Sonangol celebrates 45 Years in Service of Angola (By Charné Hundermark)

Africa Oil & Power congratulates Angola’s Sonangol for 45 years in operation

LUANDA, Angola, March 8, 2021/ — By Charné Hundermark, Southern And East Africa Editor

Africa Oil & Power (www.AfricaOilAndPower.com) would like to congratulate Sonangol on reaching the impressive milestone of 45 years in operation. The Angolan state-owned oil company has been operating since 1976, and despite experiencing 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 building a reputation as Africa’s leading national oil company.

The Minister of Mineral Resources, Petroleum and Gas, H.E. Diamantino Azevedo, stated that Sonangol has contributed to the growth and sustainability of the country’s petroleum industry – thereby guaranteeing a greater return for the state – and has supported the participation of companies and national staff in the sector’s activities. Sonangol has been a major contributor to the socio-economic development of Angola.

More recent achievements include the implementation of a series of reforms intended to further boost sectoral success and focus Sonangol’s activities on its specific value chain. By restructuring both 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 of directors recently announced that the company saved, in 2020, $1.441 billion, in which the restructuring was a key determinant, allowing the country to significantly reduce fuel imports.

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