The two firms have entered into a memorandum of understanding (MoU) on a potential merger, it was announced today.
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In a statement,
“The companies believe that combining their efforts in a new joint venture company would bring significant opportunities for them to jointly boost future developments and operations in Angola”, the oil giant said.
“In particular, it would be expected to generate significant synergies, create more efficient operations, and increase investment and growth in the basin.
“The new venture would reflect both companies’ commitment to continue developing the upstream sector potential of Angola.”
The new venture would be expected to be self-funded,
The
Oil production in Angola comes almost entirely from offshore fields off the coast of Cabinda and deepwater fields in the
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© City AM, source