Equinor takes stakes in 2 Angola oil exploration blocks

OSLO (Reuters) – Equinor has secured stakes in two more oil exploration blocks offshore Angola as it seeks to extend its presence in the country, the head of the Norwegian company’s Africa operation said in a statement on Friday.

Equinor is reshaping its international portfolio, announcing a sale on Friday of all assets in Azerbaijan while deepening its commitment to Angola where it already produces oil from three blocks.

“To continue our mission to create sustainable value and meet the future’s energy needs, we believe that new exploration is still needed,” Equinor Senior Vice President Nina Birgitte Koch said in a LinkedIn post, adding that this was “a big deal”.

Equinor said it had agreed to take 40% stakes in blocks 46 and 47 in Angola, which will be operated by Azule Energy, a joint venture between BP and ENI.

Azule will also own 40%, while state group Sonangol holds the remaining 20%.

Equinor did not say when the companies would start drilling for oil on the new acreage.

(Reporting by Terje Solsvik, editing by Essi Lehto)