Angola’s Sonangol to explore oil in Venezuela

7 July 2010

Luanda, Angola, 7 July – Angolan state oil company Sonangol has signed an agreement with Venezuelan state oil company PDVSA and Cuba’s Cupet, to set up a partnership for joint development of oil fields in Venezuela.

The oil fields are located in Migas and Melones Oeste, in the state of Anzoátequi, 23 kilometres from the city of El Tigre, in Venezuela, according to a statement from Sonangol.

Initial estimated production is 20,000 barrels of oil per day, with expected accumulated production of over 94 million barrels in a five-year period, report Angolahub news agency.

The Migas field has an area of 101.4 square kilometres, whilst the Melones Oeste field covers an area of 73.04 square kilometres.

In the memorandum of understanding it was established that starting capital for the company would be 60-percent owned by the Venezuelan oil company, 20 percent by Sonangol P&P and 20 percent by Cupet.

Last January, Sonangol signed preliminary agreements to develop two small oil fields in Iraq, the Nemja field, with 858 million barrels, and Qayara with 807 million barrels.(macauhub)