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Sonangol considers Iraq exit amidst security woes

After numerous attacks on facilities and personnel, the Angolan state company appears to be pulling back from its Qaiyarah and Najmah oil field projects.
Well No. 74 burns in the Qayarah oil field following an April 5, 2013, attack on the field. (STAFF/Iraq Oil Report)

Angolan state oil company Sonangol, whose oil field development projects in southern Ninewa province have been plagued by security problems, is considering options for ending its work in Iraq.

Numerous officials familiar with Sonangol's decision making have confirmed that the company is evaluating the possibility of declaring force majeure at Qaiyarah and Najmah, two oil fields awarded in the December 2009 bidding round in Baghdad. The company is also weighing whether to abandon the projects even without invoking force majeure, potentially losing the money it has already invested.

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