São Paulo – Angola-based oil company Sociedade Nacional dos Combustíveis de Angola (Sonangol) is going to drill for oil in Iraq, an Arab country located in the Gulf. The Angolan company is going to sign agreements, over the course of next year, to operate in the Najma and Qayara fields, according to information supplied by African news agency Paranpress.
This year, Sonangol participated in an international tender for oil field exploration in the Arab country. “As a result, after the second round of the tender, the company earned the rights to drill the fields of Najma and Qayar, with oil reserves estimated at more than 1 billion barrels,” the company announced in a press release.
According to the Angolan company, several enterprises have manifested interest in establishing partnerships for operating alongside Sonangol in Iraq. The company’s achievement, according to the press release, strengthens the image of Angola around the world.
Iraq is a member of the Organization of Petroleum Exporting Countries (Opec). The country produces approximately 2.3 million barrels of oil per day, exports approximately 1.8 million barrels of the commodity, and the Iraqi reserves are estimated at around 115 billion barrels. Oil accounts for more than 90% of the country’s exports.
*Translated by Gabriel Pomerancblum
