Africa-Press – Angola. The Government will continue to work to maintain competitiveness and crude oil production levels above 1.1 million barrels/day, planning to bid for another 50 oil blocks by 2025, the President of the Republic, João Lourenço, assured today.
When presenting the Message on the State of the Nation, in the National Assembly, the Holder of the Angolan Executive Branch aimed to stabilize and boost crude oil production activity, in order to mitigate the sharp decline in production, recorded in recent years.
To achieve this challenge, in the short and medium term, the Head of State highlighted the “Ndola Sul” projects, with a production capacity of 20 thousand barrels/day, and “Agogo Fuel”, for the recovery of 490 million oil gross.
Also part of this challenge, he pointed out, are the “Begónia” projects, with capacity to produce 30 thousand barrels/day, “Cameia” and “Golfinho”, which will implement the first oil development project in the Kwanza Basin and in waters deep, respectively.
As a result, he said, oil revenues should be used less for the consumption of goods and services, but for expenses to promote diversification and promotion of the non-oil economy.
Oil production in Angola already reached levels of 1.8 million barrels in 2015, an average that has fallen to current figures, influenced, in part, by insufficient investment in the sector and unscheduled stoppages.
With a production of 1.1 million barrels/day, the country currently has reserves estimated at nine billion barrels of crude oil and 5.95 billion cubic meters of gas.
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