Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG) has signed a memorandum of understanding (MoU) with Vietnamese company Xuan Thiên Group (XTG) to explore the oil potential of the Etosha Okavango Basin.
The agreement, signed in Luanda, marks a significant step toward assessing the region’s hydrocarbon resources.
Key Highlights of the Agreement
Exploration Scope: The study will cover approximately 300,000 square kilometers in the Etosha/Okavango Basin. Seismic Data Acquisition: The project includes obtaining 2,000 kilometers of 2D seismic data over a renewable three-year period. Advanced Geological Studies: XTG will conduct geophysical, geochemical, magnetic, and gravitational studies to evaluate the basin’s oil potential.
ANPG Chairman Paulino Jerónimo described the agreement as a strategic milestone in Angola’s oil sector, reinforcing the nation’s commitment to sustainable and competitive energy development.
He emphasized that while preliminary geophysical studies were conducted in 2010, this is the first large-scale, systematic exploration of the basin.
XTG Chairman Nguyen Van Thien highlighted the agreement’s significance in strengthening economic ties between Angola and Vietnam.
He credited Angola’s pro-investment policies for attracting XTG and noted that the company sees Angola as a key location for long-term collaboration beyond oil and gas, including sectors like iron ore, energy, and agriculture.
The signing ceremony was attended by Vietnam’s Ambassador to Angola, Duong Chinh Chuc, along with officials from the Ministry of Mineral Resources, Oil, and Gas.
This agreement represents a pivotal moment in unlocking Angola’s untapped oil reserves and fostering international energy partnerships.
