Angola: Sonangol said to have agreed to pay the debt Chevron

(AGI) - Luanda, Oct. 14 - The board of directors of the national concessionary of oil and gas, Sonangol, reported today that have an agreement for the payment of USD 300 million in debt to the American Chevron, operator of block 0, in province of Cabinda offshore. The information was given today to the media through a press release, about the news reports in recent days, pointing to an alleged ultimatum from US oil company to Sonangol, after several failed payment terms. According to the state oil company, which is at issue is the payment of the Cash Calls that block where the Sonangol is associated and Chevron operator. The debts are for the months of July, August, September and October 2016. The oil also reports that is already under analysis and processing the value of about USD 300 million. "In addition, and as set out in the contractual relationship between members, there is an agreement to pay the Cash Calls in debt, having been in liquidation about USD 200 million, with a remaining payment plan", the statement said. The Sonangol speaks in "difficult situation of the oil industry" due to the oil price decline, which "implies longer times of analysis and validation of expenses and invoices for costs and investments". He adds that under the "normal contractual compliance are regular settling of accounts between associated (oil), a common practice among partners and Sonangol". Sonangol considers debt "a perfectly normal situation in the Angolan oil industry", and that is something "already registered in the past and deserved similar treatment. Given the open atmosphere of dialogue has never been in question the loss of net revenue of oil production". Block 0, operated by Chevron (39.2%), is divided into two areas and according to the latest Ministry of Finance report on revenues from oil exports, surrendered in August to export 3,783,840 million barrels (Block 0 - Area A) and 2,666,648 million barrels (Block O - Area B), at an average price per barrel, respectively, USD 45 and USD 44. (AGI) .