NOC, operators meet Angolan president

LUANDA, October 10, 2017 – Sonangol and upstream operators met with Angolan President João Lourenço on Monday, the NOC announced.

According to the statement, the operators cited “excessive bureaucracy…the management of the concessionaire; the review of old approval processes; and the replacement of the former CEO [Paulino Jeronimo] who oversaw the concessionaire’s management, and the relationship with its operators as areas for improvement.”

“Production costs per barrel fell by 48% from 2014 to 2016, and cost-cutting and investment efforts led by Sonanagol resulted in additional savings of USD 1.7 billion in 2017,” the statement also said, adding that investment opportunities were still available in the country. “Despite the reduction of recent investment in Angola, which is no more than a reflection and consequence of reduced investment worldwide, there are still very interesting opportunities in both oil and gas, which is enough to keep production levels attracting profitability for the long-term future.”

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