Angola’s national oil company, Sonangol, has reaffirmed its plan to launch an Initial Public Offering (IPO), offering 30% of the company’s shares to the public.
This partial privatization aims to raise capital to support Sonangol’s exploration and production projects, as part of the government’s broader efforts to transform the company into a competitive upstream player.
Although the IPO was initially scheduled for 2022, Sonangol CEO Sebastiao Martins confirmed that the company is now taking the necessary internal steps for the process to begin.
Looking ahead, Martins stated that for the next five years, Sonangol will focus on sustainable, strategic growth, strengthening energy security, and consolidating its position as a benchmark in the sector.
Currently, Sonangol produces over 200,000 barrels per day and is expected to supply 5.4 million metric tons of refined products to the domestic market in 2024. The company also holds stakes in 35 oil concessions, with nine of them being operated.
