Sonangol to keep 20% of future oil discoveries in Angola

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Sonangol to keep 20% of future oil discoveries in Angola

10:07 CAT | 16 Jul 2019

File: Lusa

Angola’s national oil company Sonangol will be able to have a 20% stake in future discoveries to protect it after the restructuring process, said the Minister of Mineral Resources and Oil.

Diamantino Azevedo, quoted by Bloomberg, said the goal was to compensate Sonangol after the company had “lost” its role of regulator and oilfield concessionaire to the newly created National Oil, Gas and Fuels Agency (ANPG) .

The minister, who made the remarks at the end of a visit to the 35th edition of the Luanda International Fair (Filda/2019), said that the review of the Local Content Law, which is underway, will allow national companies that provide services to the industry more efficient, with a high level of productivity and competitiveness.

Diamantino Azevedo also took part in a conference on the contribution of the oil sector to the diversification of Angola’s economy, during which he said the government intends to transform Sonangol into a competitive company that can develop its activity along the entire oil sector value chain, and dispose of many of its non-core assets.

He said that a list of 72 companies in the Sonangol group was delivered to the Institute for Assets Management and State Participation (IGAPE) ahead of being privatised.

Source: Macauhub