Tuesday , June 22 2021

Sonangol launches a national oil recovery program today



A The ceremony for launching this program will take place at the Polytechnic Institute of Technology and Science (ISPTEC) in Talaton, Southwestern Luanda, and will be attended by Carlos Saturnino, Chairman of the Sonangol Board of Directors.

On August 15, João Lourenço decided to set up a National Oil and Gas Agency (ANPG), thus terminating the monopoly of the Angangan oil company Sonangol, which aims to focus solely on the hydrocarbon sector.

The decision was jointly announced by Angolan Oil and Mineral Resources Minister Diamantino Azevedo and Finance Archer Mangueira, who presented the results of the Oil Industry Restructuring Group, which was established on December 21, 2017, with the Angolan Presidential Decree.

After eleven days, on August 26, João Lourenço approved the Angolan oil company's restructuring program, explaining that the event also aims to find solutions that could contribute to the sustainability of the Angolan oil sector, with a focus on its concentration.

According to the document, the program aims to make Sonangol "more competitive and profitable" by focusing on the primary value chain in compliance with international quality, health, safety and environmental standards in order to help improve the oil industry in Angola and to intensify and intensify its activities to replace reserves and increase hydrocarbon production in the medium and long term.

The program also aims at promoting natural gas exploration, research, development and production, in order to ensure availability for domestic use and export, and to increase domestic crude oil production, reinforcing Sonangol Research and Production, making it more effective.

On the other hand, it is also intended to promote and promote "strong industry development support for the oil industry" in order to increase domestic refineries to reduce import dependency.

In order to consolidate the integration of refining, transport, storage and commercialization of refinery products, focusing on promoting the efficiency and liberalization of the fuel market and optimizing the organizational development of human resources and technology capital in order to increase the productivity of Sonangol, the others have two other objectives.

In the first of three implementation periods, the new agency will transfer Sonangol assets to the ANPG – the transition (until December of this year), the transition (from January to June 2019 and optimization and transition (July) from 2019 to December 2020).

At the same time in August and another decree, João Lourenço also adopted an inter-ministerial commission for the repatriation of the oil sector organization, coordinated by Diamantino Azevedo, Minister of Mineral Resources and Oil Resources of Angola.

Joao Lourenço's decree indicates that the commission will be in force by December 31, 2020, and will have to submit quarterly reports to the President of the Republic on the actions taken.

Also at the time when the new agency was announced, the government explained that the main objective of the proposed model is to put an end to the conflict of interest in the Angolan industry in order to make it "more transparent and effective".

"The restructuring of Sonangol includes a non-nuclear industry risk reduction within the sector's restructuring, which clearly defines segmentation of the company's business lines (?), Focusing on operations in the oil sector, production, refining and distribution," said Angers' economic minister Archer Mangjura.

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