Sonangol posts $4bn loss for 2020

Angola’s national oil company Sonangol has posted a net loss of Kz 2,383,978,740,444, or the equivalent of $4.1bn for 2020. The crash of oil prices last year along with Sonangol’s impairments were the major reasons behind losses last year.

The company continues to be involved in a major restructuring and divestment effort in order to rationalize its operational footprint and prepare for an IPO before 2025.

Earlier this year, Sonangol notably launched its Partial Divestment Process (“Processo de Alienação Parcial”) to generate cash for the state coffers by divesting stakes in some of Angola’s

key producing offshore blocks along with producing licenses in shallow water and offshore exploration zones.

Deals on offer include up to 8.28% in Block 18, up to 10% in Block 15/06 and Block 31, 15 to 20% in Block 3/05 and Block 4/05, 30 to 65% in Block 5/06 and 30 to 70% in Block 23 and Block 27. Supported by the recovery in oil prices, this divestment exercise has generated significant interest amongst E&P players: while proposals were to be submitted by August 6th, Sonangol had to extend the deadline to access the data room until August 20th and extended the submission deadline to September 20th.

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