Contest for Namibe and Benguela Oil Concessions starts on Wednesday

Contest for Namibe and Benguela Oil Concessions starts on Wednesday

The international bidding process for oil blocks in the Namibe and Benguela basins is launched on Wednesday and the interested parties may submit bids until November 12, according to the National Oil, Gas and Biofuels Agency (ANPG).

In total, ten blocks with an area of more than 55,000 kilometers will be available..

The process will last ten months. Proposals will be opened on November 13, with the qualification of companies and evaluation of proposals running until December 28.

The concessions must be awarded on January 17, 2020, with contracts negotiated until March 27 and signed on April 30.

The international roadshow to capture the investors interest began on September 3 in Luanda, followed by presentations in Houston, London and Dubai.

According to ANPG, the contest deserved "the attention of the world's largest carriers, namely Total, Chevron, ExxonMobil, BP, Shell and Qatar Petroleum."

During the roadshows several questions were raised to the technical teams: possibility of companies competing individually or in joint ventures, criteria for setting up contracting groups, inclusion of gas discoveries, specification of terms of reference subject to negotiation, as well as possible extension of the date of submission of proposals, among other issues.

These are the first ten oil areas - out of a minimum of 55 - to be bid under the bidding strategy 2019-2025 being managed by the Angolan concessionaire, ANPG.