Angolan oil minister
José Maria Botelho
de Vasconcelos
Luanda, Angola — 28 June 2013 – The oil ministers of Angola and Namibia have signed an agreement that will establish a framework for cooperation between the two southern African countries in the oil and natural gas sectors.

Macauhub News Agency quotes the Angop news agency as reporting that the agreement “’ signed by ministers José Maria Botelho de Vasconcelos and Isak Katali “’ came into force immediately, will be valid for three years, and will be automatically renewable for another three years if neither party objects.

It also includes sale of crude oil, liquid natural gas and other oil products, and construction of exploration, production and refinery facilities for oil from Angola, Namibia and other countries. The agreement also covers studies for joint projects or projects with other partners that are of common interest.

José Maria Botelho de Vasconcelos said that the oil and natural gas memorandum of understanding opened the way for deals between businesspeople in the private sector in both countries.

Cooperation between the two countries already includes a geological and geophysical survey carried out by Sonangol and its Namibian counterpart in the Etosha basin, near the border between the two countries. This has made it possible for them to share information and discover the potential for oil and gas in the region.

Source: Macauhub News Agency. For more information, click here.