As one of Africa’s top oil producers, with an output exceeding 1.1 million barrels per day, Angola continues to solidify its position as a prime investment destination.
The country attracts major global players like TotalEnergies, ExxonMobil, Chevron, and Azule Energy, driving new exploration ventures.
At the Angola Oil & Gas 2024 conference, Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, shared insights during a fireside chat, sponsored by Angola Environmental Servicos.
Minister Azevedo highlighted Angola’s achievements, aspirations, and plans to stabilize oil production while boosting local capacity.
“When we explore natural resources, we aim to use them to transform society and improve the lives of Angolans,” Minister Azevedo emphasized.
He noted that while production figures are important, the real focus is on the impact on the population’s living conditions.
Beyond its current oil and gas activities, Angola is also focused on future projects. The country has streamlined its investment process, making it easier for potential investors.
This has attracted interest not only in traditional oil and gas but also in Angola’s growing renewable energy market.
“We have a new strategy for exploring natural resources, and geological surveys are ongoing. As long as there’s potential for discovery, we will keep pushing forward,” Minister Azevedo stated.
The local content space is also seeing growth, with increased demand for services such as drilling, detailed engineering, procurement, construction, and assembly.
Angola is actively promoting investment in the upstream sector to maintain production levels above one million barrels per day beyond 2027, with a projected 15% growth in the sector between 2022 and 2027.
During the fireside chat, the Minister addressed how Angola is navigating its regulatory landscape, providing investors with innovative financing mechanisms and strategies to enhance competitiveness in the sector.
“We’ve introduced new approaches like the permanent offer of blocks, and we’ve approved new procedures, creating more opportunities for investors.
The extraction sector will remain the engine of economic diversification in Angola,” Minister Azevedo concluded.
