Angola considers part-flotation of Sonangol

Feb. 4, 2020
Angola plans a stock exchange listing for up to 30% of state oil company Sonangol, as part of the government’s program to restructure the country’s oil and gas sector.

Offshore staff

LUANDA, Angola – Angola plans a stock exchange listing for up to 30% of state oil company Sonangol, as part of the government’s program to restructure the country’s oil and gas sector.

Minister of Mineral Resources and Petroleum H.E. Diamantino Pedro Azevedo, speaking in London last month, said the move would allow Sonangol to raise funds for investment while at the same time increasing its competitive edge.

Further reforms on the government’s agenda include privatizing Sonangol subsidiaries that do not belong to its core business of exploration and production, providing opportunities for new entrants into Angola’s oil and gas market.

Projections suggest foreign direct investments totaling up to $10 billion over the next three years, as other companies take on support service roles previously fulfilled by the NOC.

Other ongoing initiatives are Angola’s 2020 oil and gas licensing round, marginal field development, and monetization of its gas resources.

02/04/2020

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