28 December 2017

Angola: New Law Encourages Oil Prospecting Work

Luanda — The draft-law on premiums award to stimulate production and investment in the oil sector, analysed last Wednesday by the Cabinet Council, in Luanda, is intended to cause the resumption of prospecting activities of hydrocarbons in Block 48.

According to the minister of Mineral Resources and Oil, Diamantino Azevedo, who spoke to the press in the end of the mentioned Cabinet Council session, chaired by President João Lourenço, the country's public oil company, Sonangol, since 2015 detains the concession rights for Block 48, located in the Angolan ultra deep waters.

"We'll move on to the prospecting and research stage to see if we can obtain positive results in the future in a new exploration block", he explained.

Meanwhile, early this month, the national concessionaire, Sonangol, and the multinational company Total signed in Luanda several agreements for the re-launch of oil production in several of Angola's oil fields, with highlight on Block 48.

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