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BP, Angola agree deal to explore oil offshore

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01/21/2020 | 08:30am EST
FILE PHOTO: Logo of BP is seen at a petrol station in Kloten, Switzerland

BP signed an agreement with Angola aimed at acquiring oil further exploration rights, state news agency Angop reported, the latest in a flurry of agreements between oil majors and Africa's second biggest exporter.

The deal with country's petroleum regulator ANPG defines the terms for a risk-sharing contract on offshore oil block 18/15 and was signed on the sidelines of the UK-Africa Investment Summit on Monday.

Outgoing BP Chief Executive Officer Bob Dudley and his successor Bernard Looney attended the ceremony along with Angola's minister of Mineral Resources and Petroleum, Diamantino Azevedo, and other top officials.

BP is already a partner in ongoing production in Block 18, called the Greater Plutonio development.

Last week, Italy's Eni, France's Total, Equinor and BP were awarded rights to develop several offshore blocks.

Angola is working to reform its oil industry to halt a production slump that has dented the economy, including by privatizing stakes of state oil company Sonangol.

BP and Angola signed a second agreement for the British major to support mine clearing efforts related to the southern Africa country's 1975-2002 civil war "within the scope of social responsibility actions", Angop said.

(Reporting by Noah Browning, editing by Louie Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -2.18% 428.7 Delayed Quote.-7.07%
DOW JONES AFRICA TITANS 50 INDEX -0.84% 512.71 Delayed Quote.-3.69%
EQUINOR ASA 0.43% 150.85 Delayed Quote.-9.69%
LONDON BRENT OIL -2.05% 54.99 Delayed Quote.-13.77%
MINERAL RESOURCES LIMITED -0.74% 18.83 End-of-day quote.16.42%
S&P AFRICA 40 INDEX -1.14% 160.3 Delayed Quote.-4.10%
WTI -2.62% 49.97 Delayed Quote.-12.86%
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