Sonangol To Pursue Decarbonization In Oil Industry Sonangol, one of Africa's largest companies, is responsible for prospecting, researching, developing, producing, transporting, commercializing, refining and transforming liquid and gaseous hydrocarbons.
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Sonangol, one of Africa's largest petroleum companies, recently announced an innovative new partnership with Azule Energy to accelerate decarbonization efforts across sub-Saharan Africa and address the environmental impact of oil and natural gas extraction.
Sonangol and Azule Energy will seek to offset the carbon emissions associated with oil and gas operations by investing in new technologies that will promote renewable energy solutions and carbon capture and storage capabilities, according to a spokesperson from the company.
The partnership comes at a time when climate-driven disasters have claimed lives and caused significant property damage in countries around the world. It may also represent a significant step toward addressing the impact of resource extraction in a region where oil is one of the principal drivers of economic growth.
In recent years, Sonangol has sought to become a leader in the emerging green energy space. Last year, the company signed an agreement with two German engineering firms to build a new green hydrogen facility. Projected to come online next year, the facility will provide for the efficient export to Europe of green ammonia and hydrogen, broadening access to clean energy sources in European markets.
The company has also invested in the development of photovoltaic technology and biofuels, with Sonangol and Azule Energy already jointly cooperating on a renewable energy pilot. The 50 Mw plant's first phase became operational in May.
Sonangol, one of Africa's largest companies, is responsible for prospecting, researching, developing, producing, transporting, commercializing, refining and transforming liquid and gaseous hydrocarbons. Sonangol employs some 13,000 employees and operates overseas facilities in Congo, Singapore, Hong Kong, London and Houston.
In a bid to introduce new incentive structures and efficiency gains to the company, Sonangol officials announced recently that up to 30% of the company's equity will be sold to private investors over the next three years. This marks the first time in the company's nearly 50-year history that investors will be able to purchase shares in one of Africa's energy giants.