Occidental Petroleum and Pertamina are contemplating taking stakes in Sonangol’s two Iraqi oilfield projects.
Sonongal is looking for international partners to help develop the fields.
J da Graca Luis, Sonangol’s asset manager for Najmah and Qayara, told Reuters that the proposal is for Sonangol to have a 45% stake in Najmah and Qayara.
Currently, Sonangol has a 75% stake in the oilfield projects, with Iraq National Oil Company holding 25%.
The Qayara field, which has an estimated 800 million barrels, and Najmah, with 900 million barrels, are located in the Nineveh province in northern Iraq.
Sonangol plans to invest $2bn in Qayara and will encourage the development of a small refinery nearby to help refine heavy oil in the reservoirs, however, the refinery will not be a pre-condition for the deal.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAn initial development plan for the fields is expected to be ready next month, Luis said.
