Ver Angola

Energy

Sonangol receives 35 proposals for the sale of seven oil blocks

Sonangol, the state oil company, announced this Thursday that it had received 35 proposals for the sale of the company's participating interests in seven oil blocks.

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In a statement, the oil company presented the result of the evaluation phase of the proposals submitted by competitors to the assets, having received "35 proposals, from 19 companies, of which five are constituted in consortia and seven are individual".

"Sonangol will start the process of 'due diligence', to be carried out by Trace International, followed by negotiations with the candidates, in the period from 7 October to 8 November, for the subsequent signing of contracts of purchase and sale with those that best reflect the contractual procedures, in accordance with the evaluation criteria", says the note.

The definition of asset valuation was carried out by IHS Markit.

Blocks 15/06 and 31 received the most proposals, with nine each, followed by block 18 (seven proposals), block 3/05 (six), block 27 (three), block 23 (two) and the block 4/05 (one).

In June, at the launch of the process of sale of these assets, the Angolan minister of Natural Resources, Oil and Gas, Diamantino Azevedo, pointed out that the initiative emerged "from actions aimed at the repositioning and sustainability of Sonangol's investment portfolio for the assumption of its financial commitments in the oil concessions and with banking institutions", as well as the reduction of the company's financial exposure.

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