Sonangol leads oil company delegation in key meeting with Angolan President
Sonangol, along with several other oil operators, have attended a landmark meeting with the President of Angola, João Lourenço.
The meeting was designed to address issues and opportunities in the country, the delegation identifying the excess of bureaucracy in the sector as being unfavorable to the overall development of the industry.
Other issues identified include reviewing of approval processes and the management of the concessionaire.
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In July, Sonangol held an international roadshow at the headquarters of the main oil companies to discuss investment plans in Angola and the challenges facing the industry.
The company reached an agreement with the operators to significantly increase the competitiveness of the national oil industry. As a result, production costs per barrel fell by 48% from 2014 to 2016, and cost-cutting and investment efforts led by Sonangol resulted in additional savings of US$1.7bn in 2017.
The meeting also led to the creation of a joint team led by the Ministry of Petroleum, which includes the Ministry of Finance and Sonangol.