João Lourenço, who was speaking this Monday at the opening of the 8th edition of the African Oil Congress and Exhibition (CAPE), said that the construction of the refineries, already underway, aims to make Angola "not only a exporter of crude oil, but also of refined products".
At the same time, said the President, "the executive decided to increase the storage capacity of fuels and lubricants, as well as the network of gas stations across the country, relying on the private initiative to achieve this objective".
The head of state recalled the reforms in the oil sector, initiated in 2018, "to improve its governance, transparency and eliminate possible conflicts of interest", which culminated in the creation of agencies and various bodies for the sector.
The National Agency of Petroleum, Gas and Biofuels (ANPG), with the function of national concessionaire, the Regulatory Institute of Petroleum Derivatives (IRDP) are among the institutions created.
"Since 2016, Angola's oil production has registered a sharp decline for several reasons, with special emphasis on the near absence of investment in exploration", he stressed.
To reverse the downward trend in production, he said, the executive promoted initiatives to relaunch oil exploration activities, improve operational efficiency and optimize costs, as well as the promotion of local content.
"Energy Transition, Challenges and Opportunities in the African Oil and Gas Industry" is the motto of this CAPE VIII, which brings together in Luanda the 15 members of the African Organization of Petroleum Producing Countries (APPO) and five other observer countries.
João Lourenço highlighted the congress motto, considering that it "demonstrates, once again, the strong intention of African oil and gas producers to address and deliberate on the challenges and opportunities of the energy transition" and "the future of the Africa's oil and gas, facing COP 21 and COP 26".
The elaboration of the APPO's long-term strategy and the holding of the first Forum of the Chairmen of the Boards of Directors of the National Oil Companies of the APPO Member Countries was also praised by the head of state.
A study on the "Future of the Oil and Gas Industry in Africa in the Light of the Energy Transition" was carried out by APPO which, for João Lourenço, "reveals the existence of an organization capable of leading the transformation of the African oil industry in the face of the tremendous pressure from powerful outside interests to hastily abandon fossil fuels".
The study carried out by the organization "illustrates the main challenges that African oil-producing countries may face in order to continue to benefit from their natural resources in light of the global energy transition", he added.
"I am referring to the likelihood that more than 125 billion barrels of crude oil and more than 500 trillion cubic feet of gas of proven reserves will forever remain untapped if we do not stand together and be able to defend our interests as a continent," said the President.
"Our reality shows that a significant part of people on the African continent do not have access to electricity or any other form of modern energy for domestic use, thus implying the need to create an African market capable of absorbing a greater share of oil and gas. that Africa produces", he pointed out.
João Lourenço said that in the medium/long term "fossil fuels are condemned to be definitively banned as one of the measures to protect the environment and, consequently, the planet".
"We are all obliged to adhere to the need for an energy transition to save planet earth, our common home", he added, defending that this transition must "be a gradual and responsible process, which defends the planet without bringing more hunger and misery". to the peoples of those countries whose main source of foreign exchange is the exploration of oil and gas".
"While the energy transition process takes place, our countries must accelerate the diversification of their economies and make the most of oil revenues for the continent's industrialization", he defended.
CAPE VIII participants also witnessed this Monday, at the opening of the event, which runs until Thursday, the signing of a memorandum between APPO and Afreximbank for the creation of an energy fund for the organization's member countries.
The objectives of the congress were presented by the secretary general of APPO, Omar Farouk Ibrahim, and by the president of the organization and minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo.
