Africa Oil & Gas: Angola’s Sonangol considers reducing stakes in oil concessions to raise funds

angola-lng
Angola LNG courtesy

Angolan state oil company Sonangol is analysing the possible reduction of its stake in each of its oil concessions, including production, said the new chairman of the state oil company’s board of directors.

Sonangol has small percentages in certain concessions and large percentages in others, such as Block 21 in which it has 100%, and the board is now asking why not sell part of these interests “to get fresh money,” said Carlos Saturnino, quoted by state newspaper Jornal de Angola.

The chairman of the company also said that while the government, namely the Ministry of Mineral Resources and Oil and the Ministry of Finance, make a decision, Sonangol “will review the activity of the subsidiaries it has, see which businesses are core and non-core as well as the companies in which it has stakes.”

“An analysis is being made of all the holdings, without exception, to determine which are the ones that will continue to exist and those that should have a higher percentage or a lower percentage and those that will cease to exist,” said Saturnino.

Banking is one of the sectors that will be analysed, given that Sonangol currently has investments in five commercial banks: Banco Angolano de Investimentos, Banco Económico, Banco Millennium Atlântico, Caixa Geral Angola and Banco de Comércio e Indústria. source: Macauhub

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