In a bid to lure investment back into its oil and gas sector, Angola’s national oil company, Sonangol, is focusing on its core business by divesting 52 joint ventures and reducing staff, chairman Carlos Saturnino said last week.
Saturnino was appointed as chairman in September 2017 to reform Sonangol and revive the country’s oil and gas sector.
“Sonangol wants to become an oil company of reference in the African continent. This is a major change for us,” he said, adding that the objective was to make Sonangol more robust and agile.
He noted that a lack of systematic project approvals led to a backlog of around $5-billion in projects between 2015 and 2017; however, the number of projects gaining approval was increasing.
Sonangol has, meanwhile, analyzed oil blocks with French oil major Total and Italian multinational oil and gas company ENI, and has also held talks and signed initial agreements with Exxon Mobil.
Saturnino further said that Sonangol has met with Shell to see its return to Angola.
“We have 10 to 12 potential blocks up for exploration in Angola so the potential is there,” he said.