Angolan company withdraw from oil fields in Iraq

Sonangol won in 2009, the right to manage the petroleum fields of Qayyarah and al-Najma in Nineveh province in northwestern Iraq, where insurgents are active .

The United Nations said that the violence in Iraq escalated to its highest level in five years in 2013 as nearly nine thousand people were killed, mostly civilians .

Annabella Fonseca , member board of Sonangol and responsible for international investments said at a press conference followed by " Shafaq News " , that " we are working in Iraq as an operator in a region where conflict rages in it. We were not able last year to carry out any work because of the security situation ... so we decided to leave”.

She added that the company had declared a state of force majeure last year, which was accepted by the Iraqi government in light of rising expenses, while Sonangol has failed to develop the two fields.

The estimated oil reserves in Qayyarah field is about 800 million barrels and in al-Najma field about 900 million barrels , Sonangol 's share amounts to 75 percent in the two fields.

Fonseca said that technician and an independent financial checking is currently taking place so that Sonangol can finish their operations without violating any contractual obligations on its part towards the Iraqi government.