Angola: Sonangol FY profit sees 107% surge

Image: platinaline.com

Angola’s state-owned national oil company Sonangol has reported a net profit of $164 million for the year ended December 28, 2017; a 107 percent increase year-on-year.

The result of a successful OPEC strategy gave rise to a 19 percent increase in exported oil prices, contributing to the company’s profit surge, CEO Carlos Saturnino said in the company’s financial report, which was released at the end of last year.

Despite a 5 percent decrease in oil production compared to the previous year, Angola produced an average of 1,632 million barrels per day during the period, maintaining its position as Africa’s second largest oil producer.

Sonangol is undergoing a 30-month regeneration program, concentrating exclusively on upstream, middle stream and downstream and shedding most of its non-nuclear companies.

As said earlier by the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, recent investments and deals have lead to a great opportunity for upskilling, and the national oil company is taking the opportunity to invest in education through Academia Sonangol.

Endorsed by the Ministry of Mineral Resources and Petroleum, Africa Oil & Power will organize the first Angola Oil & Gas conference, which will be held on June 4-6, 2019 in Luanda. Registration is now open.