Norsk Hydro is to invest more than NOK 1 billion on exploring for oil off the coast of the West African nation of Angola. According to NRK, Hydro is to become part owner of a large exploration site, in co-operation with the Angolan State Oil Company (SONANGOL). Norsk Hydro is to supply Norwegian expertice on oil exploration, and will furnish the necessary technical assistance to the project. The Angola project may become Hydro’s breakthrough as an international oil company, NRK reports.
