The overall output of the State-owned oil firm Sonangol swings from 10 to 20 percent of the overall domestic production, which currently stands at 1.4 million barrels per day, the company’s CEO, Sebastião Pai Querido, said on Tuesday.

The manager, who disclosed the information during a joint press conference granted at the end of the first day of work at the “2019 Oil and Gas Conference”, added that Sonangol intends to increase its current output through the acquisition of new blocks.

In order for this goal to be achieved, he said, the firm is gearing up to participate in the public bidding of new oil wells concessions, to be launched on October 2, this year, by the National Oil, Gas and Biofuel Agency (ANPG).

He also explained that the firm will seek to implement major cooperation and interaction with partners inside its core business, with a view to increasing the output as part of the company’s regeneration process.

As regard the privatization of firms belonging to Sonangol group, Sebastião Pai Querido explained that the companies to be involved in this process have already been listed for assessment.

According to the CEO, in view of the particularities of some of the subsidiaries, Sonangol itself will be at the helm of the alienation process, in line with the principles that have been approved by the state organ that is co-ordinating this programme.

The sale of some of Sonangol’s subsidiary firms is part of a broader project of the Angolan Executive, which intends to privatise a certain number of public companies through the Capital Market.

The 2019 Oil, Gas Conference taking place since Tuesday in Luanda is scheduled to end on Thursday.

Source: ANGOP