Angola’s national oil company, Sonangol, has confirmed 35 investment proposals from five different consortia and seven individual investors for the sale of its assets in the Kwanza Basin.

With support from Trace International for due diligence and IHS Markit for asset evaluation, Sonangol will now proceed with negotiations with the interested parties at its headquarters in Luanda and prioritize proposals that are most suitable as per the evaluation procedure. The final announcement and contracts signing cutoff date is scheduled for November 8, 2021.

From the seven oil blocks on sale, 06/15 and 31 were considered the favorites by investors, counting a total of 18 proposals for both. In contrast, block 18 received seven bids, block 3/05 six, and blocks 27, 23, and 4/02 received the least attention from investors.

According to H.E. Diamantino Azevedo, Minister of Mineral Resources Oil and Gas, the sale of these oil blocks is part of Sonangol’s regeneration program to reposition Sonangol’s financial exposure and a strategic alignment to attract new investments aimed at the diversification of its energy portfolio.

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