Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, outlined a multi-pronged approach to strengthen the country’s oil and gas sector.
The plan focuses on attracting investment, achieving self-sufficiency in refined products, and promoting responsible development.
The Angolan government is actively seeking investment in several areas:
-Refining, Storage, Transport, and Distribution (RST&D) of petroleum products
-Construction of gas stations to improve distribution efficiency
-Onshore storage facilities with the Barra do Dande Ocean Terminal as a key project
Construction of three new refineries is underway in Cabinda, Soyo, and Lobito. These refineries will not only increase domestic refining capacity but also contribute to decarbonization efforts by allowing Angola to adopt cleaner extraction methods.
Angola acknowledges the need for an energy transition but emphasizes the importance of fairness for oil and gas producers.
The country argues that it deserves the opportunity to continue developing its resources and contribute to economic growth.
Angola’s energy strategy goes beyond oil and gas. The government is investing in hydroelectric projects, solar and wind energy, and biomass to diversify the energy mix and ensure energy security.
The restructuring of the oil sector initiated in 2017 has yielded positive results. Oil production has remained above 1.1 million barrels per day, and the business environment has improved, attracting continued investment from major international oil companies.
The Luanda Refinery has been modernized, and new refineries are planned for Cabinda and Soyo. These refineries will create jobs, reduce reliance on imported refined products, and generate foreign currency through potential exports.
Angola has eliminated floating storage and significantly increased onshore storage capacity. The completion of the Barra do Dande Ocean Terminal will further boost storage capabilities.
Angola’s oil and gas sector is undergoing a significant transformation. By focusing on attracting investment, promoting domestic refining, and adopting responsible practices, Angola aims to ensure the continued success of this vital sector while preparing for a more diversified energy future.
