Sonangol Holds Public Opening of Proposals

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 potential exploitation of two offshore blocks - 17 and 18. Each block attracted many proposals. The opening of the tenders occurred in Luanda on May 9 as published in earlier communications and in presentations during November 2005 in Houston and London.

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 U.S. $1.1 billion. These bonus figures eclipse the record U.S. $902 million bid received for the relinquished portion of Block 15, which was submitted to Sonangol and opened in an early April ceremony.
"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 thereafter with an announcement of the successful tenderers. A further 15 days is available for any unsuccessful tenderers to appeal results of the evaluation.