Angola creates National Agency of Oil and Gas
LUANDA, December 7, 2018 – The Angolan Council of Ministers has approved the creation of the National Agency of Petroleum and Gas, international media reported Thursday.
The new agency will act as regulator, overseeing and designing policies under the direction of the ministry, while Sonangol will focus on exploration and production, Prensa Latina reported.
President João Lourenço approved the restructuring plan for the Angolan NOC in September.
In April 2016, the Ministry of Petroleum announced that Sonangol would be restructured. In a December 2016 interview with the Financial Times, then Sonangol chair Isabel dos Santos said the NOC would be divided into three units: E&P, logistics and a division to manage concessions to IOCs. The company’s holdings not related to oil will be placed in a separate fund or sold.
The new National Agency of Petroleum and Gas is set to be rolled out in January 2019 and become fully operational by December 2020, the government announced in August 2018.