Angola’s oil and gas industry anticipates a substantial investment influx of over $71 billion in the next five years, announced Paulino Jerónimo, President of the Board of Directors of the National Oil, Gas and Biofuels Agency (ANPG), during a press conference in Luanda.
Jerónimo highlighted a significant surge in investment from approximately $5.6 billion to $12 billion between 2022 and 2023 alone, projecting robust growth for the sector.
Over the past five years, the industry has attracted around $50 billion in investments, attributed largely to the establishment of the ANPG, which helped mitigate production decline experienced until 2017.
Maintaining oil production above one million barrels per day and initiating four tenders for new concessions were among the key achievements outlined by Jerónimo.
The regulatory enhancements and improved business environment fostered by the ANPG have been instrumental in driving these positive outcomes.
The agency’s strategic plan focuses on bolstering the national concessionaire, investing in internal reserves to counter decline, enhancing human capital development, and advancing renewable energy and biofuels initiatives.
With the impending Presidential Decree to boost oil exploration, the projected investment is expected to more than double, leading to increased production levels.
Established in 2019 through Presidential Decree No. 49/19, the ANPG is mandated to oversee Angola’s oil activities, ensuring adherence to stringent safety and environmental standards while upholding legal requirements and international best practices in the industry.
