Ver Angola


Carlos Rosado de Carvalho: energy transition must include compensation mechanisms

Economist Carlos Rosado de Carvalho considered that the energy transition path must continue, but highlighted that it must be accompanied by compensation mechanisms in the poorest, least polluting and resource-consuming countries.

: Pedro Santos/Observador
Pedro Santos/Observador  

Carlos Rosado de Carvalho was speaking to Lusa on the eve of the Angola Oil&Gás conference, which will bring together, in Luanda, ministers, experts and decision-makers from the sector, starting on Wednesday, with decarbonization and energy security among the main themes.

The economist highlighted that the war in Ukraine delayed the energy transition, but argued that the path must continue, despite the current situation.

He also noted what he considers to be "a certain hypocrisy", remembering that African countries are not the biggest polluters and those that consume the most resources.

He also stressed that decarbonization must continue with compensation mechanisms for the poorest countries, urging African countries, particularly Angola, to defend their projects at an international level.

Regarding the decline in oil production in Angola, which has already led the International Monetary Fund (IMF) to review downwards the growth prospects of the country's economy, which is heavily dependent on this resource, he questioned the errors in the forecasts and admitted that there should be no recovery in the second half.

"Eventually, in the coming years, with the entry of some wells into production, perhaps we can talk about stabilization, between 1200 thousand barrels and 1300 thousand barrels of oil/day. That would be very good because currently Angola is not even managing to stagnate the break," he said.

This will not, essentially, be Angola's responsibility, as the country has taken appropriate measures to organize the oil sector and has tried to adapt to the new conditions, he pointed out.

"I think this reflects a global disinvestment by oil companies, which have focused on the energy transition and renewable energies. My opinion is that, in general, Angola has done its homework. I don't know if the defect is really in Angola, if not, will be a global, market problem", highlighted the university professor.

As for the gas sector, there is a lack of knowledge and studies on available reserves, but it would be "a good alternative for Angola", as European consumers are looking for alternatives to Russian supplies: "There is probably a market, and perhaps even better, than the oil, because it is cleaner energy", he said.

He also highlighted the importance of Angola, whose experience is recognized by other countries, in the African context.

"Angola is seen as an important player in Africa and with knowledge of the sector", said the economist, regretting, however, that oil revenues are not also used to stimulate economic diversification.

"Last year was fabulous" for oil, with an average price of 102 dollars per barrel, but the money was not used for economic diversification, said Carlos Rosado, admitting that this pressure would increase if prices were lower.

The fourth edition of the Angola Oil & Gas Conference and Exhibition (AOG) will take place on the 13th and 14th of September, in Luanda, focusing on the themes of energy security, decarbonization and sustainable development.

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