Ver Angola

Energy

Oil: João Lourenço says the country has room for more investors

The country has room for more investors in the oil sector, especially in free areas and in new exploration regions in sedimentary basins, said the President of the Republic, João Lourenço, adding that Angola is open "to all companies that want to participate with their investments in the diversification and development of the Angolan economy".

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Speaking via videoconference at the opening of the "Russian Energy Week" forum, the head of state indicated that the country is committed to strengthening cooperation with Russia in the oil sector.

He added that Angola is open "to all companies that want to participate with their investments in the diversification and development of the Angolan economy" and took the opportunity to recall that the country has restructured its oil sector.

Cited by Angop, João Lourenço stated that the exploration and production of hydrocarbons has been limited to oil and considered that, due to the need to take advantage, at an economic level, of the potential of natural gas, the Angola LNG factory was built.

The President admitted that the development of the gas sector is an "opportunity for Russian companies, given their experience in this field".

In his balance sheet, João Lourenço recalled that the Government "also approved the Regime of Permanent Offer of blocks, an instrument aimed at the promotion and permanent negotiation of non-awarded blocks, free areas of concession blocks and concessions awarded to the national concessionaire, opening up if also here, an opportunity for Russian companies".

He also referred that the country is building three refineries, Cabinda, Soyo and Lobito, stressing that with these project the country "will have a refining capacity of around 425,000 barrels a day of crude oil".

"Here is an investment opportunity for Russian companies, in the construction of the Lobito refinery, as the international public tender for partnership is still taking place, which ends in October of this year," he said.

He also indicated that Angola intends to make a sustainable exploration of fossil resources, and gradually change the main energy source: "With all these projects, the country will be able to create opportunities for the development of new renewable energy sources, such as solar, wind, biomass and others".

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