Africa Oil & Gas: Joao Lourenco approves Sonangol restructuring programme

The President of Angola has approved the restructuring program of Angolan national oil and fuel company, Sonangol, which is part of the project to reorganise the oil sector, said the Civil House of the President of the Republic.

The statement issued on Wednesday said the measure aims to find solutions capable of contributing to the sustainability and growth of the oil industry in Angola, making Sonangol more competitive and profitable.

To contribute to the improvement of the performance of the oil sector in Angola, to boost and intensify activity to replace reserves and increase oil and gas production in the medium and long term, as well as to promote the exploration, research, development and production of natural gas to guarantee its availability for internal use and export, are also included in the objectives.

The measure is also intended to increase domestic crude oil production, boosting the role of research and production unit Sonangol Pesquisa e Produção to make it more efficient and encourage the development of a robust national industry to support the oil sector.

The programme will increase domestic refining capacity to reduce dependence on imports and consolidate the integration of refining, transport, storage and sale of refined products, with a focus on fuel efficiency and liberalisation of the fuel market. (macauhub)

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