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December 07, 2007 14:21 IST
A consortium of European companies has signed up an agreement with Angolan government for exploration of its gas and oil reserves.
The consortium includes two Spanish (Gas Natural and Repsol YPF), and Portuguese companies (Galp Energia and EXEM), one Italian company (Eni) and Angolan state energy company, Sonangol.
Spanish companies have taken a joint 20 percent stake in the consortium along with Italy's Eni. Two Portuguese companies have taken a stake of 10 percent each while Angolan state energy company Sonangol, retains the remaining 40 percent stake.
Work will begin in the first quarter of 2008 on evaluating the gas reserves, and this study will decide the necessary investment to develop the reserves, which will be exported as Liquefied Natural Gas (LNG).
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