Angola’s national oil and fuel company, Sonangol and Norwegian group Equinor (formerly Statoil) have signed a memorandum focused on strengthening mutual collaboration, the Angolan state-owned company said in a statement.
Under the memorandum, the two companies will conduct joint exploration in the Lower Congo Basin, discuss operator models that allow Sonangol to develop its skills as an oil operator and identify potential future joint investments.
The statement said that the signing of this memorandum follows an understanding reached between the two companies in June 2018 that allowed the successful implementation of some activities developed by the parties.
The document signed in 2018 focused on the Norwegian state company continuing to invest in exploration and contributing to an increase in oil production in Angola.
The memorandum of understanding established the basis for potential future investments to be made by Equinor following its decision to continue investing in Angola and jointly consider the approach to technical opportunities and challenges related to oil exploration and development.
Figures published on Equinor’s website shows that the Angolan continental shelf is the largest contributor to oil production outside Norway, with production since 1991, when it entered the Angolan market, rising to just over 200,000 barrels of oil per day.