Chinese oil giant CNOOC (China National Offshore Oil Corporation) is set to commence discussions on oil exploration opportunities in Angola, as confirmed by the Angolan oil and gas ministry. The strategic move comes as Angola, having exited the oil producer group OPEC in December, seeks to enhance energy ties with China—a significant creditor and a key market for oil exports. During a recent official visit to Beijing led by Angolan President Joao Lourenco, officials expressed the country’s commitment to bolstering cooperation with China in the energy sector. The upcoming delegation from CNOOC, led by Mr. Liu Yongjie, Chairman of CNOOC International Limited, will engage in talks focusing on block 24 and other potential oil exploration ventures in Angola. This initiative underscores Angola’s efforts under President Lourenco’s leadership to revitalize the energy industry through various measures, including block auctions and the expansion of refining capabilities. With a strategic focus on reversing the decline in oil production, Angola remains proactive in attracting foreign investments and fostering partnerships to drive growth and sustainability in its energy sector.
CNOOC to Initiate Talks on Angola Oil Exploration, Strengthening Energy Relations