Sonangol and Indian company to carry out joint activities in Angola

28 January 2010

Luanda, Angola, 28 Jan – Angolan oil company Sonangol and India’s Oil & Natural Gas Corporation Wednesday signed a memorandum of understanding to carry out joint exploration activities in Angola.

The memorandum was signed by Sociedade Nacional de Combustíveis and the Indian company during a visit to Luanda by the Indian Oil and Natural gas minister, Murli Deora.

The chairman of the Oil & Natural Gas Corporation, R.S.Sharma said that “this agreement opens up opportunities for the two companies to work together in all areas of the oil business.”

As well as the possibility of joint exploration in Angola, the agreement also opens up the way for the two companies to work together in India and other countries.

The signing of this agreement comes a day after Sonangol signed a contract to develop and explore two oil fields in Iraq, at a ceremony that took place in Bagdad.

The Angolan company will be in charge of the Qayara and Najmah fields, with estimated reserves of 800 million and 900 million barrels, respectively.

Sonangol is amongst the foreign companies that were given contracts in the auction carried out in December by the Bagdad authorities and which are now starting to be signed. (macauhub)