Angola’s debts to Western oil companies reach $1B: Report | WHAT REALLY HAPPENED

Angola’s debts to Western oil companies reach $1B: Report

Angola has accumulated around $1bn 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 blocs, three industry sources told Reuters news agency.

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.

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