Luanda has to Auction its Assets to Settle Bills


Angola has accumulated around $1bn in debt to Western oil companies operating its oilfields, with the bill prompting the African country’s recently launched sale of stakes in its flagship offshore blocs. The magnitude of the debt, built up over several years, is a sign of deepening financial woes at state oil giant Sonangol, one of Africa’s largest companies, due to underinvestment in declining offshore fields that worsened during the COVID-19 pandemic. It comes as global companies rethink their presence in high-cost ventures worldwide in order to meet their climate targets more quickly, and it could make Angola – with its ageing and complex offshore fields – a less attractive prospect. An asset auction announced by Angola on June 14, the sources added, is tied to its previously unreported failure to pay so-called cash calls to which it is contractually bound in order to maintain the oilfields. Angola, Africa’s number-two oil exporter, saw offshore exploration halt briefly last year as the pandemic collapsed global demand and has been struggling to reverse a steady slump in its oil output. Planned monthly exports in July fell to the lowest in at least 13 years, when Reuters news agency tracking began.

SOURCE: AL JAZEERA

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Publish date : 2021-07-03 11:09:00

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Luanda has to Auction its Assets to Settle Bills – Afric-News

Luanda has to Auction its Assets to Settle Bills


Angola has accumulated around $1bn in debt to Western oil companies operating its oilfields, with the bill prompting the African country’s recently launched sale of stakes in its flagship offshore blocs. The magnitude of the debt, built up over several years, is a sign of deepening financial woes at state oil giant Sonangol, one of Africa’s largest companies, due to underinvestment in declining offshore fields that worsened during the COVID-19 pandemic. It comes as global companies rethink their presence in high-cost ventures worldwide in order to meet their climate targets more quickly, and it could make Angola – with its ageing and complex offshore fields – a less attractive prospect. An asset auction announced by Angola on June 14, the sources added, is tied to its previously unreported failure to pay so-called cash calls to which it is contractually bound in order to maintain the oilfields. Angola, Africa’s number-two oil exporter, saw offshore exploration halt briefly last year as the pandemic collapsed global demand and has been struggling to reverse a steady slump in its oil output. Planned monthly exports in July fell to the lowest in at least 13 years, when Reuters news agency tracking began.

SOURCE: AL JAZEERA

Please follow and like us:

ADVERTISEMENT



Source link : https://www.africa.com/luanda-has-to-auction-its-assets-to-settle-bills-2/

Author : Susan Gitau

Publish date : 2021-07-03 11:09:00

Tags:
share on:

Luanda has to Auction its Assets to Settle Bills https://www.officielchaussure.com/   https://www.sports365.info/   https://www.newmen.biz/shop/   https://lesbambous.info   https://goodnews.co.com  
--
Mort de Jacob Desvarieux, leader du groupe Kassav’ et père du zouk *  Athletics-Two Trinidad and Tobago competitors, coach test positive for COVID-19 *  Black Death: Oxford scientists launch HUMAN trials of plague vaccine to ‘combat disease’ – Daily Express *  * Chaussures Le looking sur rendez-vous? Les Belges vont pouvoir s’y mettre *  OXFORD Student Agenda Scolaire 2020 – 2021 Journalier Format 12x18cm Couverture Polypro avec Rabat Marque-Page Gris *  Kaamelott : L’intégrale des Six livres [Blu-Ray] *  Maillot de bain IPOB proclaims weekly lockdown in South-East till Kanu is launched *  Tokyo Olympics 2020 baseball odds, picks, predictions: USA vs. South Korea best bets from … *  * Camel Active Santana 70, Bottes Classiques femme, Bleu – Bleu nuit, 35.5 EU *  Klimaschutz: Nicht länger mit dem Finger auf die Menschen zeigen *  https://100000-articles.com   https://www.nyumba-ya-mumbi.org/   https://www.moncafe.info   https://fourniturescolairepascher.net   https://www.fourniturescolairepascher.com   https://chaussures-sport.biz   https://ventilateurdeplafond.org   https://dedalusweb.net   https://4u7.org   https://dedalusprod.com   https://lamaisondurasage.fr   https://www.matt-daly.com   https://www.claudedesplas.com/   https://www.deguiseo.com