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Head of Sonangol comments

on planned timeline for IPO

ANGOLA ANGOLA’S national oil company (NOC)
Sonangol will only move ahead with an initial
public offering (IPO) of 30% of its stock after
meeting certain milestones over the next five
years, according to Sebastião Gaspar Martins,
the company’s chairman and CEO.
Speaking at an industry conference in
Luanda on November 29, Martins explained
that Sonangol wanted to follow a specific plan
of action for the 2023-2027 period. Prior to the
IPO, he said, the NOC should raise the share
of total oil and gas output coming from fields
it operates to 10%, expand processing capacity
in order to reduce dependence on imported
petroleum products and also develop and build
at least one domestic petrochemical plant.
Sonangol must also improve operations on
the downstream front, he said. This will involve
increasing storage capacity, as well as expand-
ing and monetising the company’s networks for
logistics and the distribution and marketing of
refined fuels, he stated. Martins outlined Sonangol’s goals for 2023-2027 (Image: Energy Capital & Power)
Martins also noted that the NOC had set
goals on the environmental front. This includes Angolan crude production is entitled to about
launching electricity production from renewa- 210,000 barrels per day (bpd). This is equivalent
ble sources but will also encompass greater con- to approximately 20% of the total volume being
trol over harmful emissions, he said. Sonangol extracted from the country’s oilfields. However,
intends to “reduce by at least 20% [its] emissions nearly all of these barrels come from sites that
of carbon dioxide in exploration and production are operated by other oil companies, and the
operations, as well as in refining,” he declared. NOC will have to work to raise its operated share
The NOC has also identified “increasing to 10%.
carbon capture with the implementation of According to Martins, the company has
our Sonangol Carbono Azul project, including plans to do so and is also working to raise its
mangrove plantations, optimising organisa- refining capacity. In his speech, he drew atten-
tional development and investing in human and tion to Sonangol’s investments in three ongo-
technological capital to increase the company’s ing downstream projects that will eventually
productivity” as priorities, he added. raise the country’s total oil-processing capac-
Once the company manages to meet all of ity by 425,000 bpd. Additionally, he noted that
these targets, he said, it will be eligible to proceed the NOC had arranged to add “580,000 cubic
with the IPO. metres in distribution infrastructure to meet
Currently, he added, Sonangol’s share of current and future demand.” ™

OGTAU asks Kampala for more funding

UGANDA THE Oil and Gas Trainers Association of rallying its entire membership and partners such
Uganda (OGTAU) has asked the government as TotalEnergies Uganda to raise enough funds
and its development partners for more funding to run its activities. “The government needs to
to strengthen its capacity. come in and strengthen areas that are still lack-
Bernard Ongodia, chairperson of OGTAU ing, especially with procurement of training
and the principal of Uganda Petroleum Insti- facilities and infrastructure development,” he
tute Kigumba (UPIK), said the association was was quoted as saying by The Monitor.

P8 www. NEWSBASE .com Week 48 01•December•2022