Chinese Oil Major CNOOC Looking for Exploration Opportunities in Angola

 

Chinese oil major CNOOC is sending a group of senior executives to Angola for talks on oil exploration opportunities, the Angolan oil and gas ministry said.

Angola left oil producer group OPEC in December and wants to strengthen energy relations with China, a major creditor and key oil export market, officials said during a government trip to Beijing led by Angolan President Joao Lourenco.

“In the coming days a delegation from CNOOC, led by Mr Liu Yongjie, Chairman of CNOOC International Limited, is set to travel to Angola to start discussions around block 24 and other oil exploration opportunities,” Angola’s oil and gas ministry said in a Facebook post.

China Still the Main Destination for Angolan Oil

The statement followed a meeting between Angola’s oil minister with a delegation from the CNOOC.

President Lourenco has embarked on a wide-ranging revamp of the energy sector, with multiple block auctions over the past five years and construction of more refining capacity as Angola seeks to turn around declining oil production.

 

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