The Angolan government will create a National Oil and Gas Agency (ANPG), which will take on the role of the national concessionaire in place of state oil company Sonangol, the Minister of Mining Resources and Oil announced on Wednesday in Luanda.
The new entity in the sector, which is a result of the inter-ministerial working group set up by Presidential Decree 307/17 of 21 December to update the oil sector model, “will ensure greater political coordination and eliminate conflicts of interest,” said Diamantino Azevedo.
The new model will allow the agency to focus on the relaunch of projects that, in the short and long term, will increase reserves as well as the production of hydrocarbons.
The implementation of the new model was split into three stages, the first one, (until December 2018) involves preparation for the transition, the second (January-June 2019) the transition itself and the third (July 2019 to December 2020) focusing on optimisation and completion of the new model.
Based on the new model, Sonangol’s will focus on the exploration and production of crude oil and natural gas, refining and liquefaction of gas, export and logistics and distribution of refined products and petrochemicals.
The process of restructuring Sonangol, called the “Regeneration Programme” will be made public soon.
Crude oil production, after a period of rapid growth until 2008, when it reached an average of 1.9 million barrels per day, has been declining and now stands at 1.5 million barrels per day. (source: macauhub)