Monday , May 29 2023

Sonangol launches today the state oil regeneration program


A The opening ceremony of the program takes place at the Institute of Technology and Science at ISPTEC in Talatona, Luanda South, and will be attended by Sonangol's Chairman, Carlos Saturnino.

On August 15, João Lourenço decided to set up the National Petroleum and Gas Service (ANPG), thereby abolishing the monopoly of the Angolan oil company Sonangol, whose sole objective is the hydrocarbon sector.

The decision was jointly announced by Angolan oil and minerals ministers, Diamantino Azevedo, and Finance, Archer Mangueira, to present the results of the Oil Industry Restructuring Group set up on 21 December 2017 by Decree of the President of the Angola.

Eleven days later, on August 26, João Lourenço approved the restructuring plan of Angola's state-owned oil company, explaining that the measure also aims to find solutions capable of contributing to the viability of the oil industry in Angola, focusing mainly on its focus.

According to the document, the program aims to make Sonangol "more competitive and profitable" by focusing on the primary value chain, respecting international standards of quality, health, safety and the environment, contributing to improving the performance of the oil sector in Angola and strengthen and intensify the activity of replacing stocks and increasing hydrocarbon production in the medium and long term.

The program also aims to promote research, research, development and gas production to ensure domestic and export availability and to increase the share of domestic crude oil production by reinforcing the role of Sonangol Research Production , making it more effective.

On the other hand, it is also intended to promote and encourage the development of a "strong industry to support the oil industry", to increase domestic refining capacity to reduce dependence on imports.

In order to consolidate the refining, transport, storage and commercialization of refined products with a focus on promoting efficiency and liberalization of the fuel market and optimizing the organizational development of human and technological capital to increase Sonangol's productivity, targets.

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

At the same time, in August and another decree, João Lourenço also set up an inter-ministerial committee to monitor the repatriation of the Oil Agency, coordinated by Angola's Minister of Mines and Petroleum Resources, Diamantino Azevedo.

In the decree, João Lourenço states that the commission will enter into force by 31 December 2020 and that it will be required to submit quarterly reports on the activities of the President of the Republic.

Also, in announcing the creation of the new agency, the government explained that the main objective of the proposed model is to stop the conflict of interests in Angola's industry in order to make it "more transparent and effective".

"The restructuring of Sonangol means reducing its exposure to non-nuclear enterprises in the context of industrial restructuring, which clearly defines the separation of the group's business lines (?), Focusing on oil activities, production, refining and distribution, "said Angola's Economy Minister, Archer Mangueira.

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