Africa Oil & Gas: Sonangol Selling off Blocks to solve its lagging revenues issue

Sonangol buildings
Isabel dos Santos was appointed to chair Sonangol last June

Angola’s state-run oil and gas firm, Sonangol, is planning to sell off its stakes in two oil blocks to help bolster its lagging revenues. According to company chief executive, Carlos Saturnino, to recover from the crisis that has hit its revenue hard, it is preparing to sell its stake in blocks 21/09 and 20/11.

An international tender should be launched soon to receive the offers on these prolific blocks that had been the subject of a drawn-out battle between US independent Cobalt International Energy and Sonangol. The quarrel ended when Sonangol purchased a 40% stake in the blocks from Cobalt for $500 million in December 2017.

Currently, Sonangol holds a 70% share in both blocks.

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