Petroleum Africa
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Wednesday, July 25, 2018
Sonangol, Angola’s state-run oil and gas firm, in response to recent news items in the Angolan press that Sonangol was selling off its holdings in the exploration and production arena to pay off its debts and become a straight crude marketing firm issued a statement partially denying the reports.
Sonangol said in its statement that it was “strongly committed” to bringing the company back to its original mandate. To this end, a series of measures have been considered that, once implemented, should direct Sonangol, essentially, to its core business, that is to say, fundamentally ensuring that its focus is the exploration and production of hydrocarbons. The statement also included other activities in the oil and gas value chain, such as the refining, transportation, storage and distribution and marketing of oil and gas derivatives.
Under this objective, some of the ongoing actions involve the sale of all or part of the participatory interests held by the company in oil blocks as well as other assets in order to leverage new initiatives in order to achieve efficiency gains and increase in profitability, and these acts, in no way contradict the aforementioned purposes, nor do they undermine the vision and mission of the state-run firm.
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