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Lusa - Business News - Angola: Sonangol aiming for 10% share of country's oil production by 2027




Luanda, Feb.27,2020 (Lusa)–Angolan state oil company Sonangol aims to quintuple its share of production in the blocks where it operates from the current 2% by 2027, implying an increase of almost 100,000 barrels per day, the company announced today.
"One of the main goals is to reach a minimum number of 10% for Sonangol's own production in this country," said Gaspar Martins, the company’s president, at a news conference to mark the 44th anniversary of Sonangol’s founding.
In 2027, he said, Sonangol aims to become "a company of reference in the oil sector on the African continent," with it being the operator for 10% of Angola's total production.
Ricardo Van-Deste, Sonangol's CEO, said that the company currently has only 2% of production, 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 Martins, the areas in which Sonangol is involved in oil exploration through agreements with block concessionaires, or where it operates autonomously, in 2019 represented an estimated total production of 237,000 barrels per day, down 0.2% from 2018 but representing 17% of Angola's total production.

RCR/ARO // ARO.
Lusa

Agency : LUSA

Date : 2020-02-28 08:59:00







 

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