Categorized | Oil & Gas, Security

Sonangol Pulls Out of Iraq

Sonangol Pulls Out of Iraq

By John Lee.

Angola’s Sonangol has decided to abandon its Qayara and Najmah oilfields in Nineveh province due to security problems.

Reuters reports that Anabela Fonseca, Sonangol board member in charge of international investments, told a news conference:

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.

The state-owned company won the right to operate the fields in 2009, taking a 75 percent stake. Reserves are estimated at about 800 million barrels for Qayara and 900 million for Najmah.

Earlier this month, the Ministry of Oil said it would not hold Sonangol to its committed schedule at the oilfields, as a result of the problems faced by the company.

(Sources: Reuters, Iraq Oil Report, Aswat al Iraq)

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