Sonangol reform will extend Angola leader's power
Significance Fund officials praised the government's efforts to rein in spending in response to low oil prices but said further steps were needed to ensure economic stability and improve transparency in public finances. The restructuring of state oil firm Sonangol, announced in April, will be critical for this process. Impacts Sonangol's reforms will shape business cross-regionally, given its multi-sector interests and status as one of Africa's largest companies. If certain of the firm's operations are streamlined, it could affect the livelihoods of some of its approximately 10,000 employees. The 16-billion-dollar Kaombo offshore oil project, led by Total, will prove fundamental for sustaining Angola's future oil output. Angola's status as the region's largest oil producer will persist as long as Nigerian output is reduced by Niger delta militant attacks. Isabel dos Santos's extensive business experience will bolster the investor credibility of the oil sector reforms.