Get All Access for $5/mo

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.

By João da Silva

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

Photo by Maria Lupan on Unsplash

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.

Science & Technology

How to Find a Flow State When Your Life Is Filled With Digital Distractions

A prescription for quieting distractions and finding your flow from the new book "The Wolf Is At The Door."

Science & Technology

How to Keep Yourself Relevant in the Age of AI

As AI reaches further into our lives, what can you bring to the table that technology cannot replicate? The new book "The Wolf Is At The Door" offers a whole new way to look at the AI revolution.

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Living

Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Growing a Business

10 Years, 10 Lessons — Key Insights From a Decade of Entrepreneurship

In honor of my business's 10-year anniversary, here are 10 lessons I've learned about entrepreneurship and leadership along the way.