Ver Angola

Energy

Sonangol: “We are looking for exploration and production partners to increase production. We have the resources”

Osvaldo A. Inácio, member of Sonangol's Executive Board, said that the company is looking for partners in order to increase production. The official emphasized that they have the “resources on the ground”, and all that is needed is “pumping to boost the growth of the industry”.

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According to a statement sent to VerAngola, the position was expressed during a presentation and a discussion panel held at the 'Invest in Angola side' event held on the second day of the African Energy Week (AEW) conference in Cape Town, where the responsible exposed investment opportunities in the national oil and gas industry, as well as "Sonangol as a reliable partner for global investors looking for massive and sustainable returns in energy investments".

According to Osvaldo A. Inácio, the company, which has reformed its "mission, vision and values ​​to ensure the sustainable development of the Angolan energy sector to boost resource development and monetization for energy security and economic growth", translates into in the perfect company to establish partnerships with investors looking to bet on a stable energy market and a political environment.

"We played a crucial role in positioning Angola as Africa's largest producer of crude oil, with Sonangol holding 17.5 percent of the country's total production and securing 4.2 million tonnes of refined products to meet local demand. We have great goals, our ambition is to increase production, monetization and development of gas and create Angola as a regional refining centre," he said.

"With the objectives we have set, we are looking for exploration and production partners to increase production. We have the resources on the ground, we just need to pump to drive the growth of the industry," he added.

He also took the opportunity to mention the energy transition: "As for the energy transition, it is there, but it needs to be done in a fair and just way, so we need to continue investing in exploration, but in a cleaner way. Opportunities for those interested in investing in exploration include blocks 406 and 506, where we have stakes available to grab," he said, quoted in the note.

Speaking about opportunities in the gas industry, while the flagship oil company "seeks to become a key player to support local consumption and exports", the official reviewed some projects that the oil company has in progress.

Thus, he highlighted the fact that Sonangol has signed a new gas concession, in which it has a large stake, and that it is looking for partners and investors to accelerate development.

"The country is open to investment in gas, even in solar energy, and we invite investors. We have moved on to develop gas in Opaya, on the north side of the country, where we are building a fertilizer factory that will use the gas to We are participants in the New Gas Consortium and partners in the Sanha Lean Gas Project", he said.

"Angola has been importing a lot of refined products and we want to change that, which is why we have three refinery projects currently underway. Lobito will be a game changer for the country where we are looking for investors interested in joining us We are taking on partners as we go along to avoid delays. The three refineries will add up to a total of 450,000 barrels of energy per day, which means there will be room for exports across the region. We are also discussing pipelines with regional countries. a good conversation with Afreximbank about the financing of these projects", he added, quoted in the note.

He also mentioned Sonangol's renewable energy strategy: "We are still not giving up on oil, not just for now we will go to gas and move to renewable energy to fight energy poverty in the country and boost economic growth. We plan to develop 1000 MW of renewable energies by 2030".

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