The oil and gas exploration sector in Angola is expected to benefit from an investment of over 71 billion dollars (one dollar equals KZ 830) in the next five years, as announced on Monday in Luanda by the President of the Board of Directors (PCA) of the National Agency of Oil, Gas and Biofuels (ANPG), Paulino Jerónimo.
Speaking at a press conference reviewing the five years of existence of the agency, the manager stated that the investment had increased (between 2022 and 2023), rising from approximately 5.6 billion to 12 billion dollars.
In the last five years, according to Angop, the oil sector received an investment of about 50 billion dollars, a positive result of the establishment of the ANPG. In the view of the PCA, this has helped alleviate the decline in production that occurred until 2017, a period in which a substantial decrease in daily exploration was anticipated due to the slowdown of investments by companies in the national market.
Paulino Jerónimo considered the assessment positive, as national production was maintained above one million and one hundred thousand barrels of oil per day. Four bids for new concessions were made, and the regulatory framework and improvement in the business environment contributed to achieving these results.
According to the five-year report data, this production was supported, on an average annual basis, by 11 rigs and 30 well drillings, with 43 drillings expected for 2024.
According to the PCA, the establishment of the ANPG has been creating the best conditions for the maintenance and attraction of new investors through a strategic plan that aims at consolidating the national concessionaire, focusing on internal reserves to mitigate the decline, and implementing policies for the development of human capital, as well as actions focused on renewable energies and biofuels.
Outlook
The PCA of ANPG ensured that when the Presidential Decree for the increase in oil exploration is issued, the projected investment of 71 billion dollars is expected to more than double, consequently leading to an increase in production levels.
The National Agency of Oil, Gas, and Biofuels, abbreviated as “Agency” or “ANPG,” was established in 2019 through Presidential Decree No. 49/19, dated February 6, as a result of the restructuring program of the oil sector in Angola.
The agency’s mission is to ensure that oil activities in Angola adhere to strict standards of safety and environmental protection, in accordance with legal requirements and internationally recognized industry best practices.
