03 December 2024
03 December 2024
This agreement is set to enhance the efficiency of energy resource utilisation and minimise costs.
The Erawin oilfield is thought to hold some of the largest reserves in Africa.
China imported a record 71 million tonnes (mt) of liquefied natural gas (LNG) in 2023, reflecting strong demand for the fuel.
The project, set to be sanctioned next year, follows an investment in the Ubeta onshore field.
A total of 17.2trn ($3.9trn pesos), or 52% of the budget, will be directed towards crude oil investments, with 12% allocated for gas investments.
This acquisition also includes a 0.737% stake in the Baku Tbilisi Ceyhan (BTC) pipeline company.
Half of the responses indicated that investments from their respective companies will go up.
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