Sonangol Cancels Licensing Round 

Monday, May 22, 2017

Due to ongoing crude market conditions, Angola’s state-run firm Sonangol has decided to cancel its onshore licensing round. The state-run firm was offering eight blocks up for licensing.

“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,” Sonangol said in a statement.

The round was to include five blocks in the Kwanza Basin and three on the Lower Congo.

According to Sonangol, these new economic realities meant the terms initially proposed would not allow “profitable operations” in the near future, and that the round needed to be cancelled to ensure a transparent bidding process.

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