Sonangol takes foreign expansion to difficult new frontiers with Iraq bid

Issue 178 - 12 Jan 2010 | 1 minute read

In a move that underlines national oil companies’ increasing willingness to push for expansion by investing abroad, Sonangol was a surprise victor in Iraq’s second post-war licensing round, winning the Najmah and Qayyarah fields, which are located around 70km south of Mosul, the most violent city in Iraq. The Angolan state company was the sole bidder for the two fields and initially offered remuneration fees of $12.50 for Qayyarah and $8.50 for Najmah but after the Ministry of Oil rejected the offers, it reduced them to $5 and $6 respectively.

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