• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 12 hours Oil prices going Up? NO!
  • 3 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 19 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Could Venezuela become a net oil importer?
  • 3 hours The Tony Seba report
  • 2 days Gazprom Exports to EU Hit Record
  • 1 day Oil prices going down
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 34 mins Kenya Eyes 200+ Oil Wells
  • 2 days Oil Buyers Club
  • 8 hours Saudi Arabia turns to solar
  • 19 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 13 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 2 days EU Leaders Set To Prolong Russia Sanctions Again
Tesla Closing Down Solar Capacity

Tesla Closing Down Solar Capacity

Tesla is closing down solar…

Africa’s Richest Woman Fired From Sonangol

angola-dos-santos

The new Angolan president fired his predecessor’s daughter as head of the national oil company Sonangol, according to news emerging from one of Africa’s largest oil producers.

Isabel Des Santos, also known as Africa’s richest woman, is the billionaire daughter of former President Jose Eduardo dos Santos. He held the position for 37 years before he stepped down in September.

His replacement, President Lourenco, commonly known as JLo, has promised to take a stance against corruption by weakening the enduring influence of the Dos Santos family.

Isabel’s brother Jose Filomeno has charged the government tens of millions of dollars in fees, according to revelations in the Paradise Papers by the International Consortium of Investigative Journalists. Years of low oil prices had already hurt government revenues, making the latest embezzlement accusations all the more serious.

Lourenco formerly served as the defense minister in Dos Santos’ regime and is part of the MPLA, which has been the ruling party for almost 40 years.

Earlier this year the IMF said that Angola needed further policy actions to continue adjusting its economy “to the ‘new normal’ in the oil market and to return growth to a level consistent with poverty reduction.” Oil production and its supporting activities account for around 45 percent of the Angola’s GDP and represent 95 percent of its exports.

According to Alex Vines, head of the Africa Programme, Chatham House, and a senior lecturer at Coventry University, if no new projects are sanctioned in Angola, crude oil output in Africa’s second-largest producer will plateau by 2019, and after that plunge by an average of 11 percent until the next election in 2022. Right now, there are 8 active rigs in Angola, compared to some 25 back in 2014, Vines writes in Newsweek.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • eingriff on November 25 2017 said:
    Maybe she could start an environmental clean-up company, to clean up the mess Sonangol left behind.
  • eingriff on November 25 2017 said:
    Excellent informative and timely article, and a nice reminder of the fine work of the International Consortium of Investigative Journalists. I wish it would investigate the queer communist Quisling pretender Barack Hussein Obama, whose treason and other crimes officialdom continues to ignore.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News