Environment

Reuters exclusively reports Angola’s oilfield debts to energy majors hit $1 billion

Reuters exclusively reported that Angola has accumulated around $1 billion in debt to Western oil companies operating its oilfields, with the bill prompting the African country’s recently launched sale of stakes in its flagship offshore blocks. The magnitude of the debt, built up over several years, is a sign of deepening financial woes at state oil giant Sonangol, one of Africa’s largest companies, due to underinvestment in declining offshore fields that worsened during the COVID-19 pandemic.

Article Tags
Topics of Interest: Environment
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Europe / Middle East / Africa
Countries: Angola
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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