Angola to Offer Onshore Acreage

Exploration and production firms interested in taking a chance on Angola’s onshore acreage potential should get their wallets ready. The country plans to launch an onshore bidding round in 2013 in an attempt to make itself Africa’s top producer by the end of the decade.

Angolawill offer exploration rights in the onshore part of the Kwanza Basin, which mirrors a basin off South America where substantial reserves have been discovered in the past few years, a senior minister told the Financial Times.

"I would not advance figures but the only thing I would say it's very, very lucrative, more than we expected," Manuel Vicente was quoted as saying.

Angolawants to boost output to 3.5 million bpd from 1.8 million by 2020, Vicente said.