Sonangol to make drilling vessels more profitable

Luanda – The State-run Oil Company “Sonangol” said it is working along with its international partners on development of a new business model to make the two drilling vessels bought in South Korea and soon to start operating more profitable.

The information is expressed in press release delivered to Angop on Monday, stressing that this entails the completion of the financing process, selection of the technology partners and identifying new production opportunities.

These stages have been communicated and discussed with the international oil companies operating in Angola: Esso, Chevron, BP, Eni and Total, the source added.

The transformation process underway since July 2016, which is cross-cutting issue in the entire company, allows the creation of a more favourable business environment, reduces production costs and ensures access to lower sized reserves.

According to the communique, there are conditions for better utilisation of resources through excellent operating practices accordingly with the highest international standards.

The start-up of the drilling vessels will be carried out in accordance with the rules of Compliance, Decree 48/06.

This also includes a Memorandum of Understanding between Sonangol and the international companies with the objective to set a daily competitive tariff and Indexed to the average prices practiced in the international market.

Source: Angola Press News Agency