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National oil company decides to leave Venezuela and Iraq due to risks in both regions

Sonangol has decided to leave Venezuela and Iraq due to the risks in those regions, announced this Friday the chairman of the Board of Directors of the state-owned oil company.

: Lusa

According to Gaspar Martins, Sonangol is evaluating the asset and, as a result, has taken the decision to leave and under what terms its presence will be passed.

Gaspar Martins stressed that in addition to the question of risk, there are currently difficulties in logistical terms to obtain equipment, material to be able to work in that area.

"As a result of what happened, we decided that we are going to leave and whatever we have to be compensated, we will be compensated", he added.

"We have taken a good look at the situation and at this moment, despite our presence having been taken there under conditions that at the time there was an interest in us being present there. Today, redefining the strategy, what will probably happen, which we have already made known We will have to leave both entities, particularly Venezuela, and Iraq after completing the entire process that leads to a refund of part of the investment made," he said.

According to a June edition of last year's newspaper Expansão, Sonangol halted production of 30,000 barrels per day at Campo Qaiyarah, in northern Iraq, four months ago, due to the impact of covid-19.

The state oil company has two oil fields in Iraq, Naima and Qaaiyarah, the second being the only field capable of producing. In the Najmah field, the process of demining and recovery of the wells was taking place.

According to Expansão, at the time of closing operations, four months ago due to the pandemic, the state oil company was producing 30,000 barrels per day at Qaiyarah. However, the current recommendation of the NOC (North Oil Company), the Iranian state oil company, is that Sonangol's production should not exceed 25,000 barrels per day, when operations are reopened.

In Venezuela, the concessions in which Sonangol is involved are operated by an association in which Petróleos de Venezuela (PDVSA) and Union Cuba-Petróleo (Cupet) also participate, which leads the consortium.


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