Sociedade Nacional de CombustÃveis de Angola, E.P., or Sonangol, is the Angolan state oil company, with the sole concession for oil and gas exploration in Angola's subsoil and continental shelf.
Sonangol executive Mateus Neto announced that the company intends to construct an oil storage facility in Menongue district in the country's southern Kuando Kubango province, which, when complete, will enable Sonangol to supply Angola's entire population, as well as Zambia and Namibia, AngolaPress news agency reported. The facility is projected to become operational in March 2012.
Sonangol has been investing some of its oil revenues abroad. On 27 April the Sao Tome and Principe government signed an agreement with Sonangol to rehabilitate and modernize the country's only port, Ana Chaves, and its sole international airport. According to Sao Tome and Principe Planning and Development Minister Agostinho Fernandes, a private company was created to manage and administer the port and international airport, with Sonangol holding 80 percent of shares and the Sao Tome government retaining the remaining 20 percent.
But Sonangol has also experienced recent setbacks, as last month U.S. independent Cobalt International Energy revealed it is to abandon an exploratory well in Angolan waters, Bicuar #1 in Angola's offshore Block 21 when the initial test bore over pressured water sand with limited quantities of natural gas.
By. Charles Kennedy, Deputy Editor OilPrice.com
Charles is a writer for Oilprice.com More