Angola’s Sonangol sells share in joint venture with US oil firm

29 December 2005

Luanda, Angola, 29 Dec – Angolan state oil company Sonangol has sold a 40 percent stake of its joint venture with US-based oil firm Pride International, according to an Angolan newspaper report.

AngoNoticias reported this week that Sonangol’s offloading of 40 percent of its joint venture with Pride International netted US$ 175 million and leaves the Angolan company with a 9 percent share in the partnership and the US firm with the remaining 91 percent of stock.

The joint venture was set up in 1998 and owns two drillships – Pride Angola and Pride Africa. It also holds management accords for deepwater platform rigs Kizomba A and Kizomba B. (macauhub)