• 2 hours LNG Glut To Continue Into 2020s, IEA Says
  • 4 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 7 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 9 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 10 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls

Breaking News:

LNG Glut To Continue Into 2020s, IEA Says

Can India Overtake China In The EV Revolution?

Can India Overtake China In The EV Revolution?

India wants to drastically increase…

Iran Ready For OPEC Oil Deal Extension

Iran Ready For OPEC Oil Deal Extension

Iran is ready to take…

Africa’s Richest Woman To Completely Overhaul Angola’s State-Run Oil Co.

Isabel Dos Santos Sonangol

Isabel dos Santos—the richest woman in Africa, the Angolan president’s daughter and now the CEO of the country’s state-run oil giant—on Monday said she plans to overhaul the Sonangol oil company department by department to bring it out of the oil price crisis.

Isabel dos Santos became CEO last week after a presidential decree from her father, Jose Eduardo dos Santos, appointed her to the lucrative and vital position.

The company’s previous leader had been at its helm for 36 years, prompting fears of nepotism from the president’s opponents, one of which, The National Union for Total Independence of Angola, rejected Isabel’s appointment on Tuesday.

Related: Rebound In Oil Prices Changes Drillers’ Mindset

“The measure confirms once more the practice of nepotism by President Jose Eduardo dos Santos,” Unita, said in an emailed statement released on Tuesday. “Angolans should not accept President dos Santos becoming an absolute king.”

According to analysts cited by Reuters, the president could be laying the groundwork for a dynastic succession if and when he steps down from his presidency in 2018 after elections occur next year.

Local media sources said the overhaul would involve the firms Boston Consulting Group and PricewaterhouseCoopers, which would assist in the restructuring process.

At a press conference last week, Isabel said she would split the national company into three parts, in order to better organize and oversee operations, logistics and concessions to international oil companies.

Related: Oil Prices Stimulated By Fed’s Inaction

The new CEO will also consider building a domestic oil refinery in order to reduce the country’s need to import almost all diesel and gasoline, all while cutting production costs instead of resorting to layoffs during this difficult financial period.

Santos has a net worth of US$3.4 billion and holds major investments in banking and telecommunications companies, according to recent reports by Forbes.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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