Sonangol was created in 1976 following the nationalization of Angol. The state oil company is the sole concessionaire for the exploration of liquid and gaseous hydrocarbons in Angola’s subsoil and continental platform. Its business activities include the prospecting, research, development, marketing, production, storage, transportation and refining of hydrocarbons and their derivatives, and can be conducted autonomously or jointly with foreign companies. It currently has some 12,000 employees. Sonangol is one of the largest companies in Africa and the second largest oil producer on the continent, with almost 2 million barrels a day.