Angola Plots Recovery With Oil-Block Auction, New Refineries

Angola plans to auction nine blocks this year and is seeking to build new refineries as Africa’s second-biggest oil producer looks to benefit from a surge in crude prices that could boost companies’ appetite for investments.

The tenders for the offshore areas are part of efforts to lure back global explorers that cut spending after crude crashed in 2014, driving down output in the oil-dependent nation. The nine blocks are located in the Namibe basin, Angolan Oil Minister Diamantino Azevedo said, and are part of 55 that local newspaper Expansao has reported are expected to go under the hammer through 2025.

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