Angolan Oil Minister Mandates Oil and Gas as Driver of Diversification, Development

 

As one of Africa’s leading oil producers, boasting an impressive output of over 1.1 million barrels of oil per day, Angola has garnered a reputation as an easily accessible and attractive investment destination. The country has continued to attract investment for new exploration from global major players such as TotalEnergies, ExxonMobil, Chevron and Azule Energy.

As such, Angola’s Minister of Mineral Resources, Oil and Gas Diamantino Azevedo discussed the country’s achievements and aspiration during a fireside chat at the Angola Oil&Gas 2024 conference. Sponsored by Angolan service company Angola Environmental Serviços, the fireside chat presented an opportunity for the minister to discuss the value of Angola’s resources, how the country aims to stabilize production and boost local capacity building.

“When we explore natural resources, we aim to use them to transform society and contribute towards improving life in Angola,” Minister Azevedo stated, adding, “That’s why it’s important to speak not only in terms of how many million barrels we produce, but to speak on the impact on the living conditions of the population.”

Attention in Angola’s oil and gas sector is not only on current developments but future projects. With an energy sector ripe for investment, the country continues to streamline its investment process, making it straightforward for potential investors. These opportunities transcend traditional oil and gas, with the country’s renewable market enticing players as well.

“We have drafted a new strategy for working towards seeking natural resources. The geological surveying is a continuous process. As long as there is a possibility of us discovering natural resources, we have to continue working,” the Minister added.

Meanwhile, in the local content space, demand for drilling and oilfield services, detailed engineering, procurement, technical construction and pre-fabrication and assembly is poised to boost the participation of local companies in the country’s oil and gas sector. To support efforts to maintain production above one million barrels beyond 2027, Angola has been promoting investment in the upstream sector, which is projected to grow by 15% between 2022 and 2027.

As such, the fireside chat directly addressed the methods of navigating Angola’s regulatory landscape, how companies can leverage innovative financing mechanisms and strategies for enhancing competitiveness in Angolan oil and gas.

“We have introduced new methodologies like the permanent offer of blocks and now we have approved a new procedure, and all this has brought new opportunities for investors. The extraction sector will always be the engine of diversification in our country’s economy,” the Minister concluded.

Distributed by APO Group on behalf of Energy Capital&Power.