China National Offshore Oil Corporation (CNOOC) is dispatching a team of top executives to Angola to explore new oil exploration opportunities, reported Reuters.  

This development comes as Angola, one of Africa’s leading oil producers, seeks to strengthen its energy ties with China, a principal creditor and a crucial market for its oil exports. 

Angolan authorities conveyed the nation’s desire to strengthen energy ties with China during President Joao Lourenco’s recent visit to Beijing. 

In a post on Facebook, the Angolan oil and gas ministry said: “In the coming days a delegation from CNOOC, led by Liu Yongjie, Chairman of CNOOC International, is set to travel to Angola to start discussions around block 24 and other oil exploration opportunities.” 

The visit, which saw a meeting between Angola’s oil minister and a CNOOC delegation, comes in the  wake of Angola’s departure from OPEC in December 2023.

At the time, Angolan oil minister Diamantino Azevedo said that the OPEC is no longer aligned with the nation’s interests.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The departure reflects a growing trend among mid-sized oil producers with Ecuador and Qatar having also left the oil group in the past ten years.  

Angola had been a member of OPEC since 2007 but developed disagreements with Saudi Arabia over production cuts. 

President Lourenco has been actively reforming Angola’s energy sector, including the auctioning of multiple blocks and the construction of additional refining capacity.  

These efforts are part of the country’s plans o reverse the decline in its oil production.  

In a separate development, CNOOC announced a major discovery at the Kaiping South oilfield in the South China Sea earlier this month, with more than 100 million tonnes of oil equivalent proved in-place volume. 

Last month, CNOOC initiated production at the Suizhong 36-1/Luda 5-2 oilfield project in the Bohai Sea.