Government of Angola plans to reorganise the oil sector

26 October 2015

The President of the Republic of Angola on Friday set up a commission to study the readjustment of the organisation of the oil sector to develop an integrated and effective strategy to improve efficiency of the Angolan oil sector.

According to Angolan news agency Angop the commission includes the ministers of State and Chief of Staff, Planning and Regional Development, Finance, Economy, Oil, the Governor of the National Bank of Angola, Sonangol EP and the Secretary of the President of the Republic for Economic Affairs.

The commission is entrusted with preparing a diagnostic study on the situation of the oil sector, identifying operational opportunities, quantifying the potential improvement of Sonangol EP and the best organisational model for the National Oil and Gas Industry.

Alongside the creation of the commission public company Sonangol will be restructured, as announced on 15 October by the government.

Crude oil export revenues of Angolan oil company Sonangol fell 44 percent in September over the same month of 2014.

According to a report from the Ministry of Finance Sonangol’s revenue from the sale of oil abroad was 82.2 billion kwanzas in September while in the same month of 2014 revenues totalled 147.1 billion kwanzas.

In the first nine months of 2015 Sonangol’s revenues totalled 717.2 billion kwanzas.

In the whole of 2014 Sonangol’s revenues reached 1.87 trillion kwanzas. (macauhub/AO)