Sonangol recorded, in the 2022 financial year, a turnover of US$12.6 billion, corresponding to an operating result (EBITDA) estimated at US$4.9 billion.
The information was released on Friday 24th February, in Luanda by the chairman of the Board of Directors of the Angolan oil company, Sebastião Gaspar Martins, during the conference to present the provisional performance balance sheet.
The manager said that the company is present in around 35 concessions as a partner, currently being the operator in nine concessions that allowed raising oil rights to 18 percent of national production, equivalent to a production of 200,000 barrels of oil. per day.
These indicators, he added, have a direct impact on increasing national gasoline production by 3 to 4 times and increasing savings to meet the needs of the internal market and supply to neighboring countries.
Sebastião Gaspar Martins makes an optimistic assessment of the development of refining and petrochemicals, in which he highlights the relevant role played by gasoline production by the Luanda Refinery, whose expansion works were recently successfully completed, the arrival in the country of equipment from the Soyo refinery, with capacity to process 100,000 barrels of oil per day.
The arrival of equipment for the Cabinda Refinery, which will have, in a first phase, the potential to process 30,000 barrels per day and a further 30,000 barrels in the subsequent phase, totaling 60,000.
They are other important elements, not least of all the fact that the construction work on the Lobito Refinery, fully carried out under the responsibility of the national oil company, has resumed after a period of interruption due to the constraints imposed by the Covid-19 pandemic.
“In 2022, Sonangol consolidated its focus on the value chain with positive results, in a context of energy transition, which means that we are aware of the period of energy transition we are experiencing, but we maintain the focus on our value chain. We have defined an energy transition strategy in which we focus our activity, mainly, on hydrocarbons, based on gas”, he said.
Among the company’s procedures, the person in charge underlines the start-up of several control committees, which are mainly made up of non-executive members in their coordination, that is, the audit, governance, risk, remuneration and benefits, which allow Sonangol to carry out this activity with control and balance, without running the risk of having uncoordinated governance.
He highlighted, on the other hand, the reactivation of the performance evaluation activity so that workers can be evaluated and have the result of this process in terms of either promotion or training, which is what the company most needs.
“We have prepared what is fundamental today for any institution like ours that intends to go to the market in search of financing, in which we are already required to present an ESG (Environment Social and Governance, in the English acronym), fundamental for any company that intends to today to join or access international financing, without losing sight of the fact that we were part of the International Transparency Initiative”, he advanced.
Regarding the expansion in the regional market, Sebastião Gaspar Martins said that “we are making some sales at the level of the Democratic Republic of Congo (DRC) and at the level of Namibia. We are aware of the transition and therefore moving towards renewable energies, using the revenues generated from our main activity which is still Oil & Gas”.
