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Fri, 14 Dec 2018 18:15 - Updated Fri, 14 Dec 2018 18:15

Sonangol announces new oil concessions in 2019

Soyo - Sonangol CEO, Carlos Saturnino said Thursday in Soyo city, Zaire province, that Five to ten new oil concessions will be made next year by Sonangol to boost crude oil production levels in the country.

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CEO of Sonangol, Carlos Saturnino

Photo: Pedro Parente

Speaking to journalists, at the end of the II Consultative Council of the Ministry of Mining and Petroleum, held in this city, the manager said that work is being done so that the companies of the branch that operate in the country can obtain more blocks of exploration, with the goal of creating more jobs and boosting the national economy.

He also explained that since 2011, Sonangol has not tendered new exploration blocks and added that the new actions, to be carried out after 2019, result from the research work and discovery of new reserves that his company has been carrying out.

Carlos Saturnino said that he is working hard in terms of optimizing production, both in Block 15, with EXXON-Mobil, Block 18 and 31, with BP, Block-17, with Total, Block-15 / 06 ENI and block-0, with Chevron, in order to stabilize the operation and to identify where the increase could be processed.

Asked about the percentage of the reduction of oil production, imposed by OPEC to member countries and not only around the 29 per cent for Angola, Sonangol's CEO said that the measure has sustainability in the sale price of crude for years.

"OPEC's strategy is not to have an oil price below $ 55 per barrel," he said.

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