Angola’s national oil company Sonangol has reaffirmed its plan to launch an Initial Public Offering (IPO), with 30% of the company’s shares set to become available. The partial privatization is expected to generate capital to support the company’s exploration and production projects amid efforts by the government to transform Sonangol into a competitive upstream player.
While the IPO was initially set for launch in 2022, Sonangol CEO Sebastiao Martins confirmed that the company “is taking the steps needed, at least internally, for this process to begin. For the next five years, Sonangol will continue to focus on sustainable and strategic growth, strengthening energy security and consolidating its position as a benchmark in the sector.”
Sonangol currently produces upwards of 200,000 barrels per day, supplying 5.4 million metric tons of refined products to the domestic market in 2024. The company also has a stake in 35 oil concessions, of which nine are operated.
