SOMOIL, an oil and gas company based in Angola, plans to enhance competitiveness while doubling investment and production
Edson dos Santos, CEO of the company, made clear its developmental agenda in 2022 and beyond while speaking at the African Energy Week 2022.
The largest privately held Angolan oil company, SOMOIL, is operating on three blocks – 3.05, 3.05A, 4.05 and 17.05 – which has the capacity to produce up to 50,000 bpd. With a 270 employees-strong workforce, it has been instrumental in opening up the sector both for international partners and local communities.
SOMOIL is focused on increasing reserve replacement ratio (RRR) distribution as well as its renewable energy portfolio, thereby ensuring profitable growth that aligns with climate change policies and emission reduction strategies. On the RRR front, SOMOIL is acquiring TotalEnergies 20% interest in Block 14 as well as an 8.25% and 10% interest in Block 18 and Block 31, respectively. Meanwhile, the company is working on creating between 25 and 40 gas stations as well as investing between US$27mn and US$44mn over the next five years in the retail space.
On the renewables front, SOMOIL has prioritised rural electrification as well as off grid opportunities and social responsibility.
To realise these growth objectives, SOMOIL has put in place a sustainable growth plan that includes a change in governance. The company has created a public affairs and compliance area, and is improving contracting and internal processes, aligning and receiving increased support from government through improvements in contractual terms and conditions, and is offering robust financials.
By 2030, SOMOIL is committed to increasing production up to 80,000 bpd.