Angola’s Sonangol Revives Massive 30% IPO Plan After Three-Year Delay
Angola’s state-owned oil giant Sonangol has reaffirmed its commitment to proceed with an Initial Public Offering (IPO) that will make 30% of its shares available to investors, marking a significant milestone in the company’s transformation into a more competitive upstream player.
Initially scheduled for 2022, the IPO process is now advancing with internal preparations underway, according to CEO Sebastião Martins. The move is aimed at raising capital to advance exploration and production projects as part of broader government efforts to modernize the energy sector.
“For the next five years, Sonangol will continue to focus on sustainable and strategic growth, strengthening energy security and consolidating its position as a benchmark in the sector,” Martins announced.
The state oil company currently produces over 200,000 barrels of oil per day and supplied 5.4 million metric tons of refined products to Angola’s domestic market in 2024. Sonangol also holds stakes in 35 oil concessions, operating nine of them directly.
The IPO is expected to attract both domestic and international investors, boosting the company’s financial capacity while supporting Angola’s energy transition and upstream growth ambitions. The offering represents one of the most significant privatization moves in Angola’s oil sector history.
Source: angolanminingoilandgas.com
