Furthermore, according to Angop, the document also includes an in-depth study to obtain 2000 kilometres of 2D seismic data, for a renewable period of three years.
To this end, the Vietnamese company will carry out geophysical and geological studies, including obtaining 2D seismic data, geochemical, magnetic and gravitational studies, which are essential to rigorously assess the hydrocarbon potential of the area.
On the occasion, Paulino Jerónimo, chairman of the Board of Directors (PCA) of ANPG, considered that the memorandum constitutes a strategic advance in terms of exploring the country's oil potential, strengthening the commitment to sustainable and competitive development of the sector, writes Angop.
According to the CEO of ANPG, the Vietnamese company will play a "decisive role in this process".
"The company XTG will play a decisive role in this process, bringing with it the technical experience and financial capacity necessary to implement the exploratory phase", he pointed out.
The country's internal basins, especially those of Etosha and Okavango, he continued, have been showing, through various geological and geophysical studies, a notable hydrocarbon potential.
The head of ANPG highlighted that, as far as the research is concerned, this is the first action in this internal basin, although aerial and geophysical studies were already carried out in 2010, which determined the depth of the site.
Paulino Jerónimo also assured that all the conditions exist to produce oil in this basin, as a result of geochemical studies carried out.
The chairman of the Vietnamese company, Nguyen Van Thien, pointed out that the agreement will mark the start of a sustainable and advantageous collaboration for both parties, having highlighted that the presence of XTG on Angolan soil is a direct effect of the Angolan Executive's policy in relation to attracting foreign investment.
Quoted by Angop, he stated that as a result of this policy, the company carried out activities in the country to identify investment opportunities, carrying out studies, technical negotiations and exchanging information about projects and areas that the Angolan Government is promoting, especially in the area of oil and gas exploration and production.
Considering that the agreement represents an important moment in the economic cooperation between Angola and Vietnam, the company's director highlighted that the project has a strategic significance for the national concessionaire and for the country, given that this is the first time that this basin will be studied in a comprehensive, systematic and large-scale manner.
According to the manager, the information obtained from this project will bring significant scientific and practical value, helping to assess the oil potential and opening up new development opportunities for the oil and gas industry in Cunene, Cuando and Cubango.
"With the support of ANPG and the collaboration of professional partners in Angola, this project will achieve significant results and will allow us to move forward to the exploration and production phases of oil and gas in the basin region in the future", he pointed out, adding that the company considers Angola a strategic location in its investment expansion plan, and wishes to continue studying and evaluating opportunities for long-term collaboration in areas such as iron ore, energy, agriculture, among others.
The managers of the two companies signed the agreement, in a ceremony witnessed by Duong Chinh Chuc, Vietnam's ambassador to Angola, as well as representatives of the Ministry of Mineral Resources, Oil and Gas.
