At the second day of the Angola Oil & Gas 2021 conference, focus was on the energy transition, exploration, and role that the country’s state-owned oil company, Sonangol, will play in driving energy growth and success.
During a panel discussion on Sonangol’s restructuring and private investment opportunities, the company’s Chairman of the Board of Directors, Sebastião Gaspar Martins, gave insight into the company’s restructuring programme. According to him, emphasis is being placed on corporate social responsibility, operational streamlining, and financing.
The primary purpose of Sonangol’s restructuring is to place the focus of the company on the activities of the petroleum industry value chain, including exploration, research and production of crude oil and natural gas; refining, liquefaction of natural gas; and transportation, storage, distribution and commercialization of derived products.
Preparing the company for the future of the industry by reinforcing its role regarding both Angola’s industry development and the continent’s energy growth, the restructuring aims to enhance economic development through the transformation of the energy sector. Sonangol’s restructuring process prioritizes financial stability, with the company looking at bringing the national oil company to the stock exchange.
“We are scouting several different exchanges. Starting with Luanda but in a second phase London and Wall Street, but Luanda will certainly come first. There are many reasons to be a shareholder of Sonangol and I am certain that most of the people here have the ambition of being shareholders of such a great company as Sonangol,” Sebastião Gaspar Martins stated.
The restructuring process has been divided into three operational blocks and one organizational support block that aims to improve Sonangol’s operations. These include changes to the core business, financial restructuring and portfolio, regulatory frameworks, and organizational support axis.
As the bridge between the government and the oil and gas industry, Sonangol has placed community development at the forefront of its restructuring agenda, and continues to provide support despite the significant changes undertaken by the company.
“We have created opportunities to fund those that cannot be integrated in the new structure of Sonangol, providing them with financial support while they seek other opportunities. We have a social responsibility that we take seriously and that is an expression of that,” he added.