LUANDA, Oct. 21 — Angola is stepping up oil exploration through new licensing rounds and direct negotiations with investors to counter the natural decline in crude oil production, Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo has said.
Speaking Tuesday during Namibian President Netumbo Nandi-Ndaitwah’s visit to the Luanda Refinery, Azevedo said Angola had awarded 72 oil blocks over the past five years, signing contracts for 50 of them, as part of a broader strategy to revitalize the petroleum sector.
The minister said Angola’s oil production has faced persistent challenges since 2014, prompting the government to introduce legal and fiscal reforms aimed at attracting investment and boosting exploration activities.
These reforms, launched in 2017, included the restructuring of the state-owned oil company Sonangol and the subsequent establishment of the National Agency of Petroleum, Gas and Biofuels in 2019.
Despite being a major crude oil producer in Africa, Azevedo said the country continues to rely heavily on imported refined petroleum products. To reduce its dependence on imports, the government is expanding domestic refining capacity through several projects, including the Cabinda, Soyo and Lobito refineries.
Additionally, Angola is promoting natural gas development to diversify its energy sector and support domestic industries, including power generation, petrochemicals and fertilizer production.
The Namibian president’s visit to the refinery formed part of her official visit to Angola, aimed at strengthening bilateral cooperation, particularly in the energy sector.(Namibia Daily News / Xinhua)
