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Angolan oil firm operations in Iraq to continue
(MENAFN) After security issues settled down, the oil firm Sonangol has announced its operations in Iraq to continue.
The Angolan company has obtained a stake of 75% in the fields back in 2010. However, its operations were forced to cease after conflict erupted in Iraq in 2012.
It was revealed that the fields in Najmah and Qayyarah acquired from Iraqi North Oil Company have projected over one billion barrels of oil reserves.
The company declared "the resumption of its concessions ... represents one of the major successes of the current board, if one takes into account the commercial potential of the fields."
The Angolan company has obtained a stake of 75% in the fields back in 2010. However, its operations were forced to cease after conflict erupted in Iraq in 2012.
It was revealed that the fields in Najmah and Qayyarah acquired from Iraqi North Oil Company have projected over one billion barrels of oil reserves.
The company declared "the resumption of its concessions ... represents one of the major successes of the current board, if one takes into account the commercial potential of the fields."
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