2023-12-22 19:37:06
Equinor has secured stakes in two new oil exploration blocks off Angola, seeking to expand its presence in the country, the head of the Norwegian company’s African operations said in a statement on Friday.
Equinor is reshaping its international portfolio, announcing on Friday the sale of all its assets in Azerbaijan, while strengthening its commitment to Angola where it already produces oil from three blocks.
“To continue our mission of creating sustainable value and meeting future energy needs, we believe further exploration is still necessary,” Nina Birgitte Koch, senior vice president of Equinor, said in a LinkedIn post, adding that it was a “big deal”.
Equinor said it had agreed to take a 40% stake in blocks 46 and 47 in Angola, which will be operated by Azule Energy, a joint venture between BP and ENI.
Azule will also hold a 40% stake, while state-owned Sonangol Group will hold the remaining 20%.
Equinor did not say when the companies would begin drilling for oil on the new land.
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