Angola’s National Fuel Society (Sonangol) announced here Monday the selling of partial stakes held in eight oil blocks to reassess its investment portfolio.

The announcement was made by the chairperson of the executive committee of Sonangol’s Exploration and Production Unit (UNEP), Ricardo Van-Deste.

According to him, the partial selling is intended to guarantee the fulfillment and implementation of the company’s exploration and production strategy from 2 percent to 10 percent by 2027.

Van-Deste underlined that the company also wants to reduce its financial exposure and participation interests, emphasizing efficient management of Sonangol’s crude oil lifting rights.

He added that with “large” reserves remaining, Sonangol wants to ensure the company’s commitments in the blocks and to guarantee continuous investment in the concessions in which it operates.

According to Sonangol’s executive director Joaquim de Sousa Fernandes, the state oil company has financial needs amounting to 7 billion U. S. dollars until 2027.

De Sousa said these are expenses and commitments related to investments in developing fields, maintenance of equipments, payment of debts with the banks and cash call.
Source: Xinhua