Angola’s Somoil invests over $ 5 mm in exploration

Oct 13, 2005 02:00 AM

At least $ 5.4 mm is the amount invested last quarter of 2005 in Block 3/05, by the Angolan Oil Society Somoil, the country's only private company of research and production operating in that Block.
Speaking to Angop the chairman of Somoil's Board of Directors, Alberto David de Sousa, said that those values are part of the 10 % of the company's participation in Block 3/05, granted by the Sonangol Research and Production State-owned oil company.

According to the official, the total of the investment done in Block 3/05 for oil production, in the past three months of this year, including the foreign operators that also work in the same field, is worth $ 54 mm.
The Angolan Oil Society formalised its participation in the Blocks 3/05, 3/05 A and 4/05 with Sonangol Research and Production, on October 05 of the current year.

Based in Luanda, Somoil is a private company, with a 100 % Angolan capital, established in the year 2000. It operates in research, development and production of crude oil.

Source: Angola Press Agency
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