The Angolan government plans to restructure national oil company Sonangol with a view to “increasing efficiency and profits,” said Wednesday in Luanda the Oil minister.
José Maria Botelho de Vasconcelos said that Sonangol would continue to focus its attention on oil exploration and production, while two new structures – an Agency and the Superior Council – would focus on regulation and management.
The agency to be created will be part of direct State administration and will be managed by the holder of executive power and the law also creates a Superior Council for Oil Sector Monitoring, which will report directly to the President.
Vasconcelos said that in the new structure of Sonangol, a restructured Sonangol EP will be the national concessionaire, responsible for managing and monitoring oil contracts.
The Agency’s responsibilities include preparatory work, negotiating the allocation of oil blocks and the administrative resolution of conflicts between the sector responsibilities of the various industry stakeholders.
As part of the changes in the organisation of the oil sector model, the Superior Council will be responsible for State shareholding companies tasked with managing the shares in Sonangol, EP.
The Oil Ministry will keep its current responsibilities subject to some adjustments to be made in the future, said the minister. (macauhub/AO)