Close view of the FPSO
Angola lies on the west coast and in the southwest of Africa. In Angola, Sonangol Sinopec International Limited.(SSI), which belongs to Sinopec International Petroleum Exploration and Production Corporation (SIPC) is active on the vast land of Africa, exuding a touching "Sunlight of Dawn".
As the largest oil producer in Africa, Angola has been proven to boast recoverable oil reserves of more than 13.1 billion barrels and natural gas reserves of 7 trillion cubic meters. The oil industry is the pillar industry of Angola's national economy. In 2009, oil revenues accounted for about 57% of GDP, the annual output of crude oil up to 657 million barrels, or 1.786 million barrels on a daily basis.
Experts on the base of FPSO
SIPC entered Angola in 2004. Sonangol Sinopec International Limited (SSI), a joint venture with China Sonangol, was formally engaged in the 18-block management in March 2005.
To further strengthen project management and expand the business in Angola, SIPC headquarters approved the establishment of the project department of Angola in April 2007 and its upgrade to Angola Company in 2010.
The main responsibilities of Angola Company include: compliance with SIPC headquarters leadership, involved in SSI management on behalf of SIPC, responsible for coordination, supervision and management of the offshore block project in Angola, including block project coordination, supervision and management, SSI crude oil extraction and sales management; responsible for the coordination, management and information collection for new projects in Angola; and to ensure the interests of Sinopec and the achievement of its ambition of growing bigger and stronger in Angola.
Mansion of Joint Venture Company
2010 is a critical year for the company's development and growth, with major achievements in oil exploration, exploitation and project management. Up to now, total recoverable reserves discovered in three exploration blocks amount to more than 600 million barrels, including reserves found in Block 15/06, Block 17/06 and Block 18/06.
In the past 6 years, management of production and development in the 18 blocks has gradually been on the right track. The project has achieved good economic returns, new block exploration has also made significant progress, and all aspects of Angola Company have kept going smoothly.