new millenium resources ltd, page-48

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Covert arms purchases financed by oil revenues were also a concern during this period.

International oil prices fell sharply in 1998, leaving the Angolan government short of cash. But approximately U.S. $870 million in funds generated by signature bonus payments on oil exploration and offshore deepwater concession Blocks Thirty-One, Thirty-Two, and Thirty-Three
were used by the government to pay for its weapons purchases. These funds were earmarked for
the "war effort," according to the Angolan Foreign Minister.45 The multinational oil companies
BP, Exxon-Mobil, and Elf are heavily invested in these blocks, principally because only the large
oil majors have the technical expertise and investment capital to develop these technically challenging and expensive deepwater concessions.


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