Africa-Press – Angola. Angola’s oil sector recorded accumulated investments of around 99 billion US dollars between 2017 and 2025, with a further 66 billion expected to be invested over the next four years.
The figures were announced on Thursday in Luanda by the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, at the opening of the 5th Annual Local Content Conference in Angola.
According to the minister, these investments are the result of the structural reforms introduced in the hydrocarbon sector since 2017, with the aim of strengthening institutional transparency, restoring investor confidence, and promoting competitiveness.
The minister highlighted several measures adopted, including the establishment of the National Agency for Petroleum, Gas and Biofuels (ANPG) as the national concessionaire and the institutionalization of the Regulatory Institute for Petroleum By-products (IRDP).
He also mentioned the restructuring of the state-owned oil company Sonangol, which has been transformed into an integrated national energy company.
The official recalled that, to mitigate the estimated annual decline in oil production of between 10% and 15% since 2016, Bidding and Exploration Strategies had been approved to boost exploratory activity and ensure the medium- and long-term sustainability of production.
As a result, 42 oil blocks have been awarded so far, distributed across the Lower Congo, Kwanza and Namibe regions. A further 30 new concessions are currently under submission and approval, which will further boost the dynamism of the sector.
Regarding exploration, he emphasized the significant discoveries in Blocks 15, 17 and 1/14, as well as the recent oil discovery in Block 15/06’s Algaita-01 well, announced on 16 January this year.
The minister said that the discoveries clearly demonstrate Angola’s significant hydrocarbon potential and strengthen the country’s position as a leading oil and gas producer in Africa.
‘In total, resources are estimated at over one billion barrels of oil and approximately one trillion cubic feet of gas. This result is highly relevant for the sector and will make a significant contribution to strengthening the national economy,’ the minister said.
Diamantino Azevedo emphasized that natural gas is becoming an important foundation for developing new industries in Angola, citing fertilizer production, steel production and the petrochemical industry as examples.
