Luanda: The chairman of the Board of Directors of Sonangol, Sebastio Martins, reaffirmed the company's dedication to oil and gas production on Tuesday, emphasizing its role in generating revenue for investment in the energy transition. Martins made these remarks at a press conference in Luanda, where he presented preliminary data for the year 2024. He highlighted the company's focus on reducing operating costs alongside profit generation. According to Angola Press News Agency, Martins also addressed the issue of fuel smuggling, acknowledging significant losses from this illegal activity. He noted that while the extent of the damage remains unquantified, it represents a considerable challenge for Sonangol. Furthermore, Martins mentioned that any adjustment in fuel prices would require government involvement, indicating that the company alone cannot make such decisions. In addition, Baltazar Miguel, the Executive Director of the national sector, cited a decrease in the average price of oil-from $82 in 2023 to $80 in 2024-and the risk of foreign exchange exposure as key contributors to a decline in the company's turnover last year.