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Thursday, May 11, 2006
Besides the announcement of the winners of awards in Angola’s licensing round, Sonangol, the national oil company of Angola, conducted a public opening of sealed tenders from international and domestic oil companies seeking to participate in the exploration and development of two offshore blocks, Blocks 17 and 18. According to Sonangol each block attracted many proposals.
A total of 18 companies submitted proposals for participation in the blocks. There was a great deal of interest in both blocks, with each block drawing a signature bonus of $1.1 billion, beating the signature bonus of $902 million received for Block 15. "After the level of interest in block 15, we were anxious to see if that interest carried over to blocks 17 and 18," said Dr. Carlos Saturnino, Sonangol’s Director of Negotiations and President of the Proposals Evaluation Jury. "Our expectations were surpassed. It was another great day for the Republic and for Sonangol."
The evaluation of tenders commenced immediately after the May 9 opening and will conclude 30 days later with an announcement of the successful bidders. A further 15 days is available for any unsuccessful bidders to appeal results of the evaluation.
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