5 December 2017

Angola: Crude Oil Price Above U.S. 60 Satisfies Angolan Industry

Luanda — The trading of the barrel of crude oil at a price that is above USD 60,00 in the international market will boost the re-launch of this sector's industry in Angola, the president and director-general of the Total company, Patrick Pauyowné, said Monday.

Last Monday, the price of the Brent Crude per barrel in the London Futures Market was USD 62.87.

Patrick Pauyowné - who spoke to the press in the end of an audience with the Angolan Head of State, João Lourenço - said that with the rising trend of the Crude oil price new business opportunities in the sector of oil and gas come into perspective.

In the framework of the productive sector's re-launch, Total signed last Monday, in Luanda, with the state-owned National Fuel Society (Sonangol) several co-operation agreements for the exploration of new fields.

The signing of such an agreement happens at a time in which the relationship between Sonangol and Total has been improving.

On the Angolan offshore, Total operates in Bloc 32 with a 30% participation, in partnership with Sonangol, with 30% as well.

The French company Total began its activities in Angola in 1952-1953.

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