Angola’s secretary of State for Oil and Gas, José Barroso, said last week that Sonangol had become more dynamic and organised with the ongoing regeneration process.
Barroso said that the regeneration process saw the emergence of a more agile Sonangol (National Fuel Society) that was better prepared to implement projects and programmes in the Upstream (exploration, drilling and production), midstream (refining) and downstream (transport, distribution and commercialisation), within the framework of the migration of a large part of its “non-core” assets.
Speaking in a press conference held as part of the 47th anniversary of the state-owned oil company, Barroso said the same process has made it possible to redefine the company’s organisational model, which was based on an entrepreneurial vision, while preparing to put part of its capital in the stock exchange, based on best international practices.
“We are convinced that the impact that our national oil company has had and will continue to have in the implementation and development of socio-economic projects in several areas of the economy is unique and deserves to be highlighted”, Barroso said.
The official added that the restructuring of the oil sector over the last few years led Sonangol to focus on carrying out its business across the sector’s value chain, at a national and international level, with a national and international vision, based on the Angolan government’s strategy for consolidation of the oil and gas sector.
He underscored that in terms of upstream exploitation the national company approved and should focus on implementing the exploration and production strategy, with the aim to increase its operating quota to 10 percent by 2027, which is currently around 2 percent.
The official added that the Sonangol will have to invest in exploration and development in new fields, while it continues production and revitalisation of existing oil and gas fields in already operated blocks.
In midstream and downstream, the official underscored Sonangol’s involvement in refining projects to implement the government’s strategy to achieve fuel self-sufficiency by 2027.
For this purpose the Cabinda, Soyo and Lobito refineries inaugurated in 2022 are expected to contribute a lot, as well as the Luanda Refinery Complex with capacity for 1.5 million barrels per day is opened in mid-2022.
Barroso also mentioned other achievements by the national oil company, such as the increasing fuel storage capacity with the execution of the Barra do Dande Ocean Terminal project, which plans to store more than 580,000 cubic metres in its first phase.