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Angola: Sonangol earnings rise but production sinks
Reforming the oil and gas sector to attract investment and increase production has been a central priority of João Lourenço’s presidency. State oil and gas firm Sonangol boosted its earnings in 2018, fired by higher oil and gas export prices but serious problems face the company as it seeks to reverse production declines from maturing offshore assets.Sonangol’s 2018 annual report, published on 19 July, said total pre-tax earnings for the year accelerated to Kz1.1trn ($3.18bn), a 76% increase from the Kz625.2bn posted in 2017.
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