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.

Related Topics

Marketing

The Rise of Inbound Marketing and the Death of the Cold Call

Why an "outbound" focus could be costing you sales prospects.

Business News

Airbnb Renter Discovers Hidden Door, Says Police Confirm There's a Secret Unit Upstairs With 'Surveillance': 'A Terrifying Experience'

One bride-to-be was in for a not-so-welcome surprise when she discovered a secret door in her Airbnb rental.

Lifestyle

Jeremy Piven: Back With Another Hit Movie The Performance

In the new movie, Piven takes center stage under the directorial vision of his sister, Shira Piven

Science & Technology

These Are the Top 6 AI Threats to Your Business Right Now

The modern workforce is forever changed by artificial intelligence. If you fail to understand that we will all need to learn AI to some degree, you haven't been paying attention.

Business News

Flight Attendant Dies on Plane in Front of Passengers on New Year's Eve

The British Airways flight was set to take off from London to Hong Kong.

Business News

Want to Start a Billion-Dollar Business? Look to These Two Industries, Which Have the Most Unicorn Growth

During a tough fundraising year overall last year, the value of cybersecurity and AI unicorns saw double-digit growth.