Angola’s Sonangol signs contracts for oil fields in Iraq

5 January 2010

Baghdad, Iraq, 5 Jan – Angolan state oil company Sonangol has signed preliminary agreements to develop two small oil fields in Iraq, the Iraqi Oil Ministry spokesman has announced in Baghdad.

Sonangol will develop the Nejma field with 858 million barrels and the Qayara field with 807 million barrels, said Assem Jihad, cited by the Associated Press.

The two fields are part of a group of 15 offered in the second international auction held in 2009. Seven fields were awarded, with 20-year contracts, during which the operating companies will receive an amount for each barrel of oil they produce.

The agreements must still be ratified by the Council of Ministers. (macauhub)