Potential production at Block 2/05: More than 40,000 bopd
Potential production at blocks FS and FST: More than 10,000 bopd
A pivotal player in Angola
As the largest private Angolan oil company, Somoil plays a pivotal role in the country’s energy scene. Established in 2000, the company spent its first two decades building a strong asset base and a lean business model. Today, Somoil is looking to double production at its Block 2/05 and FS-FST assets.
Offshore Block 2/05 (30% working interest) is home to 18 oilfields with combined reserves of more than 500 million barrels. Somoil estimates potential production of more than 40,000 bopd. Of the 18 fields, 17 are developed and one remains undeveloped.
In onshore blocks FS and FST (31% working interest), Somoil sees a potential of more than 10,000 bopd of production. The company has conducted extensive 2D- and 3D-seismic surveying since it became operator in 2015, and to date around 1,000 wells have been drilled in the blocks. As of January 2021, the licence was producing 6,000 bopd.
Non-operated assets: The company also has interests in blocks 3/05 (10%), 3/05A (10%), 4/05 (18.75%) and 17/06 (5%), where it partners with the likes of Sonangol and Total.
Downstream: Somoil undertakes direct and indirect fuel marketing and operates two petrol stations in Luanda.
Renewables: The company has participated in a number of small-scale solar installations.
With a focus on doubling production by the end of 2022, Somoil will more than double its investments in 2021. The company is undertaking a sustained capex programme in its oilfields that will see major artificial lift upgrades, drilling and workovers with the deployment of coiled tubing, and a number of greenfield projects.
Under the banner of a programme called EMAGRECE (“losing weight” in Portuguese), Somoil is seeking better rates from service providers – renegotiating contracts while aiming for mutual benefits via strategic synergies.
Partnerships will be key to Somoil’s future, and the company is targeting win-win collaborations with both oil companies and suppliers.