Gulf Oil and Gas accountACCOUNT

Angola's Sonangol to Pull Out of Two Oilfields in Iraq

Source: Reuters 2/25/2014, Location: Middle East

Share |
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 board member said.

Sonangol in 2009 won the right to operate the Qayara and Najmah oilfields in the Nineveh province in Iraq's northwest, where Sunni Islamist insurgents remain active.

Violence in Iraq climbed to its highest level in five years in 2013, with nearly 9,000 people killed, most of them civilians, according to the United Nations.

"Our presence in Iraq was as an operator in an area with much conflict. Last year we were unable to develop any work due to security matters and so we took the decision to leave," Anabela Fonseca, Sonangol board member in charge of international investments, told a news conference.

She added that the company had made a declaration of force majeure last year, which the Iraqi government accepted, as Sonangol's costs were rising while it could not develop the fields.

Reserves have been estimated at about 800 million barrels for Qayara and 900 million for Najmah, and Sonangol has a 75 percent stake in both.

Fonseca said an independent technical and financial audit is being conducted to allow Sonangol to end its operations without violating any of its contractual obligations to the Iraqi government.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects

Acquisitions and Divestitures News in Iraq >>

Ireland >>  10/18/2017 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides an update on Licensing Option (LO) 16/27. Providence is pleased...
Canada >>  10/17/2017 - Tangle Creek Energy Ltd. (Tangle Creek) has closed an acquisition of assets primarily in the Waskahigan and Kaybob areas of Alberta. Included in the a...

Italy >>  10/17/2017 - Saffron Energy, the AIM quoted European natural gas company, has been awarded a Production Concession for its Sant' Alberto gas field from the Italian...
Colombia >>  10/16/2017 - Frontera Energy Corporation (FEC) announces that it has signed an agreement to acquire the outstanding 36.36% ownership of Pacific Midstream Limited (...

Australia >>  10/13/2017 - Key Petroleum has announced that subsequent to the agreement of binding terms for the acquisition of AWE's 100% interest in Production Licence L7 (R1)...
United States >>  10/13/2017 - Chaparral Energy, Inc. has entered into a definitive agreement to sell its North Burbank and Texas Panhandle enhanced oil recovery (EOR) assets for $1...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

Oil & Gas Projects in Iraq >>

More News

 

Oil & Gas Companies in Iraq >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.