Equinor Enhances Oil Exploration in Angola

Equinor Enhances Oil Exploration in Angola

Equinor has secured stakes in two more oil exploration blocks offshore Angola as it seeks to extend its presence in the country, the head of the Norwegian company’s Africa operation said in a statement.

Equinor is reshaping its international portfolio by deepening its commitment to Angola where it already produces oil from three blocks.

“To continue our mission to create sustainable value and meet the future’s energy needs, we believe that new exploration is still needed,” Equinor Senior Vice President Nina Birgitte Koch said in a LinkedIn post, adding that this was “a big deal”.

Equinor said it had agreed to take 40% stakes in blocks 46 and 47 in Angola, which will be operated by Azule Energy, a joint venture between BP (BP.L) and ENI (ENI.MI).

Azule will also own 40%, while state group Sonangol holds the remaining 20%.

Equinor did not say when the companies would start drilling for oil on the new acreage.

In the meantime, Equinor, an international energy company headquartered in Norway, sells its interests in Azerbaijan.

On Friday. Equinor signed an agreement with SOCAR (State Oil Company of Azerbaijan Republic) whereby Equinor will divest all its remaining assets in Azerbaijan to SOCAR.

Equinor has been present in Azerbaijan since 1992. ACG, operated by bp, is the largest oilfield in the Azerbaijan sector of the Caspian basin and the BTC pipeline is used to transfer crude oil to the Turkish Mediterranean coast.

“Equinor is in the process of re-shaping its international oil and gas business, and the divestments in Azerbaijan are in line with our strategy to focus our international portfolio,” says Philippe Mathieu, Equinor’s executive vice president for international exploration and production.

 

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Doaa Ashraf 484 Posts

Doaa is a staff writer with a Bachelor's Degree in Mass Communication, majoring Journalism from Ahram Canadian University. She has 2-3 years of experience in copywriting, and content creation.

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