Angola’s upstream regulator the National Oil, Gas & Biofuels Agency (ANPG) signed an agreement with Vietnamese energy company Xuan Thien Group (XTG) for the joint research and exploration of the Etosha and Okavango Basins in Angola.
The agreement represents the first investment project by a large-scale Vietnamese group in Angola and signals XTG’s entry into the country’s oil and gas sector.
“The signing of the investment project in the oil and gas sector today is an important milestone, marking the transformation of the group, becoming an international energy group, as well as opening up development cooperation between the two countries in a new field,” stated Nguyen Van Thien, Chairman of XTG.
Situated in the three provinces of Cunene, Cuando and Cubango in Angola, the two basins cover an area of approximately 200,000 km². Largely underexplored, the basins offer significant potential. XTG awaits the requisite license from the Vietnamese government before implementing the project.
