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PRESS RELEASE: CANCELLATION OF THE ONSHORE BIDDING

Sonangol informs the qualified companies in the public bidding the follwing...
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Sonangol E.P., as the National Concessionaire of the mining rights for exploration and production of liquid and gaseous hydrocarbons, hereby informs the qualified companies in the public bidding for blocks in the Kwanza (KON 5, KON 6, KON 8, KON 9 and KON 17) and Lower Congo Basins (CON 1, CON 5 and CON 6) the following:
 
1. Considering that under Article 7.1, of Decree 48/06, of September 1st, Sonangol EP was authorized to open public tenders for the bidding of blocks in the onshore Areas of the Kwanza (KON 5, KON 6, KON 8, KON 9 and KON 17) and Lower Congo  Basins (CON 1, CON 5 and CON 6);
 
2. Considering that the initial objective of the bids was to provide Angolan entrepreneurs and companies,   opportunities to develop themselves within the Upstream activity;

 

3. Considering that the remarkable drop in the price of the oil  barrel and the economic and financial situation of the country and the world, have negatively influenced the viability of the oil concessions;
 
4. Considering the long period since the beginning  of the bid round;

 

5. Considering that the published Terms of Reference will not allow in the near future profitable operations and no change is feasible without the transparency of the bidding process arises questions ;

 
6. Given that the current economic situation in the oil sector will require the reformulation of the economic analysis that supported the preparation of the published Terms of Reference and the Minimum Work Programs;
 
With the consent of the Minister of Petroleum, Sonangol EP, as National Concessionaire of the mining rights for the exploration of liquid and gaseous hydrocarbons, hereby informs that the public tender for the bidding of the blocks in the Kwanza (KON 5, KON 6, KON 8, KON 9 and KON 17) and Lower Congo Basins (CON 1, CON 5 and CON 6) is canceled.
 
 
Communication and Image Department of Sonangol EP, in Luanda, May 17, 2017.

 

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