Angolan President João Lourenço acknowledged the severity of the global climate crisis while emphasizing the right of hydrocarbon-producing countries to develop their resources for the benefit of their citizens.
Speaking at the opening of the 5th Angola Oil & Gas (AOG) conference in Luanda, Lourenço stressed the importance of balancing resource development with environmental responsibility.
He recognized the harmful effects of climate change but underscored that hydrocarbon-producing nations, like Angola, should continue to develop their energy resources, provided they take measures to minimize environmental impact.
He cited examples such as Sonangol’s initiatives, including the construction of photovoltaic plants and a green hydrogen production project in partnership with German companies, to mitigate greenhouse gas emissions.
The President also addressed the challenges posed by the current geopolitical and macroeconomic landscape, which has caused distortions in international markets and created barriers to financing extractive sector projects, especially compared to renewable energy investments.
However, he reaffirmed Angola’s ambition to remain a competitive hydrocarbon producer, outlining several strategies, including fostering a regulatory environment that supports market-oriented policies and attractive fiscal regimes.
These measures are aimed at sustaining national oil production levels above 1.1 million barrels per day.
Lourenço also highlighted Angola’s ongoing efforts to expand its oil exploration activities. Between 2019 and 2025, the country plans to auction 50 new blocks, including potential sites in interior basins like Kassanje and Etosha-Okavango, to replenish reserves and boost production.
The President further emphasized the openness to private investment, both domestic and foreign, under fair and beneficial terms for investors.
AOG 2024, themed “Boosting Exploration and Development to Increase Production in Angola,” has attracted over 2,500 delegates from more than 40 countries, with more than 500 organizations participating.
Investment prospects for Angola’s oil and gas sector over the next five years are estimated at $60 billion, with the next round of oil block licensing scheduled for 2025. This is part of a six-year program launched in 2019, with 26 blocks allocated so far.
