Page 7 - AfrOil Week 41 2021

AfrOil INVESTMENT AfrOil

One of the two new blocks surrounds the Dussafu licence area Photo: BW Energy)
It explained that the partners intended to “col- BW Energy, most within tie-back distance of
laborate on implementing safe, efficient and existing infrastructure with the potential for
cost-effective operations and leverage the sub- rapid value creation from future discoveries,”
surface and production learnings from Etame he said. “As we prepare for additional produc-
and Dussafu to deliver competitive solutions for tion coming online from our Hibiscus/Ruche
the exploration, development and monetisation project in 2022, these licence awards, combined
of Gabon’s oil and gas resources.” with our ongoing development projects, fur-
Carl W. Arnet, BW Energy’s CEO, spoke ther demonstrate BW Energy’s commitment
similarly. to Gabon and to our ambitions of growing both
“These blocks are situated in core areas for production and cash flow.” ™

Angolan oil minister says more time is

needed to prepare Sonangol for listing

ANGOLA ANGOLA’S Minister of Mineral Resources and projects, he added.
Petroleum Diamantino Azevedo has said that “The process of partial privatisation of
Luanda is not ready yet to move forward with Sonangol of up to 30% started a long time ago,
plans for the partial privatisation of Sonangol, but the first step in achieving this objective was
the national oil company (NOC). to remove the concessionary and regulatory
Speaking after a ceremony marking the sig- function from Sonangol,” he explained. “I’m
nature of a new contract for diamond mining sure that we [could not have taken] the com-
in Lunda Norte Province, Azevedo indicated pany to the stock exchange as long as it was a
that the Angolan government would need time concessionaire and a regulator, even as a matter
to prepare for the listing of Sonangol’s stock. of principle of sovereignty.”
“It certainly won’t be in this term yet,” he was Following the creation of ANPG, Angola’s
quoted as saying by Ver Angola. government began working to make Sonangol
He also stressed, though, that Luanda would more attractive to investors, Azevedo noted.
press ahead once it had laid the necessary foun- Luanda has sought to do this by restructuring
dations for the stock sale. The government has the NOC and eliminating the number of its
already taken a big step in this direction with subsidiaries from 19 to six, he said. It has also
the establishment of the National Oil, Gas and sold off some of the company’s assets, including
Biofuels Agency (ANPG), which now acts as stakes in about 100 joint ventures not linked to
concessionaire for the country’s hydrocarbon Sonangol’s core business activities, he stated.

Week 41 13•October•2021 www. NEWSBASE .com P7