Ver Angola

Energy

Sonangol wants to increase its own production by almost 100,000 barrels by 2027

Sonangol wants to increase production in the blocks in which it operates from the current 2 percent to 10 percent in 2027, which means an increase of almost 100,000 barrels per day, the state oil company's administration announced this Thursday.

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"One of the main goals is to reach a minimum number of 10 per cent for Sonangol's own production operated in this country," announced Gaspar Martins, chairman of the company's board of directors, at a press conference to mark the company's 44th anniversary.

In 2027, he added, Sonangol aims to become "a reference company in the oil sector on the African continent", reaching 10 percent of production as operator of the country's total production.

Ricardo Van-Deste, chairman of Sonangol's executive committee, said Sonangol currently accounts for only 2 percent of production, which is equivalent to 27,000 barrels per day.

"In 2027 we want 125,000 barrels of oil in the blocks where Sonangol operates today or wants to operate in the future," he said.

According to Gaspar Martins, the oil exploration areas in which Sonangol is involved, through agreements with oil block concessionaires or operating autonomously, represented an estimated production of 237,000 barrels per day in 2019, a drop of 0.2 percent compared to the previous year, but which today represents 17 percent of Angola's total production.