The information was released this Monday by the President of the Republic, João Lourenço, while speaking at the opening of the 8th edition of the African Oil and Gas Congress and Exhibition, which takes place in Luanda.
In his speech, the head of state also made it known that the National Coordination Committee had already been set up.
"The Angolan Executive took the decision to join the Extractive Industry Transparency Initiative, having constituted its National Coordination Committee, as a collegiate body that aims to promote good governance and consequently improve transparency in the management of mineral resources revenues, in general, and oil in particular," he said.
João Lourenço also stressed that the country "started in 2018 a set of reforms in the oil sector to improve its governance, transparency and eliminate possible conflicts of interest".
These reforms, according to the President, culminated in the creation of the National Agency for Petroleum, Gas and Biofuels (ANPG), in the "institutionalization of the Instituto Regulador dos Derivados de Petróleo (IRDP), as a regulatory body for the mid and downstream segments, as well as such as the restructuring of Sonangol for its repositioning and focus on the oil and natural gas value chain".
In his speech, the head of state also admitted that "since 2016, Angola's oil production has registered a sharp decline for several reasons, with particular emphasis on the near absence of investment in exploration".
"Thus, to reverse the downward trend in production, the Executive promoted initiatives to relaunch the oil exploration activity, improve operational efficiency and optimize costs, as well as the promotion of local content", he added.
The congress will run until Thursday, in Luanda, with the motto "Energy Transition, Challenges and Opportunities in the African Oil and Gas Industry".