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PRESS RELEASE: SONANGOL - DRILLING RIGS

Sonangol is developing with its international partners a new business model to monetize two drilling rigs...
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Sonangol is developing with its international partners a new business model to monetize two drilling rigs to be acquired by the company in South Korea and soon to enter service.

To that end, work is ongoing in order to secure financing, select the technological and operational partners and identify new production opportunities to employ the drilling rigs in the Angolan market. All of these actions have been communicated and discussed with the international oil companies operating in Angola: Esso, Chevron, BP, Eni and Total.

The Sonangol transformation process that is being implemented since July 2016, while applying across the board in the company, allows for a more friendly business environment, brings down the cost oil and facilitates access to smaller reserves. This in turn creates conditions for an optimised use of resources through excellent operating practices to the highest international standards.
        
The drilling rigs will operate in strict compliance with the Angolan regulations on procurement of services by the oil industry, including Decree 48/06, of 1 September. Sonangol is working close with all above mentioned international operating companies to enter into a Memorandum of Understanding which, among other aspects, will provide for an extremely competitive and sustainable daily rate for use of the drilling which will be aligned with prices prevailing in the international market.

Sonangol's commitment to this type of operational structure follows the good results achieved in the operation of the "Pride Africa" and "Pride Angola" rigs. It also reflects a new philosophy to foster local content, promote investment and lays the foundations for the self-regulation of this specific market.
                

Sonangol E.P. Communication and Image Office, in Luanda, March 6, 2017.

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