The Angolan and Namibian oil ministers Wednesday signed an agreement that establishes a framework for cooperation in the oil and natural gas sectors, Angolan news agency Angop reported.
The agreement signed by José Maria Botelho de Vasconcelos and Isak Katali immediately came into force, is valid for three years, and automatically renewable for the same amount of time if neither party renounces it.
It also includes sale of crude oil, liquid natural gas and other oil products, construction of exploration, production and refinery facilities for oil from Angola, Namibia and other countries. As well as this the agreement covers studies for joint projects or projects with other partners that are of common interest.
José Maria Botelho de Vasconcelos said that the oil and natural gas memorandum of understanding opens up the way for deals between businesspeople in the private sector in both countries.
Cooperation between the two countries already includes a geological and geophysical survey carried out by Sonangol and its Namibian counterpart in the Etocha basin, on the border between the two countries, which has made it possible for them to share information and discover the potential for oil and gas in the region. (macauhub)