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Energy

Diamantino Azevedo admits that "oil and gas will still be important for more decades to come"

The Minister of Mineral Resources and Petroleum, Diamantino Azevedo, considered that although there has been a decrease in investments in the petroleum industry in recent months and that renewable energy and energy transition are in "vogue", oil and gas "will still be important for decades to come".

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The holder of the portfolio of Mineral Resources and Petroleum, who spoke Wednesday as chairman of the Organization of Petroleum Exporting Countries (OPEC), considered that the market has been undergoing changes with the focus on renewable energy, but that this does not mean that oil and gas will disappear.

"Although there has been a drop in investments in the oil industry in recent months, and the option for renewable energy and global energy transition is in vogue, oil and gas will still be important for more decades," he said, quoted by Angop.

The responsible also admitted that it is necessary to reinforce the investments in the sector so that later on energy crises do not appear.

"We must do everything within our reach to guarantee that our industry remains strong and healthy", he said, reinforcing that "until 2045 oil will still represent 28 percent of the energy demand".

The governor also advanced that Angola will continue to work in the sense of fomenting the growth of the petroleum sector and explained that the country will adapt to the current economic panorama and to the consequences provoked by covid-19, with the purpose of making the petroleum industry viable.

He also mentioned that, after uncertain times, the vaccination programs against covid-19, which have been implemented worldwide, bring new hope to the oil market.

Country increases daily oil production

Until then the country was producing about 1.15 million barrels per day, however, this number has been readjusted to about 1.66 million barrels per day. According to information provided to the Jornal de Angola by government sources, this readjustment represents an increase of about half a million barrels per day.

OPEC foresees that the growth in demand for crude oil for this year will be around 5.9 million barrels per day.

This Thursday, OPEC and its partners meet again in a virtual conference. According to Angop, the meeting is scheduled to start at 14:00 local time.

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