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Exploring new
energy opportunities in Angola
News Source : Ministry of
Commerce, Industry & Energy
Seoul, Oct 13 2006 -- Senior officials
of Korea and Angola signed a Memoradum of Understanding (MOU)
that will allow Korean companies to take part in oil and gas
development projects in the east African nation. Lee Won Gul,
Vice Minister of the Ministry of Commerce, Industry and
Energy (MOCIE) and his counterpart, Angolan Oil Minister
Desiderio Costa signed the MOU on Tuesday in Seoul.
With the MOU, Korean companies will be able to explore and
develop oil and gas fields, both on land and offshore, in
Angola. Korea hopes to win the rights to one or two Angolan
fields, which may be offered in the first half of next year.
Angola is Africa's second largest crude oil producer, behind
only Nigeria. The African nation produces 1.24 million
barrels per day, with known reserves of 9 billion barrels.
