Angolan oil company Sonangol aims to achieve a 10% share of the nation’s oil production by 2027 and is working toward producing 80,000 barrels of oil per day across the 35 concessions where it operates, the company announced on October 2.
“We are currently at around 3% to 4% of the national production and are targeting a 10% share by 2027,” said Sebastião Martins, chairman of Sonangol’s board of directors. Speaking at the opening of the 5th Angola Oil & Gas (AOG) 2024 Conference in Luanda, Martins emphasized that the goal is anchored on reaching 80,000 barrels per day from Sonangol’s operations.
Martins explained that Sonangol’s focus is on achieving this production target, noting that of the 1.1 million barrels of oil produced daily in Angola, Sonangol’s net right stands at 200,000 barrels. He also highlighted the company’s commitment to maintaining national production levels, citing the government’s efforts to improve fiscal policies and oil sector regulations as key contributors to this goal.