Sonangol EP, the state-run oil company in Angola, is seeking $1 billion in cost savings by the end of the year to help cope with plunging crude prices.
Sonangol said in February it will cut this year’s spending by 25 percent, end most retail fuel subsidies and reduce contract costs by as much as half. A more than 40 percent slump in oil prices in the past year has slashed revenue in Africa’s second-largest crude producer, forcing the government to scale back spending and devalue the currency.
Brazil Energy Insight 
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