London — Angola’s state oil company, Sonangol, aims to slash breakeven costs on new oil production to as low as $20-$30 per barrel and make its contracts more attractive to investors and oil and gas companies, CEO Isabel dos Santos said. On the sidelines of the Financial Times Africa Summit in London, Dos Santos said changes to the board announced last week would help Sonangol to revamp new exploration and production agreements and significantly cut costs. "We are rethinking all our strategy, with a view of being able to produce barrels within $40-$50 per barrel," said Dos Santos, the billionaire daughter of Angola’s former president Jose Eduardo dos Santos. She said some projects were targeting a breakeven as low as $20-$30 per barrel, adding the changes were essential so that new concession agreements could begin "delivering dollars per barrel, rather than just cost". "In the past, we had investments that were … quite capex-heavy. That leaves us with a portfolio with barrels over ...
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