Ver Angola


Government wants to balance investment in oil with energy transition

The Secretary of State for Oil and Gas, José Alexandre Barroso, defended this Wednesday in Houston that it is necessary to maintain investment in oil exploration and production, in the context of the energy transition.


"While we recognize the importance of the energy transition, we believe that hydrocarbons and renewables can work together, and so we are looking for investment in the oil sector, whilst also trying to make this energy cleaner and ensuring we acquire the most recent technology to reduce carbon and methane emissions", said the official.

José Alexandre Barroso was speaking at a session aimed at presenting investment opportunities in Angola for North American investors, namely the bidding round for the exploration of new oil wells in 2025.

This Wednesday's round of contacts in Houston is part of the preparation of the Angola Oil & Gas event, which will take place from the 2nd to the 4th of October in Luanda, with the aim of promoting foreign investment in the energy sector, and has the support of national authorities.

"We have been very good at agility and focusing on acting at the right time, finding solutions, whether legal, contractual or fiscal, to ensure that there is stability, but at the same time improving in light of the lessons learned and what is happening in the rest of the world" , said the executive administrator of the National Oil and Gas Agency, Alcides Andrade, quoted in the statement sent to Lusa by Energy Capital & Power, which organizes the October meeting.

In his intervention, the ANPG leader highlighted the opportunities, pointing out the "14 blocks off the coast, eight of which are in surface waters and six in deep waters, most of which have great potential in basins with proven reserves", in addition to the "eight blocks on land in the Congo and Kwanza basins, which we will return to and which also have high prospects".

The statement states that Angola has oil reserves of 2.5 billion barrels and 11 billion cubic feet of proven gas reserves, offering enormous opportunities for investors, as the country wants to increase daily production to 1, 18 million barrels per day this year, two million in the long term.


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