Angola opened bidding on new oil and gas projects at the recent Angola Oil & Gas Business Forum in Beijing, according to reports.
A total of 12 petroleum blocks in the onshore parts of the Congo and Kwanza Basins were offered at the forum, ranging in capacity from 100 million barrels to more than 2 billion barrels.
Around 100 Chinese companies, primarily engaged in oil and gas exploration, engineering, and investment, were invited to the forum – the first of its kind in China.
[See more: Angola hopes to broaden cooperation with China in the exploitation of resources]
Angola is one of the largest oil-producing countries in Africa with vast untapped oil and gas resources estimated at 9 billion barrels of proven crude oil reserves and 11 trillion cubic feet of proven natural gas reserves.
The country’s strategic development hinges on the oil industry, already its top export product, and the recent bidding signifies Angola’s recognition of and confidence in the technical capabilities of Chinese companies, according to Angolan ambassador to China João Salvador dos Santos Neta.
Angola is currently Beijing’s third-largest oil supplier.
