Angola is making strategic strides to bolster its energy sector, with the government targeting to position the gas sub-sector to account for 25% of the country’s needs by 2025.
This was revealed by Angola’s Secretary of State for Oil and Gas José Barroso during the just-ended CERAWeek conference held in the US city of Houston.
Barroso announced that the southern African country planned to sustain and augment oil production beyond 1.18 million barrels per day, while envisioning the gas sector to cater for a quarter of its energy needs by the end of next year.
To achieve this ambitious goal, the government is proactively inviting investments into oil and gas exploration and production, he said.
With over 11 trillion cubic feet of proven natural gas reserves, Angola plans to leverage investments in the sector to spur industrialisation and expand energy access.
To make the sector more attractive for private capital, the Luanda authorities have embarked on a raft of industry reforms aimed at guaranteeing a competitive and stable investment environment.
The reforms, which have been pursued since 2017, have fostered transparency and competitiveness in the oil and gas sector.
They have included a six-year licensing round introduced in 2019 that guarantees yearly investment opportunities, underscoring the government’s commitment to attracting foreign investments.
The most recent of these licensing rounds – a 12-block tender covering blocks in the Lower Congo and Kwanza Basins – featured 53 bids, underscoring the scale of interest in Angolan oil and gas.
Barroso said the Angolan government would continue to promote investment opportunities through the running of bid-rounds offering exploration licenses to qualified oil and gas companies.
The CERAWeek conference is held annually and brings together business executives, government officials and thought leaders from around the world to discuss and develop solutions for the future of energy, environment and climate.
JN/APA