Angola: Sonangol to Maximize Drilling Vessels Profitability

Algeria

· Extols Partnership with ExxonMobil

Angola’s State-run Oil Company “Sonangol” has announced plans to restructure the operations of its two drilling oil vessels with the aim of making it more profitable.

In a press release, the company announced that it would be partnering international partners on the development of a new business model to operate the two drilling vessels bought in South Korea.

The restructuring the company noted, would include the completion of the financing process, selection of the technology partners and identifying new production opportunities.

These stages have been communicated and discussed with the international oil companies operating in Angola: Esso, Chevron, BP, Eni and Total, the source added.

The transformation process underway since July 2016, which is cross-cutting issue in the entire company, allows the creation of a more favourable business environment, reduces production costs and ensures access to lower sized reserves.

According to the communiqué, there are conditions for better utilisation of resources through excellent operating practices accordingly with the highest international standards.

The start-up of the drilling vessels will be carried out in accordance with the rules of Compliance, Decree 48/06.

This also includes a Memorandum of Understanding between Sonangol and the international companies with the objective to set a daily competitive tariff and Indexed to the average prices practiced in the international market.

Meanwhile at the sidelines of the Ceraweek event, in Houston Texas, which is one of the most important meetings of the oil industry and which is attended by CEOs of the world’s main oil firms, Sonagol’s Chief Executive Officer (CEO), Isabel dos Santos commended the management of ExxonMobil for embodying professionalism in various aspects of cooperation with Sonagol.

Speaking to the press, in the end of a meeting with her ExxonMobil counterpart, Darren Woods, the Sonangol CEO highlighted the work being done by the American company in Angola.

She said that the meeting served to analysed different aspects relating to co-operation in the crude-oil sector, with some focus on costs reduction.

Isabel dos Santos emphasised also the fact that ExxonMobil operating in Angola, in Blocks 15 and 32 exploration areas, is one of the world’s greatest oil producers.

In view of this, she noted that ExxonMobil is establishing a long term partnership with Sonangol.

“It is true, ExxonMobil today is one of the most efficient operators in Angola”, she stressed.

According to Isabel dos Santos, the meeting was also used for the analysis of new business opportunities, new business deals and the definition of possible new investment areas.

Isabel dos Santos also lauded the Ceraweek event for being a good forum for the identification of new businesses.

“ Here (Ceraweek event) we not only discuss the future vision but also matters relating to prices, operations, technologies and others, since this is a very important platform for the creation of new businesses, new relations and attraction of investors”, she explained.

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