Sonangol
| Parastatal | |
| Industry | Oil and gas industry |
| Founded | 1976 |
| Headquarters | Luanda, Angola |
|
Key people
|
Isabel dos Santos (Chairwoman and CEO) |
| Owner | Government of Angola |
| Website | www |
Group Sonangol (Portuguese: Grupo Sonangol) is a parastatal that oversees petroleum and natural gas production in Angola. The group consists of Sonangol E.P. (Portuguese: Sociedade Nacional de Combustíveis de Angola, E.P.) and its many subsidiaries. The subsidiaries generally have Sonangol E.P. as a primary client, along with other corporate, commercial and individual clients. Angola is estimated to have over 5 billion barrels (790,000,000 m3) of offshore and coastal petroleum reserves, and new discoveries are outpacing consumption by a 5 to 1 ratio.
On the eve of Portuguese Angola's independence from Portugal following the Carnation Revolution and the election of a democratic government in Portugal in 1976, the company ANGOL (ANGOL Sociedade de Lubrificantes e Combustíveis Sarl), founded in 1953 as a subsidiary of Portuguese company SACOR) was nationalized and split in two, forming Sonangol U.E.E. and Direcção Nacional de Petróleos. Directive 52/76 instituted Sonangol as a state-owned company with a mandate to manage the country's substantial petroleum and natural gas. Using the extant remains of Texaco, Total, Shell and Mobil's oil works, Sonangol obtained the assistance of Algerian Sonatrach and of Italian Eni.
Oil giant Marathon Oil announced in September 2013 that it had agreed a deal in principle to sell a 10% stake in its offshore Angolan oilfield to Sonangol.
In December 2013, Sonangol acquired the exploration rights to five onshore oil blocks in Angola, which could be tendered for development at a later date.
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Wikipedia