Ver Angola


State oil company records operating results of 4.9 billion dollars in 2022

The oil company Sonangol recorded operating results of 4.9 billion dollars and a “greater volume” of business of around 12.6 billion dollars in 2022.


The accounts of the state-owned oil company, referring to the financial year 2022, were presented this Friday, in Luanda, at a press conference alluding to its 47th anniversary.

According to the oil company, the volume of business carried out in the period represented a 46 percent increase in investments and a reduction in debt with its suppliers.

"These results result, fundamentally, from the combination of sales of crude oil and refined products, associated with a positive evolution of barrel prices in the international market", refers in a statement.

This was the highest annual turnover that Sonangol recorded since it transferred the concessionaire function to ANPG - National Agency of Petroleum, Gas and Biofuels, adds the note.

The balance of a year in which the company "fully complied" with all international agreements, presents, on the other hand, the "record of increased consumption levels of refined products to 4.5 million metric tons, corresponding to 18 percent above consumption in 2021", essentially resulting from the return of economic activity.

According to the results, in operational terms, Sonangol's presence in 35 oil concessions, nine operations at national level, which guaranteed around 18 percent of the share of national production, should also be highlighted.

There was a record of "increase in exploration activity", with the drilling of 42 wells, of which four are in exploration, 25 'infill', drilled in an area not drained by existing wells and 13 under development, having identified 210 million barrels of prospective resources.

The oil company, in the balance of actions carried out last year, also highlighted the signing of a memorandum of understanding with Quanten Consortium Angola, for the investment and development of the Soyo refinery with a nominal capacity of 200,000 barrels of oil/day.

In the field of renewable energies, Sonangol signed the contract for the acquisition of energy from the photovoltaic plant in Caraculo, in the province of Namibe, with a degree of physical execution of the project of 90 percent, corresponding to a production capacity of 25 megawatts, in the first phase, with entry into operation expected in the first quarter of 2023.

"Equally noteworthy is the memorandum of understanding with the German companies Gauff and Joint, for the construction and operation of a plant for green hydrogen and derivatives, with an expected production capacity of 280,000 tons per year of green ammonia", he pointed out.

In terms of exploration and production, the company said it had registered a change from two wells drilled in 2021 to four, from six to 25 in 'infill' wells (mesh refinement wells), and from 11 to 13 in development wells.

In the Kon 11 and Kon 12 blocks, the mapping and unification of the six completed horizons was carried out and the first well is expected to be drilled during this year. Still in the operated blocks, there was the development of marginal discoveries in blocks 3/05A and 4/05, with seismic processing and quantitative interpretation concluded in blocks 5/06 and 27, he added.

Management also considered as a "remarkable milestone", in 2023, the integration of the company as an effective member of the National Coordination Committee for the implementation of the Extractive Industries Transparency Initiative (EITI) and the launch of the project to prepare the first ESG (Social Governance and Environment) report.


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