Infographic: Somoil’s upward trajectoryJune 17, 2022
Somoil, Angola’s largest private oil company, has doubled its production in two years. "I believe Somoil is the ideal partner for any company entering the oil and gas business in Angola. We are private and relatively small, but more importantly – agile… with a clear plan to grow and expand our presence in Angola and beyond," CEO Edson Rodrigues Dos Santos told The Energy Year.
Strategic actions: 2021-2022 fulfilled objectives
- Entered deepwater: acquisition of TotalEnergies’ 20% interest in Block 14. Operated by Chevron. Production 60,000 bopd.
- Expanded mature field involvement: working towards acquisition of interest in other blocks, made available through licitation or other bidding processes.
- Enhanced onshore footprint: awarded operatorship of CON-1 with a 40% interest and 35% of CON-6 as a partner.
- Onshore exploration: Chimacuanga-2 exploration well approved and scheduled for 2022.
In 2021, Somoil recorded its best financial performance, bringing in more than USD 40 million in profits. The company doubled its production from 2019 to 2022.
Challenges faced in 2020
- 7,200 bopd
- Operational resilience
Starting point 2021-2022
- 25,000 bopd
- Financial stabilisation
- Operational recovery
- Beginning of diversification path
- 40,000 bopd
- Operator of national reference in mature fields
- Integrated energy player
- 80,000 bopd
- International player in mature fields and deepwater operations
- Main driving force behind Angola’s energy transition
- BODIVA + JSE / LSE / NYSE
*(Somoil was renamed Etu Energias in 2023)