Oil reserves in the remaining areas of the Blocks 17 and 18 in Angola have been estimated at one billion barrels and 700 million barrels respectively.

Speaking at the end of the opening session of the proposals that the competing companies for blocks 17 and 18 have presented to State-owned oil firms (Sonangol), Saturnino Carlos, president of the Jury of tenders for oil concessions stressed that the block 18, if it is to be divided, that is, in the area called deeper and deep cretaceous, where the risks are bigger, the reserves can range from one to three billion barrels.

Concerning the exploration time, according to the source, these blocks can last for eight to 25 years, depending on the existing reserves in low or deep waters.

Carlos said that the tenders was very well-attended, taking into account the proposals presented by the oil firms, either in participation bonus or in social program.

Angola is sub-Saharan Africa's second largest oil producer behind Nigeria. Angola's oil and oil derivatives industry accounts for 91.92 percent of total exports. It is a key player in Africa's oil industry as both a major producer and exporter.

Angola's economy is highly dependent on the oil sector, which accounts for 40 percent of GDP and 80 percent of government revenues. Sonangol was established in 1976 and manages all fuel production and distribution in Angola.

Now, Angola divides his exclusive maritime economic zone into 76 oil blocks and 35 of them are in activities. Significant discoveries have been made in Blocks 14, 15, 17 and 18 since the mid 1990's.

Source: Xinhua