Africa-Press – Angola. ociedade Petrolífera Angolana (Somoil), the largest private national energy company, recorded profits of around USD 182.1 million, a value tripled compared to the net result of USD 40.9 million recorded in 2021.
According to the chairman of Somoil’s Board of Directors, Edson Santos, the year 2022 was the best year in the oil company’s history.
“2021 had already been the best year in Somoil’s history. 2022 is even better, a historic year for us, with significant growth, clearly safer, more environmentally friendly and more profitable”, considered Edson Santos this Wednesday, in a meeting with journalists.
The results were influenced, in addition to the increase in the price of oil on the international market, by the increase in production and the improvement in efficiency and the flexibility that the company found with the State, which improved the contractual terms.
The contribution of Block 14, whose production is around 6.7 thousand barrels of oil per day (KBPD), operated by Chevron, in Cabinda, is also taken into account in the results.
In a press conference called “Coffee with the Journalists”, Edson Santos said, not counting the performance of Block 14, that the company’s net result improved by close to 88%.
“We went from a company of 41 million dollars, in 2021, to the next 77 million dollars of net income, in 2022”, he advanced.
Looking at the integrated net result, with Block 14, this result doubles to more than 340%, between 2021 and 2022, with 182.1 million dollars, as an integrated net result, taking into account the acquisition of said block.
The oil company’s gross revenue also grew, rising from USD 121.5 million in 2021 to USD 448.3 million in 2022.
Currently, Somoil registers a production (share) of more than 12 thousand barrels day (KBPD), observing an increase, taking into account the records of 4.3 thousand barrels in 2021 and 4.1 thousand in 2020.
Such results were also influenced by investment in technology.
old fields
“Somoil’s fields are very old, many of them in production since the 1970s, which required a lot of investment in upgrading technology”, he pointed out, referring that the company moved from hydraulic pumps to Jet pumps, in addition to having mobilized drilling units onshore, which have helped drill new wells to mitigate the decline and increase the country’s production.
Despite the decline in oil production in Angola, Somoil has recorded increases in the last two years.
As part of the investments that the company has applied, in operational terms, Somoil registers a decrease in the average cost per barrel, which in 2022, stood at USD 14.55 against USD 32.40 in 2019.
“A lot of effort around a program we call emagrece, which is linked to production costs”, he said.
Somoil operates in four blocks, three of which are onshore (onshore) and another in shallow water (100 meters deep), with a potential of 50,000 barrels per day (KBPD), namely in Block 2/05 (30 %), FS (15%), FST (31.33%) and in the Lower Congo Onshore Basin – CON1 (40%).
The private national oil company also has a stake in seven blocks operated by third parties, with Block 3/05 (10%), 3/05A (10%), 4/05 (18.75%), 14 (29%), 14K (14.5%), 06/17 (10%) and CON 6 (35%).
The company is considered, as one of the main employers in the municipality of Soyo (Zaire), and controls a total of 279 employees and 500 subcontractors, in addition to indirect jobs.
As for safety indicators, according to Edson Santos, for two consecutive years they have recorded zero fatalities or serious accidents, including oil spills.
Additionally, the rate of total recordable accidents increased from 61% in 2021 to 0.24% in 2022.
“Somoil is the only operator in the country that has operations with the population. We have blocks in operation where children pass within 100 metres, which presents us with another type of challenge”, he said, referring that safety and environmental protection are the main priority.
Achieve 80 KBPD by 2030 _
As challenges, the private operator foresees increasing its production to 40 KPD, in 2025 and becoming a national reference operator in mature fields, an integrated energy “player”, in addition to wanting to disperse around 5% of its shares in handbag.
By 2030, Somoil expects to double production, rising to 80 KPD, with these volumes seeking to be an international company in mature fields and in “deepwater”, ie deep waters, as well as being the main driver of energy transition in Angola.
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