Sonangol Group

Sonangol E.P.
Parastatal
Industry Oil and gas industry
Founded 1976 (1976)
Headquarters Luanda, Angola
Key people
 Isabel dos Santos (Chairwoman and CEO)
Owner Government of Angola
Website www.sonangol.co.ao
Sonangol head office in Luanda

Group Sonangol (Portuguese: Grupo Sonangol) is a parastatal that oversees petroleum and natural gas production in Angola. The group consists of Sonangol E.P. (Portuguese: Sociedade Nacional de Combustíveis de Angola, E.P.) and its many subsidiaries. The subsidiaries generally have Sonangol E.P. as a primary client, along with other corporate, commercial and individual clients. Angola is estimated to have over 5 billion barrels (790,000,000 m3) of offshore and coastal petroleum reserves, and new discoveries are outpacing consumption by a 5 to 1 ratio.

History

On the eve of Portuguese Angola's independence from Portugal following the Carnation Revolution and the election of a democratic government in Portugal in 1976, the company ANGOL (ANGOL Sociedade de Lubrificantes e Combustíveis Sarl), founded in 1953 as a subsidiary of Portuguese company SACOR) was nationalized and split in two, forming Sonangol U.E.E. and Direcção Nacional de Petróleos. Directive 52/76 instituted Sonangol as a state-owned company with a mandate to manage the country's substantial petroleum and natural gas. Using the extant remains of Texaco, Total, Shell and Mobil's oil works, Sonangol obtained the assistance of Algerian Sonatrach and of Italian Eni.

Oil giant Marathon Oil announced in September 2013 that it had agreed a deal in principle to sell a 10% stake in its offshore Angolan oilfield to Sonangol.[1]

In December 2013, Sonangol acquired the exploration rights to five onshore oil blocks in Angola, which could be tendered for development at a later date.[2]

In June 2016, the Angolan president José Eduardo dos Santos removed the entire board of Sonangol, and installed Isabel dos Santos as chairwoman of the company, to ensure transparency and apply global corporate-governance standards.[3]

Missing oil billions

In December 2011, Human Rights Watch said that the Government of Angola should explain the whereabouts of US$32 billion missing from government funds linked to Sonangol. A December 2011 report by the International Monetary Fund said that the government funds were spent or transferred from 2007 through 2010 without being properly documented in the budget.[4] The IMF was assured that most of $32 billion was being used for legitimate government reasons and considered to be "found".[5]

Organization

Today (as of 2006), Sonangol has over 30 subsidiaries and maintains overseas facilities in the following cities:

As the company grew it had a need to obtain services, such as telecommunications services, retail network support, trucking, shipping, data management, scientific, engineering, seismic, and others. The company created subsidiaries to meet these needs. Sonangol and its many subsidiaries have continued to expand into other lines of business. Among the more important subsidiaries are Sonair and MSTelcom.

Sonangol is one of the major shareholders of the Portuguese energy company Galp Energia through its indirect participation in the capital of Amorim Energia, which holds one third of GALP's shares and on which board sits the son-in-law of the Angolan President.[9]

Sonangol is an important sponsor of the arts, sports and humanities in Angola and in Africa. On December 12, Reuters reported that Sonangol won the rights to develop the Iraq's Najmah oilfield in a bid held that day. The company's plateau production target for the field in the volatile province of Nineveh is 110,000 barrels per day (17,000 m3/d) (bpd), and the remuneration fee is $6 per barrel. Sonangol had proposed a per-barrel fee of $8.50, but then accepted the Oil Ministry's lower amount.

Subsidiaries

Technologies

Sonangol USA, Sonangol London, and Sonangol Asia are the main trading and operations offices for the crude and product cargoes sold on behalf of Sonangol E.P. Sonangol Starfish which is located in Brasil, Rio de Janeiro since 22 of March 2010

References

  1. ↑ Marathon Oil to sell stake in Angolan field for $590 million, International: Reuters, 2013
  2. ↑ Sonangol secures oil exploration rights in five onshore blocks in Angola, Africa: Oil Review Africa, 2013
  3. ↑ "All in the family: Angola president picks eldest daughter to head state oil firm, western firms scramble for contracts". MG Africa. 2016-06-03. Retrieved 2016-06-03.
  4. ↑ Human Rights Watch - Angola: Explain Missing Government Funds retrieved 21 December 2011
  5. ↑ Wroughton, Lesley (2012-01-25). "IMF finds most of Angola's missing $32 bln". Reuters. Retrieved 13 August 2012.
  6. ↑ "1177 Enclave Pkwy." Energy Corridor. Retrieved on 6 August 2011.
  7. ↑ "Contact Information." Sonangol USA. Retrieved on 6 August 2011. "1177 Enclave Parkway 2nd floor Suite 200 Houston, TX 77077 "
  8. ↑ "Contact." Sonangol Limited. Retrieved on 6 August 2011. "Sonangol Limited Merevale House Brompton Place London SW3 1QE United Kingdom."
  9. ↑ Daddy's Girl: How An African 'Princess' Banked $3 Billion In A Country Living On $2 A Day Forbes. 8-14-2013. Retrieved on 19-09-2013.
This article is issued from Wikipedia - version of the 12/4/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.