Angolan state oil firm Sonangol has decided to exit Iraq due to security problems in a conflict region where it has operated two fields, a senior executive at the company said on Tuesday.
Sonangol in 2009 won the right to operate
A new project consortium will be created to oversee the front-end engineering design, green-field project financing and process flow management of the recently signed deal between Dubai and China’s Sonangol for a state-of-the-art refinery.
Iraq signed final contracts with Angolan state oil company Sonangol on Tuesday to develop the Qayara and Najmah oilfields.
Qayara has reserves of some 800 million barrels and Najmah 900 million. Both are in the violent Nineveh province in
Angola's national oil firm Sonangol, which won deals to develop oilfields in Iraq last week, said several companies have shown an interest in forging joint-exploration partnerships with it in the war-torn nation.
Sonangol won the right
Sonangol, Angola's state-run oil company, on Saturday accepted a remuneration fee of $5 per barrel to develop Iraq's Qayara field, a company official said.
The company had bid for the field on Friday but proposed a fee of $12.50 pe