Luanda – Angola expects to receive an investment of US$71.51 billion for oil concessions in the period from 2023 to 2027, meant to stabilising national production and achieving self-sufficiency in refined oil in Angola.
According to the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, who was speaking on Monday in Luanda during the first edition of the “Conversas Economia 100 Makas”, this investment is intended to stabilise production levels, keeping them above one million barrels per day, by 2027.
He said that the sector's goal is to boost and intensify the replenishment of reserves, aiming to mitigate the sharp decline in hydrocarbon production.
He added that the development of oil fields, including marginal fields and redevelopment of mature fields, is planned, as well as continuing the 2020-2025 hydrocarbon exploration strategy and defining the strategy for 2026-2030.
According to the minister, the sector will continue with the implementation of the 2019-2025 oil concession allocation strategy and define the new strategy for 2026-2030, as well as continue with the Permanent Offer Regime.
He also mentioned the intention to conclude the preparation of the Gas Master Plan and guarantee the supply of natural gas to the fertilizer industry, steel industry and for the production of electricity.
He stressed that the sector wants to improve the distribution of fuels and lubricants throughout the national territory, promote industry coordination and operational efficiency initiatives.
Diamantino Azevedo also reiterated that the sector ensures the implementation of the green hydrogen project and participation in the national decarbonization process.
The Minister added that it is also intended to continuously promote local content, the development of human capital and social responsibility actions.
He recalled that, in 2023, in terms of share of exports, the oil sector contributed 94%, while the mining sector contributed 4.26%.
As for the share of tax revenue, the oil sector contributed with 59.6% and the mining sector with 0.64%.
Regarding the participation in the Gross Domestic Product (GDP), he stressed that the oil contribution was 29.7% and the mining contribution was 1.4%, remaining as the engine for the development and diversification of the country's economy. HM/QCB/DOJ
