Africa-Press – Angola. Angolan government will invest more than 60 billion US dollars in the next four years to boost the oil sector, the chairman of the country’s National Oil, Gas, and Biofuels Agency (ANPG) Paulino Jeronimo said on Wednesday.
According to Jeronimo with this investment, the government intends to maintain its production target of over 1 million barrels of crude oil per day until 2027.
He noted that between 2022 and 2024, the country produced around 600,000 barrels per day, as a result of disinvestment in the sector due to the economic crisis that caused the slowdown in oil activity.
This figure doubled in 2024, with the country currently producing 1.024 million barrels per day.
The increase followed government investment in the sector and a change in the governance paradigm, which culminated in the approval of a new hydrocarbon exploration strategy.
It included the approval of a new legal regime for local content and the restructuring of the oil sector, which led to the creation of the ANPG and the activation of the Regulatory Institute for Petroleum by-products, leaving Sonangol, the state-owned oil company, confined to its “score business.”
As a result of these changes, the sector saw the entry of new operators and the award of 40 exploration concessions, as part of the government’s strategy to award more than 50 concessions between 2019 and 2025.
The Forum, an initiative of the Ministry of Natural Resources, Oil, and Gas, brought together investors and professionals from the sector and officials from the Provincial Government of Cuanza Norte, as well as local entrepreneurs.
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