The Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, emphasized on Tuesday in Luanda the importance of bidding for a total of 50 wells by 2025 as a key part of the strategy to maintain stable oil production, currently estimated at over one million barrels per day.
Speaking at a parliamentary hearing with the Economy and Finance Committee, Azevedo presented an overview of the current state of the subsectors, focusing on the oil sector, which is responsible for more than 90 percent of the country’s foreign exchange revenue.
The minister highlighted that his department has successfully reversed the decline in oil production through the concession of new projects.
Additionally, he noted that an ambitious prospecting program is underway, covering approximately 520 square kilometers of sedimentary basins, along with existing blocks in the Lower Congo and Kwanza basins.
