Angola’s Sonangol negotiates with partners to receive drillships

7 March 2017

Angolan state oil company Sonangol is negotiating a new business model with its international partners that will enable it “soon” to receive two drillships ordered in South Korea, the company said on Monday.

Sonangol, in a statement issued in Luanda, said that goal “involves the completion of the financing process, final selection of technology partners and identification of new opportunities for production, steps that have already been communicated and discussed with international companies in the oil sector that operate in Angola – ExxonMobil, Chevron, BP, ENI and Total.”

“The process of transformation that has been underway since July 2016 enables the creation of a more favourable business environment, reduce production costs and facilitates access to smaller reserves, thus creating conditions for better use of resources,” the statement said.

Recent reports by South Korean media indicated that US group ExxonMobil could provide US$879 million, money needed for the Daewoo Shipbuilding & Marine Engineering (DSME) shipyards to release the two structures ordered by Sonangol to drill test wells for oil prospecting.

The new CEO of the South Korean company, Jung Sung-leep, said Sonangol was negotiating to obtain financing from two to three major industry groups, and ExxonMobil “is best positioned.” (macauhub)