Angola’s national oil company, Sonangol, is on track to achieve a national production quota of 10% by 2027, aiming for an output of 80,000 barrels of oil per day across its more than 35 concessions.
This announcement was made by Sebastiao Martins, Sonangol’s chairman, during the opening ceremony of the 5th Angola Oil & Gas Conference (AOG) 2024 in Luanda.
Martins stated, “The projects we are currently undertaking are designed to reach this production level of 10%.
Presently, we are close to 3% to 4%, and we aim to achieve nearly 10% by 2027.” The target of 80,000 barrels per day is critical, as it reflects Sonangol’s net right to 200,000 barrels per day from the total national output of 1.1 million barrels.
He emphasized that maintaining production levels is essential for the Angolan economy, highlighting that “the potential exists” and that the government has improved fiscal conditions and legislation to support this goal.
“It is our responsibility to ensure that the current production of 1.1 million barrels is sustained over the long term, as Angola remains dependent on this vital resource,” Martins noted.
In response to concerns about declining production, Martins acknowledged that such fluctuations are natural but reassured stakeholders that new projects are being introduced to mitigate the decline.
“The worst scenario is declining production without intervention, which is why we are working to improve legislation, make tax terms more favorable, and invest in the exploration and production sector to maintain our output,” he explained.
Additionally, Martins reaffirmed Sonangol’s commitment to clean energy, mentioning ongoing collaborations with national and international partners to address climate change.
“Sonangol sees itself as an energy company that encompasses the entire value chain while striving for low greenhouse gas emissions,” he stated.
The AOG 2024 conference, which runs until Thursday, is themed “Boosting Exploration and Development to Increase Production in Angola,” and has attracted numerous national and international operators.
