North Cabinda Exploration Project
In 2009, Petropars purchased 10% of the shares belonging to a joint venture which was set up for exploration and development of North Cabinda onshore oil field in Angola. The partners of the joint venture consist of China Sonangol, Sonangol P&P, ENI, Inpex Group, SOCO and ACERP. This is the first international partnership undertaken by Petropars as a non-operator partner involved in exploration and production activities within the scheme of a production sharing agreement.
The Client of this Project was Angola Oil Company (Sonangol) which concluded a contract for partnership in production. After restriction on Petropars in international projects, Petropars transferred its share to Sonangol via a selling agreement.
North Cabinda Exploration Project is located in the North of Angola close to Congo’s border in an area which totally measures 2,466 Km2. This field is expected to contain light oil.