Africa-Press – Angola. President João Lourenço stated on Wednesday (03), at the opening of the 6th International Oil and Gas Conference, that the country needs more investment, knowhow transfer, and innovation to ensure the sustainable exploitation of its natural resources.
According to the Head of State, these measures are also crucial for strengthening local content as a factor of competitiveness and for investing in renewable energy, ensuring that the oil and gas sector continues to contribute to improve Angolans’ standard of life.
He emphasized that these measures are fundamental to ensuring that the oil and gas sector continues to play a decisive role in the country’s development.
On the occasion, João Lourenço assured that Angola offers favorable conditions for investment, guaranteeing contractual stability, legal certainty, predictability, and adequate returns (revenues), in line with international best practices.
“We want partnerships that contribute to the common good, the empowerment of our communities, and the country’s sustainable development,” he emphasized.
According to the Angolan President, cooperation between the public and private sectors, investors, and regulators, combined with local knowledge and international experience, will be crucial to achieving the country’s growth and development aspirations.
Regarding the sector’s current situation, he emphasized that the 6th International Oil and Gas Conference is taking place at a unique time for the national industry, marked by a sharp decline in production.
To overcome this challenge, he noted that the Executive, through the Ministry of Mineral Resources, Oil and Gas and its subordinate agencies, has been implementing strategic programs and actions, notably the 2020-2025 Exploration Strategy, the 2019-2025 Bidding Strategy, and the capture of new private investment.
According to the Head of State, these initiatives aim to drive sustainable development throughout the oil industry chain, with the ultimate goal of generating wealth and prosperity for the country.
President João Lourenço also highlighted the need to stimulate and promote hydrocarbon exploration and production in Angola’s onshore region, due to low operating costs and the prospecting already conducted.
He emphasized that some concessions granted are expected to effectively begin production in the near future.
The conference, which brings together government officials, businesspeople, and energy sector experts, aims to discuss the new challenges facing the oil and gas industry in the context of the global energy transition.
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