Upstream

Laying the foundation for sustainable, profitable growth

Over the past few years, SOMOIL has been taking important steps towards creating the necessary foundations for sustainable and profitable growth , which has resulted in a consistent conformance of our performance to international standards.

This evolutionary path has been outlined based on a clear vision for the coming years that includes consolidating our position as an operator of excellence onshore, in shallow waters, and mature fields, and as the main integrated Angolan energy player.

The Oil & Gas sector saw a strong recovery momentum in 2021, which has intensified in 2022, with high prices reaching 10-year records. Gradually, we have also seen a recovery in investment in the sector, which fell by more than 35% compared to the pre-pandemic period, following the reduction in economic activity.

Naturally, this downturn had consequences on production competitiveness and price volatility, so it is expected that over the next two years there will be a substantial resumption of investment, with the resumption of projects to increase productivity in order to balance oil supply in the medium term.

As part of the quest for a sustainable future, SOMOIL intends to increase its reserves, in part through bidding in licensing rounds and acquiring new assets.

The company will also implement EOR and IOR as part of its development of the Congo Basin Onshore Operated Block (since January 1, 2009) in the FS & FST Associations.

SOMOIL became a member of the FS and FST Associations Contractor Group in 2007 by virtue of MINPET Executive Decrees #104 / 07 and #103 / 07 respectively, both dated October 22, 2007.

Increasing production capacity

With 20 years of experience and resilience, SOMOIL and its employees intend to double investments in 2022 in order to increase oil production capacity in the Blocks we operate.

SOMOIL's focus is on increasing more profitable production by improving artificial lift systems, intervening in Ray and commissioning facilities in Block 2 / 05 (LOE, BAGRE, MOW, CAVALA AND CHOPA), mobilizing a Rig for FST in 2Q2021, and inaugurating the SOMOIL PA.

Upstream Activities

• Exploration, Development and Production
• Increase and consolidate oil stakes in exploration
• Develop and produce crude oil onshore and offshore Angola