Oil & Gas

Angola's oil sector continues to draw international attention as exploration efforts persist in the search for a reliable energy supply. A recent agreement between Angola’s National Agency for Oil, Gas, and Biofuels (ANPG) and the Vietnamese energy company, Xuan Thien Group, signifies a notable step in the sector.

The agreement focuses on conducting joint research and exploration in the Itocha and Okavango basins, which are believed to hold significant oil and gas potential. This partnership highlights Angola’s ongoing appeal to global energy firms.

The agreement, marks the first major investment by a Vietnamese conglomerate in Angola’s oil sector. The signing ceremony took place at the ANPG office, with the Vietnamese Ambassador to Angola, Dong Chinh Choc, in attendance. This marks a significant milestone for Xuan Thien Group as it enters Angola’s oil industry, showcasing their commitment to expanding their energy portfolio in Africa, a continent rich in natural resources.

Xuan Thien Group, awaiting approval from the Vietnamese government, is preparing to initiate its oil project in Angola, Africa’s second-largest oil producer. The Itocha and Okavango basins, located in the provinces of Konini, Cuando, and Kubango, cover about 200,000 square kilometers, an area deemed rich in untapped oil and gas resources.

This project is particularly significant as it represents the first large-scale investment by a Vietnamese company in Angola’s oil and gas industry, signaling Xuan Thien Group’s strategic move into the global energy market.

The collaboration between Xuan Thien Group and the Angolan National Agency for Oil, Gas, and Biofuels underscores both parties' confidence in the potential of the Itocha and Okavango basins. While exploration is still in its early stages, both sides are optimistic about the future prospects.

The project is expected to boost Angola’s oil exploration efforts and contribute to economic development in the region. Additionally, the agreement reflects broader efforts to strengthen the economic ties between Vietnam and Angola, with Xuan Thien Group playing a pivotal role in fostering this bilateral cooperation.