Home » Founded by Joaquim David, Angolan oil explorer Somoil plans to go public

Founded by Joaquim David, Angolan oil explorer Somoil plans to go public

by Mfonobong Nsehe

Somoil, a private Angolan oil exploration and production company, announced at a press conference last week that it is considering listing its shares on the stock exchange in 2025 after reporting impressive financial results in 2021.

Edson dos Santos, chairman of the board of directors, highlighted Somoil’s strategic aim to join the Angola Debt and Stock Exchange in 2025, with the aim of eventually joining global stock markets.

Somoil nearly increased its oil output to more than 16,000 barrels of oil per day in two years and reported a net income of $40.9 million in 2021, the highest in the company’s 20-year history.

Somoil presently produces close to 16,000 barrels of oil per day and is the operator of two blocks in the Lower Congo Basin: offshore Block 2/05 (under a production-sharing agreement) and onshore blocks FS and FST (under a concession contract).

Somoil also has a small presence in petroleum distribution in Angola.

The private company has also expanded into oil product distribution and is interested in growing its service station network across the country.

Somoil was founded by former Sonangol Director General Joaquim David.

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