Zarubezhneft Drops Angola Plans

摘要

Russia’s state Zarubezhneft has decided against plans to develop oil fields in Angola, which it earlier considered a promising way of expanding its overseas operations. In 2006, Zarubezhneft signed a memorandum of understanding (MOU) with a consortium, which grouped Russia’s state diamond monopoly Alrosa, Angola’s Sonangol and Dark Oil companies, to jointly explore and produce oil and gas, both onshore and offshore Angola. If significant reserves were discovered, a joint venture would have been set up for the future development of the fields.