Nina Birgitte Koch, Vice President for Africa at Equinor, has commended Angola’s initiatives to revitalize older oil wells and reverse declining production, calling the measures “very positive” and “unusual” for the oil industry.
Speaking to Bloomberg on the sidelines of a conference in Cape Town, Koch emphasized that Angola’s proactive approach is unlocking previously inaccessible resources.
The measures implemented by the Angolan government aim to encourage extraction from older and marginal wells, which is helping the country address a decline in production caused by years of underinvestment.
Koch praised the government’s strategy for enabling the recovery of trapped resources and boosting the country’s oil output.
Equinor, a key player in Angola’s oil sector, currently produces the equivalent of 110,000 barrels of oil per day, accounting for about 10% of the country’s total output.
Angola’s daily oil production stands at around one million barrels, with Equinor being a significant contributor.
Angola has been battling a steady decline in oil production due to a lack of investment in new projects. In response to these challenges, the country left the Organization of the Petroleum Exporting Countries (OPEC) in December of last year, as it struggled to meet production quotas imposed by the organization.
