Angolan state oil company Sonangol and Equinor ASA (formerly Statoil) have signed a memorandum of understanding for the Norwegian state company to continue to invest in exploration and contribute to increased oil production in Angola, in a ceremony held on Tuesday held in Luanda.
“Equinor already has some oil concessions in Angola for exploration work, such as block 5/06, and block 18/15 among others. We have other opportunities, both in the Congo basin and in the Kwanza basin, the trend is to enter the Benguela basin,” Sonangol chairman Carlos Saturnino said at the signing ceremony, quoted by Angolan news agency Angop.
The document sets out the guidelines through which Sonangol and Equinor should strengthen cooperation and lays the foundations for potential future investments to be made by Equinor following its decision to continue investing in Angola and jointly consider an approach on the opportunities and technical challenges related to oil exploration and development.
Information published on Equinor’s website showed that the Angolan continental shelf is the largest contributor to oil production outside Norway, and since 1991 when it entered the Angolan market, production has risen to just over 200,000 barrels of oil per day. (macauhub)