Petroleum Africa
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Monday, July 10, 2017
Angola’s state-run oil and gas firm Sonangol, despite the continuing low per barrel price of crude reported a pre-tax profit of $3.16 billion for 2016. According to reports, the figures for 2016 were an increase of $800,000 over the previous year.
The announcement of the increase came from Sonangol CEO, Isobel dos Santos, who said the results reflect the market recovery seen in the previous year and efforts by the company to keep things afloat in the current industry environment. At the time dos Santos took on the office of CEO a broad restructuring policy was put in place. These measures enabled Sonangol to use external assistance in the financial, legal, strategic and human resources areas.
Dos Santos welcomed the fact that domestic crude oil production has surpassed 1.7 million bpd. Angola held on to the title of number one African producer for a number of months as Nigeria struggled to keep production online.
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