Heitor Carvalho, Director of the Economic Research Center at the Lusíada University of Angola (CINVESTEC), emphasized the urgent need for new oil investments to prevent a potential shortage of crude oil by 2033.
Speaking during the presentation of the Economic Report for the Third Quarter of 2023 in Huambo, Carvalho warned that Angola faces the risk of oil depletion within the next nine years if proactive measures are not taken to develop new reserves.
Carvalho stressed that the current focus on decades-old oil reserves underscores the importance of investing in new production facilities to sustain Angola’s oil sector.
Neglecting to allocate resources for the creation of new reserves could lead to the exhaustion of existing production cycles, exacerbating the risk of oil scarcity in the near future.
The presentation of the report drew participation from a diverse audience, including university professors, students, researchers in Economic Sciences, business leaders, as well as public and private sector stakeholders.
