Angola has an estimated potential of approximately 50 billion barrels of oil, with nearly 10 billion already discovered, according to Ana Miala, executive director of the National Oil, Gas and Biofuel Agency (ANPG).
Speaking at the first Offshore Exploration Forum in Luanda, Miala emphasized the need for increased investment to fully exploit this potential and enhance the competitiveness of Angola’s crude oil market.
She highlighted that contractual stability and favorable laws are critical factors encouraging new investments in the sector.
Miala noted that Angola’s oil production peaked in 2008 at 1.9 million barrels per day but dropped to 1.1 million by 2014.
In April, Angola’s oil production totaled 32,206,719 barrels, averaging 1,073,557 barrels per day, slightly below the forecast of 1,129,395 barrels.
Diamantino Azevedo, the Minister of Mineral Resources, Oil and Gas, underscored the importance of increasing production and pointed to the untapped potential in the Kwanza, Congo, and Namibe Basins, urging entrepreneurs to seize the opportunities in the sector.
ANPG Aims to Expand Oil and Gas Blocks by 2025
The ANPG aims to expand the number of oil and gas exploration blocks from 32 to over 50 by 2025 to bolster Angola’s oil production.
Paulino Jerónimo, chairman of the ANPG’s Board of Directors, stated that this goal aligns with the government’s commitment to developing the sector and enhancing oil exploration in the country.
The ANPG, established in 2019 through Presidential Decree No. 49/19, took over the role of National Concessionaire from Sonangol.
Its mission is to regulate, supervise, and promote oil activities, operations, and contracting in Angola’s oil, gas, and biofuels sector.
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