Interesting read(14yrs ago) on our Large partner in CUBA...

Interesting read(14yrs ago) on our Large partner in CUBA -Sonangol = 70% participating interest in Block 9

Angola's national oil company Sonangol won deals to develop two oilfields in one of Iraq's most dangerous provinces on Saturday.

Oil at Qayara has API gravity of 15, by far the lowest among the 10 fields offered at Iraq's second bidding round. Crude quality is measured in degrees of API gravity; the higher the gravity, the easier it is to refine into transport fuel.

It won the deal after revising estimates that excluded the cost of facilities to lighten the heavy oil, a senior Sonangol official said at the oil auction on Saturday."Our numbers yesterday included upgrading crude for pumping. That is not in the Iraqi number and that means we can accept $5 without upgrading," Paulino Jeronimo, Sonangol's exploration manager, said. "We just take the crude to the delivery point."Sonangol planned to lighten the crude to around 21-24 API to more easily pump it through pipelines, Jeronimo told Reuters.The company would invest about $2 billion in the Qayara field alone, he said.Sonangol targets plateau production of 120,000 barrels per day (bpd) at Qayara and 110,000 bpd at Najmah.


https://www.reuters.com/article/idUSGEE5BB0AW