MPLA eyes billion dollar bonanza from Sonangol asset sale
The selling off of the assets of state-owned Sonangol should provide the ruling party with a huge war chest with which to fight the forthcoming elections.
With Angola's national oil output in steadily decline and threatening to fall below one million bpd, the government is changing tactic. All too aware that the industry leaders are no longer interested in its fields, the country has shifted its focus onto junior firms.
Boosted by recent successes on its home market, state-owned oil Namibian oil company Namcor is looking to expand into Angola with backing from two partners. It is hoping to take advantage of the financial difficulties currently being experienced by Sonangol, which is having to sell off some of its prize assets, including block 15/06.