Sonangol eyes stability with major farm-out drive

摘要

ANGOLAN state oil company Sonangol's unveiling last week of a plan to fast-track the sale of key stakes in eight tantalising offshore blocks will be a litmus test of the type of assets that cautious, cashflow-conscious upstream investors are willing to spend money on. Ten years ago and more, a barrel-load of bidders would have battled to enter these blocks which offer exploration, development and production opportunities aplenty in a country once considered the oil world's El Dorado. Admittedly, under the regime of former president Jose Eduardo dos Santos, few companies apart from incumbent supermajors - or those close to Sonangol, the ruling clan and its running dogs - would have had a realistic chance of acquiring these assets. Many deals would have been agreed behind closed doors, with only those in the know and with strong Angolan relationships standing a chance of being successful. The 2006 licensing round was an outlier and, despite a rather chaotic organisation and a tendency towards secrecy, it resulted in new players entering Angola, including Eni.