There was some chatter about whether Cuba can pay for the oil, who will buy it, etc. I think we sometimes forget that our farm-in partner is one of the biggest oil producers in Africa (in the top 4 along with Nigeria, Libya and Algeria)...Angola is aiming to stabilize its output to approximately 1.3 million barrels per day in the next three years. Oil exports in 2022 - US$40B.
In 2019, the ANPG's creation ended state-owned Sonangol's multiple roles as regulator, concessionaire and operator in the country's oil sector. Changes were also made to Sonangol's board. Free of its regulatory function, the company's activities now focus on research, production, and related petrochemical activities. The long-term intent is to transform Sonangol into an energy company.
Angola's privatization regulations also provides for the privatisation of Sonangol. As part of the country's four-year privatization program, Angola is planning to divest a 30 percent stake in Sonangol within the next five years.
Downstream - they are expanding refining capacity. Expanding Luanda refinery, the Cabinda refinery - Phase I completed - 30,000bls per day and Phase II (2024) - 60,000bls per day. Soyo due 2025 - 100,000 bls/day. Lobito (2025) - 200,000 bls/day.
