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Sonangol celebrates 45 years in the service of Angola (By Charné Hundermark)

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By Charné Hundermark, Editor for Southern and Eastern Africa

Africa Oil & Power (www.AfricaOilAndPower.com) would like to congratulate Sonangol for reaching the impressive milestone of 45 years of operation. The Angolan state-owned oil company has been operating since 1976 and, despite its political and economic challenges, the company has remained resilient and has helped transform the country’s oil and gas sector into a global success story, while also building a reputation as a leader in Africa. national oil company.

The Minister of Mineral Resources, Oil and Gas, SE Diamantino Azevedo, said that Sonangol has contributed to the growth and sustainability of the country’s oil industry – thus ensuring better performance for the state – and supported the participation of enterprises and national personnel in the activities of the sector. Sonangol has been a major contributor to the socio-economic development of Angola.

More recent achievements include the implementation of a series of reforms aimed at further boosting sector success and focusing Sonangol’s activities on its specific value chain. By restructuring Sonangol and the sector and transferring the concessionary function to the National Oil, Gas and Biofuels Agency (ANPG), Sonangol was able to become more profitable and efficient. Sonangol’s board recently announced that the company had saved $ 1.441 billion in 2020, of which restructuring was a key determinant, allowing the country to significantly reduce its fuel imports.

As the African continent emerges from the impacts of the COVID-19 pandemic and oil prices stabilize, Sonangol is prioritizing increasing production capacity, strengthening international involvement in the hydrocarbon sector and strengthens its central role in the national production of hydrocarbons.

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