Norwegian oil and gas group Equinor is considering selling some of its oil fields in Angola, two years after it exited Azerbaijan and Nigeria.
Bloomberg wrote on February 28, quoting unnamed sources familiar with the plan, said Norway’s biggest hydrocarbon company intends to maintain a small interest in one of the fields in the southwestern African country.
The sources said discussions are ongoing and no deal has been reached yet.
In addition to selling its stakes in projects in Nigeria and Azerbaijan, Equinor more recently sold its stakes in onshore acreages in Argentina.
Company spokesperson Ola Morten Aanestad declined to comment on rumours or speculation about the asset sale. “Angola is a core country for Equinor, and we see a long-term future there,” he said.
According to Bloomberg, the firm is working with a financial advisor to identity potential buyers.
Equinor is active in three offshore producing blocks on the Angolan continental shelf, with equity production in 2024 totalling about 110,000 barrels of oil equivalent a day, information on its website says.
Angola, Africa’s second-biggest oil producer, has seen a decline in output in recent years owing to low investment. It has set a target of maintaining output above 1mn barrels a day, and in 2023 quit OPEC because the group was insisting on reducing its production limit.
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