21 May 2018

Angola: Low Crude-Oil Production Caused By Investments Reduction

Porto Amboim — The minister of Mineral Resources and Oil, Diamantino Azevedo, on Monday in Porto Amboim, central Cuanza Sul Province, admitted that the decline in crude-oil production was caused by the substantial reduction in investments in this sector.

The minister - who was speaking at the first Consultative Council of the Ministry -explained that to change the situation, there is a need for more research and studies, which call for considerable investments.

He said the government has been taking measures to counteract the situation and in the past six months it has produced five legal tools which aim at boosting activities of prospecting and exploration, as well as simplifying administrative procedures to facilitate investments.

"Until the end of the legislature, we have to make sure oil production does not go below 1.5 million barrels per day, since we have compromises with OPEC of (producing) 1.6 million per day", clarified the minister.

He also seized the occasion to disclose that the country only has one refinery (based in Luanda), which was built in the decade of 1950, adding that another one will be built in the next few years in Lobito City, central (coastal) Benguela Province.

"We have some discoveries of gas not connected to crude-oil exploration, so it is necessary to develop that, since there is already a specific legislation, which makes it safer for investors to focus on oil exploration (...)", explained the minister.

Minister Diamantino Azevedo delivered a lecture on "Development of mining and oil activities and their contribution in terms of raw material to the sector".

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