Angola’s Sonangol plans to sell assets and holdings

23 July 2018

Sociedade Nacional de Combustíveis de Angola (Sonangol) is planning to sell assets and holdings it owns in various oil blocks in the country to concentrate its activity on prospecting, exploration and production of hydrocarbons, the state-owned company announced in a press release.

The company’s administration indicates that it is “strongly committed to consolidating the assumptions that should sustain the planned regeneration process for the national oil industry,” adding that “a number of measures have been considered to refocus the company, basically on its main activity.”

That main activity is “the prospecting, exploration and production of hydrocarbons, as well as other operations involving the value chain of oil as well as gas, such as refining, transportation, storage and distribution and marketing of derivatives.”

Sonangol meanwhile announced that it had extended to this coming 30 September the deadline for submitting bids for the acquisition of a participating interest and operator position in blocks 20/11 and 21/09, where it holds 40 percent stakes.

Sonangol concluded on 29 June a dispute with the American company Cobalt International Energy regarding those two blocks, with payment of US$350 million for the missing portion.

In early July Angola’s president stated during an interview with the French newspaper L’Opinion that Angolan public companies operating in the hydrocarbon sector will be included in the country’s ongoing privatisation process. (Macauhub)

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