Reform at last for Angolan oil

The Angolan government appears determined to reform oil company Sonangol in an effort to reverse the country’s declining oil fortunes.President João Lourenço has made it clear that he intends to overhaul the firm ever since he replaced Isabel dos Santos with Carlos Saturnino as chairperson of the parastatal.The new Regeneration Program seeks to streamline Sonangol by focusing it on its core upstream operations. The changes are badly needed.

Angola produced an average of 1,417,000 b/d of crude oil in December, afall of 380,000 b/d on the second half of 2014. According to the Ministry of Mineral Resources and Oil, output could fall to 1 million b/d by 2023 if no new discoveries are developed but it wants to keep production at or around 1.4 million b/d by ensuring that existing but undeveloped deepwater finds are brought on stream.

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