Regarding the context of this industry in Angola, Frederico Martins Correia, Deloitte partner for the Energy, Resources and Industry sector, stated that 2024 "should be one of consolidation".
"The year 2024 should be one of consolidation. The departure from OPEC allows us to maintain the objective of increasing production and surpassing the average value of 1.2 M barrels/day", he said, quoted in a statement sent to VerAngola.
"On the other hand, despite investments in the sector being highly scrutinized, ANPG has guaranteed key contracts for the sector in new offshore, onshore and marginal fields of current designs. Finally, the General State Budget was carried out with based on the Brent reference price of less than 70 dollars, which gives some peace of mind regarding possible fluctuations", he added.
In global terms, according to the study – called Oil & Gas Industry Outlook 2024 and which, each year, assesses the prospects for the sector –, projections indicate "that the level of investment in hydrocarbons will reach 580 billion dollars", corresponding to "a significant increase of 11 percent" compared to the previous year.
"The estimate is that more than 800 billion dollars in free cash flows will be generated throughout the year", adds the note.
In economic terms, the statement adds, any fluctuation in the dollar against other currencies, "combined with the trajectory of industrial activity and consumption by civil society", could impact inflation, also ending up influencing energy prices this year.
"However, the financial strength of the industry implies high expectations on the part of investors, regulators and other stakeholders, who expect progress in reducing emissions, increased investment in low-carbon energy and higher gains for shareholders", reads in the note, which also states that this panorama "promises to be a catalyst for the industry to focus even more on reducing emissions and economic performance".
Among other aspects, the study highlights five trends "that are expected to play a crucial role in defining the strategies and priorities of oil and gas companies" this year. These are the energy transition (prudent allocation of capital and effective implementation of clean energy policies), critical minerals (active participation in the energy transition, ensuring a strategic position in the supply chain to face end-market risks), global trade in energy (the interaction of OPEC and its partners in managing energy supplies, together with the situation in the Middle East, can significantly influence the balance of supply and demand for oil and gas), investment in technology (implementation of Artificial Intelligence generative approach to promote innovative solutions and greater value creation) and also the refining and distribution subsector (renovation of the refining industry in alignment with demand patterns, promoting efficiency and sustainability).
