Luanda — 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 on Monday in Luanda.

The holder of the Angolan Executive Branch, who was delivering the State of the Nation speech to National Assembly, expressed his hopes to see the crude oil production activity stabilized and boosted in order to mitigate the sharp decline in production, recorded in recent years.

To meet this challenge, in the short and medium term, the Head of State highlighted the 'Ndola Sul' projects, with a production capacity of 20,000 barrels/day, and "Agogo Fuel", for the recovery of 490 million barrels of crude oil.

Also, part of this challenge, he pointed out, are the 'Begonia' projects, with a capacity to produce 30,000 barrels per day, 'Cameia' and "Golfinho", which will carry out the first oil development project in the Kwanza Basin and in deep waters, 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. QCB/AC/ADR/TED/DOJ