Africa-Press – Angola. The consolidation of the transformations of the mining and oil sectors of the last 50 years and the search for other sources of revenue are the main challenges of the sector, with a view to strengthening the weight of the national economy, the Secretary of State for Oil and Gas, JoseĢ Barroso, said on Thursday in Luanda
Speaking to the press on the sidelines of a lecture entitled “Stories of the Mining and Oil Sector Over the 50 Years of National Independence,” the official also highlighted the commitment to innovation and creativity, both technically and politically, to adapt to global reforms.
Barroso also mentioned the progress the sector has made in the post-independence period, highlighting the restructuring aimed at creating regulatory entities in the oil and diamond sector.
In the oil sector, for example, he highlighted the creation of the National Oil and Gas Agency (ANPG) to act as a regulatory and oversight concessionaire for all upstream activities, previously
carried out by Sonangol.
He also highlighted the formalization of the Petroleum Derivatives Regulatory Institute (IRDP) as the overseer of downstream activities, including the refining, distribution, and marketing of refined
products, with Sonangol assuming the role of national oil exploration and production company.
In the mining sector, he noted the dissolution of the Angolan National Iron Company (Ferrangol-EP) and the transformation of the Angolan National Diamond Company (Endiama), which was exclusively for
production, resulting in the creation of institutions such as the National Mineral Resources Agency, as a concessionaire.
“These transformations have brought greater transparency, competitiveness, and improved the attraction of private investment,” he explained. Market conditions, he added, have, in fact, created the
conditions for attracting investment to continue the activity.
“The mining sector is capital-intensive, and we don’t have enough public funds to develop it,” he added.
The lecture, part of the 50th anniversary of National Independence, to be celebrated on November 11th, was led by former senior executives from the sector, who actively participated in the restructuring and consolidation of mining and oil activities in the country in the post-independence period.
For More News And Analysis About Angola Follow Africa-Press
