Angola: New Hope For Angola’s Oil Sector As Brazil’s Petrobras Signals Return

The Brazilian oil company Petrobras and Angolan national oil company Sonangol have signed a Memorandum of Understanding for oil and gas research and development, training, and research on relevant projects for the just energy transition.

The MoU, signed on Friday, May 24, in Brasilia, was witnessed by Angolan President H.E. João Lourenço and Brazilian President Lula da Silva.

In March this year, an MoU was signed between ANPG and Petrobras for the joint study and possible direct negotiation of block concession contracts offshore in Angola.

According to Brazilian President Lula da Silva, “the signing of the two memorandums signifies the return of Petrobras to Angola.”

Other major companies, such as Shell, Petronas, and Qatar Oil, are also returning to Angola.

The policies set by the Angolan Executive have allowed the retention of major international oil companies operating in the country and attracted medium and small-scale companies.

This dynamic in Angola’s hydrocarbon industry demonstrates the success of the reforms carried out in the sector.

Source:https://energynewsafrica.com