Delegations from two Chinese oil companies will visit Angola in the coming days to identify areas to invest, following the agreements signed yesterday in Beijing, with the Angolan delegation led by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo
These are the companies China National Petroleum Corporation (CNPC) and CNOOC Internacional Limitada, whose delegations intend to verify “on site” Angola’s potential in the area of hydrocarbons. In the meeting he held with the Angolan delegation, CNOOC president Liu Yongjie said that the Chinese company’s visit to our country aims to start discussions around Block 24 and other oil exploration opportunities.
In the case of CNCE, its president, Mo Dingge, said he was willing to fulfill the commitments already signed with Sonangol and move forward with others, based on a partnership that allows reciprocal gains. The CNCE delegation will come to Angola to deepen knowledge and decide on future areas of cooperation. In the wake of meetings with Chinese oil companies, Diamantino Azevedo visited SINOPEC, which already operates in Angola, to ask for “a greater presence of the company in Angola and action in new projects to materialize the guidance of the two presidents, João Lourenço and Xi Ji Ping , due to the fact that Sonangol and its Chinese counterpart are strategic companies in both countries”, he highlighted. He added that “we very much welcome SINOPEC’s willingness to invest more in Upstream Angola.
There are some blocks that are available for direct negotiations at any time”, highlighted the government official, adding that “I would like this investment not only to go to blocks with great potential, but also to look at other blocks that need investment. The president of SINOPEC, Ma Yongsheng, augurs advantageous cooperation for the parties in business development in Angola, noting that Angola is one of the countries with which they cooperate intensively in the field of oil and gas and “accept the challenge of cooperating in new areas of energy and the like.”
For his part, the chairman of the Board of Directors of Sonangol informed that there has been a partnership with the Chinese oil company for some time and that it ranges from exploration, production and even marketing. “I think that, with the guidance now received, we will increase this relationship. We are here to really make our commitment. We will need to transform into actions what our future relationship might be”, highlighted the president of this institution.
Need for technology for exploration In the opinion of economist Henrique Pascoal, Angola seeks to cooperate with Chinese companies in the oil sector due to the national industry’s need for cutting-edge technology for exploration, as well as the exploitation of its vast reserves. Henrique Pascoal believes that cooperation between the two countries is beneficial, due to the fact that China offers substantial financial resources and advanced experience in this sector, making it an attractive partner for Angola.
“Access to the Chinese market, which is one of the largest oil importers globally, represents a crucial opportunity to ensure stable and profitable demand for Angolan oil,” he said. The economist said that Angola’s decision to withdraw from OPEC reflects its search for greater autonomy in formulating its energy policy and believes that China is the ideal partner, looking at the volume of investment by the Asian giant in Angola, which might also alleviate possible tensions between the two governments due to the debt that Angola owes to China.
In his opinion, by disassociating itself from OPEC, Angola acquires flexibility to adjust its production according to its own needs and economic objectives, highlighting that such a change might have diplomatic and commercial implications, given that OPEC plays a crucial role in coordinating policies global energy sectors and safeguarding the interests of oil-producing countries. “While the partnership with China offers significant opportunities for the development of Angola’s oil sector, the departure from OPEC also raises questions regarding the country’s international influence and energy cooperation,” he explained.
