Market Overview

BP, Statoil Win Additional Angola Blocks

BP (NYSE: BP), Europe's second-largest oil company, and Norwegian oil giant Statoil (NYSE: STO) were among the oil majors that won new rights to explore for oil in the African nation of Angola. Angola, an OPEC member, vies with Nigeria for the title of Africa's top oil-producing country.

ConocoPhillips (NYSE: COP) and France's Total (NYSE: TOT) also won rights for two blocks in Angola.

BP said in a statement that it has gained access to five more deepwater exploration and production blocks offshore Angola. The British oil giant also took a 40% stake in an Angolan block that is currently operated by Petrobras (NYSE: PBR), Brazil's state-controlled oil company.

"In October, we told the markets we would build on our strengths in exploration and in the deepwater to provide future growth for BP. This new access builds on the major presence we have developed in Angola over the past 10 years, investing a total of $21 billion in the business. We plan to double our global spend on exploration and this huge new acreage gives us more great opportunities. We look forward to working with Sonangol in the Kwanza and Benguela basins," said BP CEO Bob Dudley in a statement.

BP has been active in Angola since the 1970s.

Posted-In: News Futures Commodities Contracts Management Global Intraday Update Markets

 

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