Continental Focus, International Reach

Angolan President Meets with Sonangol and IOCs

Thursday, October 12, 2017

Sonangol EP and several foreign operators met with Angola’s new president, João Lourenço. The meeting follows a statement issued by the operators to President Lourenco, identifying several issues that need to be addressed that are related to their investment strategies and operations in Angola.

These issues are seen asrelevant to the continued development of the oil sector.In their statement, the oil operators identified the excess of bureaucracy in the sector as being unfavorable to the overall development of the industry.

Sonangol recently revised some of its statutes in light ofthe issues identified by the foreign operators. A hierarchical level has thus been eliminated in the approval pyramid, which will make the whole process of analysis much faster, including approvals of the operators’ dossiers.

Other critical areas for improvement have also been identified, these include: the management of the concessionaire; the review of old approval processes that have long existed within the company; and the replacement of the ex-CEO who oversaw the concessionaire’s management and the relationship with its operators.

These functions are now being carried out by two directors who guarantee full commitment to the best management practices and the appropriate treatment of the challenges to the sector.

In the meeting with President Lourenco, Sonangol’s commitment to the ultimate goal of defending and protecting the interests of the Angolan State were reaffirmed.