28/02/2023

ANGOLA ENERGY

Manuel Vicente takes Somoil into

big league with Lourenco's

Copy exclusively for Ian CLOKE - Subscriber # AA047055

backing
Angolan junior Somoil has increased its asset portfolio through a
number of purchase since the start of last year. Behind this
expansion is Manuel Vicente, the oil strategist of former
president José Eduardo dos Santos, who is also close to Joao
Lourenco.

Manuel Vicente at the COP21 World Climate Change Conference 2015, France, 30
November 2015. © Etienne Laurent/EPA/MaxPPP

Africa Intelligence - 142 rue Montmartre - 75002 Paris, France - Tel: + 33 1 44 88 26 10

| Page 1/3
client@indigo-net.com - Africaintelligence.com
ANGOLA : Manuel Vicente takes Somoil into big league with
Lourenco's backing

Somoil has spent more than $1.2bn on acquisitions in the offshore oil sector since
the start of 2022. This has resulted in an exceptional change of dimension for the
company, which for a long time contented itself with its interests in minor
offshore permits like 03/05 and 02/05, and the FS, FST and CON-1 onshore
blocks.

Copy exclusively for Ian CLOKE - Subscriber # AA047055

As we revealed (AI, 02/02/23), Somoil has been able to make all these acquisitions
after having benefited, like other Angolan companies, from an amnesty granted at
the start of Joao Lourenco's presidency, which enabled it to repatriate funds it had
been holding outside the country. On 26 June 2018, Lourenco allowed Angolan
citizens 180 days to bring their capital back into the country without having to
face legal action or tax penalties.

Inseparable pair

Manuel Vicente, who was Angolan vice president from 2012 to 2017, is officially no
longer a shareholder in Somoil and his name appears on none of its official
documents. He is nevertheless the driving force behind the company's expansion.
He is being backed in this by Lourenco, who is determined to make the company
the success story of an Angolan oil industry that is largely dominated by Western
majors. The fact that Lourenco chose Vicente's company for this purpose was no
coincidence, moreover.

When Lourenco was ousted from his post as secretary general of the ruling MPLA
by José Eduardo dos Santos in 2003 for having been too open about his
presidential ambitions, Vicente, who was then head of Sonangol, aided him
financially and helped him maintain contact with dos Santos. Lourenco went on
to become defence minister in 2014, vice chairman of the MPLA in 2016 and was
then selected as the party's candidate in the 2017 presidential elections, which he
won.

Lourenco and Vicente have been inseparable since the early 2000s and Vicente,
who now lives in Dubai for part of the year, continues to advise Lourenco on
financial and oil matters. It is highly unlikely, therefore, that there will be any
attempt to prosecute Vicente over his management of the country's oil interests
during the dos Santos years. In January 2018, Lourenco had no qualms about
creating a diplomatic incident, moreover, by forcing Portugal to allow a

Africa Intelligence - 142 rue Montmartre - 75002 Paris, France - Tel: + 33 1 44 88 26 10

| Page 2/3
client@indigo-net.com - Africaintelligence.com
ANGOLA : Manuel Vicente takes Somoil into big league with
Lourenco's backing

corruption case opened against Vicente by a Portuguese magistrate to be dealt

with in Angola. At the time, Vicente had immunity from prosecution in Angola,
which meant that he was not prosecuted.

Permits aplenty

Copy exclusively for Ian CLOKE - Subscriber # AA047055

In mid-February, Somoil, now headed by former Sonangol executive Edson dos
Santos, paid $830m for Galp's 9% stake in Chevron-operated Block 14 and its 4.5%
holding in Block 14-K, also operated by Chevron, as well as its 5% stake in Block
32, which was brought into production by TotalEnergies in 2018. Altogether, Galp
interests represent a production total of 10,400 bpd.

This purchase, which still has to be approved by the regulatory authority, the
ANPG, is only the latest in a long series. In 2022, Somoil bought the interests of
Japan's Inpex and France's TotalEnergies on blocks 14 (20%) and 14T (10%), as
well as the 2.5% stake held by Thailand's PTTEP in the TotalEnergies-operated
Block 17/06. At the start of last year, with Sonangol P&P, it also paid out $355m for
stakes in blocks 18 (8.28%), 31 (10%) and 27 (25%).

© Copyright Africa Intelligence.

Reproduction and dissemination prohibited (Intranet...) without written
permission - 109237100.0

Publication edited by
Indigo Publications (Paris, France)
Published on AfricaIntelligence.com (Commission paritaire 1225
Y 92894)

Africa Intelligence - 142 rue Montmartre - 75002 Paris, France - Tel: + 33 1 44 88 26 10

| Page 3/3
client@indigo-net.com - Africaintelligence.com