Luanda - Angola's oil and gas exploration sector is expected to benefit from investment of over 71 billion US dollars in the next five years, the CEO of the National Oil, Gas and Biofuels Agency (ANPG), Paulino Jerónimo, said Monday in Luanda.
Paulo Jeronimo said the investment has increased (between 2022 and 2023) from around 5.6 billion to USD 12 billion.
In the last five years, the oil sector has received investment in the order of 50 billion dollars, as a positive result of the creation of the ANPG, which, in the CEO’s view, has mitigated the production decline that was dragging until 2017, a period in which a substantial drop in daily exploration is expected, as a result of the slowdown in investment by companies in the domestic market.
Paulino Jerónimo considered the balance positive, in which domestic production remained above 1.1 million barrels of oil per day, four new concessions were tendered, and the regulatory framework and improved business environment contributed to these results.
According to Paulo Jeronimo, the emergence of the ANPG has created the best conditions for maintaining and attracting new investors based on the strategic plan to consolidate the national concessionaire topping domestic reserves to mitigate the decline, human capital development policies and actions focused on renewable energies and biofuels.
Outlook
The ANGP CEO assured that when the Presidential Decree to increase oil exploration comes out the expected investment of 71 billion dollars should more than double and consequently production levels will rise.
The National Oil, Gas and Biofuels Agency was created in 2019 by Presidential decree as part of the program to reorganize Angola's oil sector.
The agency's mission is to ensure that oil activities in Angola comply with strict safety and environmental protection standards, in accordance with legal requirements and internationally recognized industry best practices. OPF/AC/TED/AMP
