Sonangol, the national oil company of Angola, signed a Memorandum of Cooperation with Norwegian multinational energy company Equinor to strengthen cooperation between the two companies on Tuesday.
Signed at Sonangol’s headquarters in Luanda, the agreement targets joint exploratory activities in the lower Congo Basin, the discussion of joint operating agreements that would allow Sonangol to further develop as an operator, the sharing of knowledge and skills to transform Sonangol into a commercial oil company and the identification of potential future joint investments.
The document was signed by Sebastião Gaspar Martins, CEO of Sonangol E.P., and Eldar Saetre, Chairman of Equinor.
It builds on an earlier Memorandum of Understanding that was signed between the two companies last June, which focused on joint investment in exploration and production activities in-country and laid the foundation for potential future investments to be made by Equinor in Angola.
Equinor entered the Angolan market in 1991. Since then, production has increased to more than 200,000 barrels of oil per day, with the Angolan continental shelf making up the largest contributor to Equinor’s oil production outside of Norway.