"No Time Limit" for Sonangol

An Oil Ministry spokesman has said that the ministry "will not put time limit for the Angolan oil company [Sonangol] in developing Najma and Qayara oilfields, due to the security obstacles facing it in these areas".

According to the report from Aswat Al Iraq, the company suffered terrorist attacks on its personnel and sites, so the ministry is giving the company additional time to complete its work.

The company got its permission in the second oil bids of 2010 to develop the two sites for nine years.

At Najma, it will get $5 per barrel, provided that the production average is at least 210.000 bpd, while at Qayara it will get $6 per barrel, provided the average is at least 110.000 bpd for nine years.

(Source: Aswat Al Iraq)

3 Responses to "No Time Limit" for Sonangol