Angola’s Sonangol end 2019 with net debt of US$1.254 billion

28 February 2020

Angolan state oil company Sonangol had a net debt of US$1.254 billion at the end of 2019, a drop of 53% compared with the amount recorded a year before, said on Thursday in Luanda the chairman of the state company.

Sebastiao Martins, quoted by the Angop news agency, also said that the company’s liabilities, of US$5.034 billion, are sustainable, and are also related to financing of around US$2 billion.

The chairman of the state company said that in 2019 Sonangol reduced operating costs by about 5.0%, allowing it to achieve a positive EBITDA of US$5.249 billion.

During the press conference held in the Angolan capital, Martins said the company had invested US$2 million last year in improving its computer and information technology systems.

He added that the security level of the computer system was very low, standing at 1.5 of a possible five, which had allowed an attack that took place on 5 June 2019.

“As a result, information on the billing system disappeared, which forced the company to invest to increase the level of security of the computer system, which went from a level of 1.5 to 2.5, although the goal is to achieve a level of 4,” said the Sonangol chairman.

At the same press meeting, Martins said the board planned to turn Sonangol into a benchmark in Africa by 2027 and to be responsible for 10% of national production, increasing production from the current 27,000 barrels per day to 120,000.

The national oil company currently has a production quota of 2.0% of the total production in the country, estimated at 1.4 million barrels per day, but the new management intends, on the basis of the Strategic Plan of Exploration and Production for 2020-2027, to change this situation. (macauhub)