IMF urges faster Sonangol reforms

摘要

The IMF is urging the Angolan government to accelerate reforms at state-owned Sonangol to make the firm more commercially focused and less financially exposed to its obligations to subsidise gasoline and diesel imports. It projects Angolan oil production will increase only marginally to 1.8mn b/d next year from an expected 1.798mn b/d this year and 1.757mn b/d in 2017. It then forecasts production to stay unchanged through to 2023. Sonangol is targeting average production of 1.65mn b/d this year. But the Angolan finance ministry has warned that production would slump to 1.061mn b/d in 2023 from 1.69mn b/d this year if no new upstream investments are secured.