, and 31. Following the completion of the review step, selected companies will be given a negotiation window before the NOC starts awarding and signing oil concessions.

Earlier this year, Sonangol announced the start of a sale process for a portion of its stakes in eight offshore and onshore oil blocks (some in operation, others in exploration and development) to reassess its investment portfolio and ensure compliance with and implementation of its exploration and production strategy, which aims to increase its production from 2% to 10% by 2027.

The sale of these oil blocks is part of Sonangol’s strategy, which is consistent with its regeneration program, as it tries to limit financial exposure while concurrently promoting production sharing efforts. Sonangol’s efforts to gain partial involvement on the mentioned blocks began in the second quarter of 2021, with the primary goal of increasing production and exploration operations from 2% to 10% by 2027, as part of its regeneration program.

The oil concessions are likely to be awarded between October 7 and November 8, 2021.