Angola is intensifying efforts to address imbalances in oil production, a challenge the country is progressively overcoming, according to Diamantino Azevedo, Minister of Mineral Resources, Oil, and Gas.
Speaking at the 10th Advisory Council Meeting of the Ministry, held under the theme “Mineral Resources, Oil and Gas: Challenges and Solutions,” the minister emphasized ongoing strategies to stabilize oil production above one million barrels per day.
Minister Azevedo underscored the ministry’s focus on increasing the replacement rate of oil reserves and capitalizing on opportunities to sustain production levels.
These efforts aim to consolidate Angola’s position as one of Africa’s leading oil producers. The government remains committed to advancing oil exploration and production through:
- Implementation of the Oil Exploration Strategy.
- Bidding and permanent offers of exploration blocks.
In 2023, Angola successfully tendered 12 onshore blocks in the Lower Congo and Kwanza basins and allocated the concession area for the New Gas Consortium.
The government has also approved, renegotiated, and signed risk-bearing service and production-sharing contracts for several blocks.
Additionally, the initiation of the Etosha-Okavango Basin Study represents a key step in evaluating Angola’s interior sedimentary basins for hydrocarbon potential.
In his remarks, Azevedo highlighted the ministry’s progress in addressing critical production challenges and expressed optimism for sustained growth in Angola’s oil and gas sector.
With concerted efforts, the country aims to maintain steady production levels while exploring new reserves to secure its energy future.
This focus on exploration, strategic partnerships, and infrastructure development underscores Angola’s commitment to reinforcing its oil and gas sector as a cornerstone of its economy.
