Luanda - Angolan Executive maintains its strategy of attracting national and foreign private investment, striving for transparency and competition, said Monday the minister of Mineral Resources, Oil and Gas Diamantino Azevedo.
The minister said the Executive continues to work “hard” to improve legal, fiscal and contractual instruments to increasingly ensure competitive and transparent conditions to attract investments in upstream (oil production), midstream (oil processing) and downstream (logistics and sales of derivatives) projects.
Addressing an opening ceremony of the 4th Edition of the International Conference and Exhibition, Angola Oil& Gás 2023 (AOG2023), Diamantino Azevedo said that the biggest challenge in the upstream is mitigating the sharp decline in oil production.
He also mentioned actions as taking place to increase levels above one million barrels in the coming years.
Among the ongoing actions, Diamantino Azevedo mentioned exploration in development areas, development of mature fields, extension of concession periods and the application of new fiscal and contractual terms in marginal fields.
Regarding the conference, the minister says that it is taking place in a context of energy transition that requires everyone to make clear decisions to guarantee energy security and respond to the pressing challenges of climate change.
He added that currently the energy security is the main topic on the agenda of several countries, but it must be achieved through a fair and equitable energy transition.
He is of the view that for a fair and equitable energy transition it will be necessary to use all existing energy sources, giving oil and gas producing countries the possibility of continuing to develop their resources to promote their growth and sustainable economic development.
The 4th Edition of the International Conference and Exhibition, Angola Oil& Gas 2023 (AOG2023) is taking place under the motto “Energy Security, Decarbonisation and Sustainable Development”.
The current production levels stands at 1.1 million barrels of oil per day (BOPD). HEM/NE/TED/NIC
