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The sale process may “extend for as long as it start with privatisations at lower percentages,
takes to adjust the company’s attractiveness [in depending on the attractiveness of the pro-
light of] market conditions so that it is prepared posals” received from potential investors, he
to be privatised on the national and interna- explained.
tional stock exchanges,” he added. Pongolola did not say exactly how much the
Additionally, he said that Luanda might Angolan government hoped to collect from the
not sell 30% of Sonangol all at once but might sale. According to previous reports, Sonangol’s
float shares in several smaller tranches instead. president Sebastiao Gaspar Martins has sug-
The IPO “should not necessarily start with 30% gested that the IPO may generate proceeds of
because it is a complex exercise, but it could around €5-7bn ($5.65-7.92bn).
CEO says Algeria’s Sonatrach will invest
$39bn in hydrocarbons in 2022-2026
ALGERIA ALGERIA’S state-owned oil and gas firm Algeria to push oil output up slightly
Sonatrach will invest $39bn to boost output In related news, Algeria’s Minister of Energy and
between 2022 and 2026, the company’s CEO Mines Mohamed Arkab has said that the coun-
Tewfiq Hakkar has told state TV channel try’s oil output will rise by 10,000 barrels per day
ALG24. Of the total sum, nearly $9bn will be in February of this year to reach 982,000 barrels
invested in 2022. per day (bpd).
“The largest share of these investments will The expected increase is being driven by the
be directed to exploration and production in decisions of the 24th OPEC and non-OPEC
order to maintain national production capabili- Ministerial Meeting (ONOMM), the minister
ties,” Hakkar said. added. It is in accordance with the monthly
He added that the company was currently increase plan decided in July 2021 by OPEC+,
working with its partners in Libya to create which includes oil-exporting states and allies.
safe conditions for its workers and equipment. The OPEC+ group agreed earlier to raise oil
Sonatrach abandoned its exploration activities output by 400,000 bpd in a bid to maintain the
on the Libyan side of the Algeria-Libya border stability of the global oil market. The increase is,
in 2014, owing to the deteriorating security situ- however, less than the amount desired by the US
ation in the latter country. to brake the increasing oil prices.
He also noted that, in December, Sonatrach Arkab cited the wave of contamination with
had signed a $1.4bn exploration and production the Omicron variant in many countries which
deal with Italian major Eni. The two firms aim could have an impact on the stability and bal-
to produce 45,000 barrels of oil equivalent per ance of the international oil market. He added
day (boepd) from a rich onshore field in Algeria’s that Algeria’s overall compliance rate with
Berkine basin, where the two companies have the production levels decided by OPEC + last
operated together since 2013. month had achieved 117%.
Hydrocarbons account for nearly 95% of Algeria’s average crude oil production was
Algeria’s export revenues. reported at 954,000 bpd in November 2021.
Sonatrach intends to invest about $9bn in 2022 alone (File Photo)
Week 01 05•January•2022 www. NEWSBASE .com P7
