The company operates in the most efficient, transparent and safe manner with a commitment to environmental protection. The purpose of the company is to promote the harmonious development of the Republic of Angola and to reinforce sustainable use of hydrocarbon resources. .The company operates in the most efficient, transparent and safe manner with a commitment to environmental protection. The purpose of the company is to promote the harmonious development of the Republic of Angola and to reinforce sustainable use of hydrocarbon resources. .
1.0 Oil in Angola In Africa, Angola is the third-largest oil producer after Nigeria and Libya. The country due to its significant growth and good relationship with other oil-producing countries joined the Organization of Petroleum Exporting Countries abbreviated OPEC in the year 2007. In reference to the BP Statistical Energy survey in 2012, Angola was able to prove oil reserves of approximately 13.5 billion barrels in the previous year. The country is known for its exploration and production of crude oil which has an API gravity which ranges from 32 to 39.5 degrees and contents of Sulphur of 1.12 percent to 0.14 percent (Newton, 2009). Almost 90 percent of the country’s crude oil is exported to China and the US.
Due to rich amount of gas and oil produced by the country, Angola boasts a good economy due to exceptional revenues and foreign income generated by the export of gas and oil products all over the world. Among all African countries, Angola is among the top developing countries and this is proved by the high standards of living in the country and availability of quality social services and institutions. The government of Angola has tough policies and legislation in place that ensures all oil and gas producing companies in the country are utilizing oil resources effectively and efficiently. It ensures that the company practices are both the environment and human-friendly (Nelson, 2008). This has made all the oil and gas producing companies to develop a competitive sustainability strategy that enables them develop a global competitive advantage.
2.0 Sonangol’s sustainability strategy
Sustainability in business is simply a way in which a business organization conducts its business activities with consideration of social and environmental issues. .