28 February 2014, Luanda – The National Fuel Society of Angola – Sonangol EP recorded a drop of more than three percents in oil production in 2013, if compared to its performance in the previous year.
This was said to press on Tuesday in Luanda by the CEO of the Board of Directors of the company, Francisco de Lemos Maria, when presenting the results achieved by his oil company last year.
He said that due to the reduced production and the drop in oil prices, the revenues from the sale of Sonangol EP, following exploration and production, decreased by 3,687 million dollars, corresponding to eleven percent if compared to 2012.
“The combination of these facts – reduction of production and price drop – contributed to the reduction of our sales revenue following the exploration and production in 3,687 million dollars something like eleven percent if compared to 2012”, said the manager during the press conference on the occasion of the 38 years of the company.
Francisco de Lemos Maria approached the behavior of the company in all aspects and for different areas of activity, and he explained that this negative performance in 2013 was mainly due to lower production in blocks Zero, 15, 17 and 18, and other aspects of technical and contractual order.
According to him, the break in these blocks had a strong negative impact on oil production at national level, but nevertheless other compensating factors contributed to the consolidation of the company’s balance sheet in the fiscal year of 2013.
The manager stated that last year, the profit of this multinational was approximately three billion dollars (USD 2.962.53.674) as a result of over 626 million barrels produced, compared to more than 633 million barrels in 2012. He argued that in 2012 the oil production at national level reached 4.4 % , but last year it only reached 1.1 %.
However, the CEO reiterated that the production target for 2015 remains two million barrels per day and that the National Fuel Society of Angola intends to act with greater intensity in Africa under its internationalisation strategy aiming at conquering other markets in the world .
Group Sonangol is a state-owned company that oversees petroleum and natural gas production in Angola. The group consists of Sonangol EPand its many subsidiaries. The subsidiaries generally have Sonangol EP 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.
– Angola Press