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Angola to prioritize oil and gas investments


Angolan Minister of State for Economic Coordination Jose de Lima Massano on Wednesday emphasized the crucial role of the oil and gas industry for the country’s economy and pledged continued investment in petroleum resource exploration.

Speaking at the 4th edition of the Angola Oil & Gas Conference and Exhibition 2023 (AOG2023) in the Angolan capital of Luanda, Massano highlighted the petroleum sector’s fundamental role in shaping and transforming Angola’s economy and the necessity of continuously maintaining the sector’s competitiveness for the country, which serves as a “catalyst” for Angola’s social transformation.

“We should not cease making the necessary investments to ensure that natural resources, including oil, can continue to be explored,” he said.

The AOG2023 will run until Thursday in Luanda, with the participation of the Organization of the Petroleum Exporting Countries (OPEC), as well as African ministers and international experts from the sector.

Regarding greenhouse gas emissions, the Angolan top economic official acknowledged that petroleum activities would continue to affect this process. The current strategy is centered on reducing emissions.

“This effort to reduce greenhouse gas emissions should also be carried out consciously and adapted to the reality of each country,” said the official, reaffirming Angola’s strong commitment to these reductions.

In July, oil production in Angola was around 1.15 million barrels per day, positioning Angola as the second-largest oil producer in Africa, surpassing Nigeria and trailing only behind Libya, according to data from the OPEC and Angola’s National Agency of Petroleum, Gas and Biofuels.

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