Ver Angola

Energy

Sonangol improves accounts and returns to positive results in 2021

Sonangol ended 2021 with operating results of around US$3.357 billion and “certainly” will close the year with positive results, the president of the state oil company announced this Friday.

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Sebastião Gaspar Martins presented preliminary data on the oil company's performance last year at a press conference in Luanda, noting that the estimated financial result of US$3.357 billion and the prospect of positive net results in 2021.

To this end, Gaspar Martins pointed out, the recovery of the price of a barrel of oil in the international market, the operational stability of the company and the reduction of costs were decisive.

Not wanting to anticipate the expected net result at the end of 2021, the President of Sonangol said that it will be "surely" positive.

"We are in a process of provisional results, which will undergo an audit process and we will then make the final result known. It will certainly be positive, I can guarantee that", highlighted the official.

Oil company Sonangol ended 2020 with a negative net result of 2.5 billion euros, reflecting the drastic reduction in oil revenues and the impact of covid-19.

Operating results stood at 2.2 billion dollars, allowing us to maintain positive equity at 9 billion dollars a and financial capacity to continue operations.

The operating result (EBITDA) achieved in 2021 allowed Sonangol to fully comply with all international financial agreements, added Gaspar Martins.

Total financial debt declined by 2 percent from 4224 million dollars in 2020 to 4119 in 2021 and debt service decreased by 4 percent from 1760 to 1683 million dollars. Prices of Angolan vines increased by 74 percent, from 40.72 to 71 dollars.

In addition to the recovery of financial results, the chairman of Sonangol also highlighted the progress in operational terms, in terms of exploration and production, namely the partial sale of participating interests in oil blocks (Blocos 3/05, 4/05, 5/06, 15/06, 18, 23, 27 and 31) and Sonangol's entry into Blocks 15 and 17, with 10 and 5 percent participating interest, respectively.

In 2021, exploration activity was resumed in order to reverse the decline that has been registered, with two new exploration wells and three under evaluation.

Nevertheless, production, which represents 18.4 percent of Angolan oil, dropped from 237,414 barrels/day in 2020 to 208,227 in 2021 (-12.3 percent), a reduction that reflects the lack of investment in the industry in years previous years and the natural decline of reservoirs.

There was also progress at the level of refineries, Gaspar Martins continued.

During 2021, 3.8 million metric tons (MT) of refined products were sold on the domestic market, 14 percent more than in 2020, an increase associated with the gradual recovery of economic activity with the lifting of restrictions imposed by the covid-19 pandemic.

The president of Sonangol predicts for this year an increase in the amount of gasoline to be refined at the Luanda refinery. “As of May 2022, we will start testing and then start producing more gasoline, which will contribute to a decrease in imports,” he said.

As for the Cabinda refinery, the first phase is expected to start operating as early as 2022 or early 2023, with decisions also being made regarding future investors in the Lobito refinery, which received five proposals, later this year.

Gaspar Martins also highlighted the relaunch of the construction of the Barra do Dande ocean terminal, which is already at an advanced stage of construction and which will guarantee availability for the country's strategic reserves.

In the field of renewable energies, Sonangol highlighted the start of the construction of two photovoltaic plants in Namibe and Huíla.

The president of the oil company added that the company decided to keep its focus on hydrocarbons “and use this funding base to continue this journey towards cleaner energies”, with a view to 1000 megawatts produced through renewable energy by 2030.

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