africa Angola commodities Natural Resources oil

Angola’s Sonangol, Equinor sign oil exploration memo

Angola’s Oil company “Sonangol” signed a Memorandum of Understanding with Norwegian state oil company Equinor (ex-Statoil) enabling the latter to continue investing in exploration and rise of the oil production in Angola.

The Memorandum has already some oil concessions in Angola for exploration work, such as the case of block 5/06, block 18/15 among others, said the Sanangol CEO Carlos Saturnino.

Speaking at the signing ceremony on Tuesday, Sonangol CEO mentioned other opportunities in the Congo Basin and the Kwanza Basin.

According to him, the intention is to enter  Benguela basin.

Under Memorandum of Understanding, Norwegian oil company Equinor wants to work together with the Angola’s oil company on new discoveries and  investments in the sector in Angola.

Carlos Saturnino explained that the memorandum  is part of the role of Sonangol as a concessionaire for the promotion and attraction of the new investments for oil concessions in Angola.

According to him, the cooperation instrument will allow both oil firms to keep discussing the investment and business opportunities in the exploration blocks which Angola much needs.

He also confirmed Equinor’s intention to return to being an operating company in the hydrocarbon concessions.

In turn, Equinor’s chairperson, Eldar Saetre, explained no amount has been disclosed under the Memorandum signed at this stage, but he added that the parties will conduct studies.

He said that the Memorandum will allow the Norwegian oil company, which is working on natural gas and oil exploration, to pursue more opportunities.

The Memorandum will enable the parties to develop greater cooperation in the areas of management, logistics, financial, scientific, research, development and operations in the oil sector.

Data published on Equinor’s website, indicates that since 1991 when the Norway’s oil firm entered Angola the production rose to just over 200,000 barrels of oil per day.

The country’s daily production stands at between 1.5 and 1,6 million barrels of oil. The company is looking forward to increasing its production to additional 250,000 barrels per day by 2020, said Sonangol CEO Carlos Saturnino, who was recently quoted by Bloomberg News as saying

Source: Angop

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