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Energy

Pandemic pushed Angola into the biggest drop in oil exports since 2008

Analyst at consultant EY Carlos Basto said that the pandemic led the oil sector in Angola to the biggest drop in exports since 2008 (958 thousand barrels/day), but he considered that the coming years should bring new opportunities.

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Carlos Basto, Office Managing Partner of consultancy EY, who was speaking at the Luanda Oil&Gas and Renewable Energy conference, noted that globally, the impacts of the pandemic on the oil sector translated into a drop of 9.3 percent in demand for oil and 2, 3 percent in natural gas.

However, in recent weeks the sharp rise in oil and gas prices demonstrates the world's dependence on fossil fuels in light of the recovery of the global economy.

In Angola, exports are expected to fall to the lowest level since 2008, but as in other producer countries "the next few years will be one of replenishment of capacity and exploration of new opportunities".

Carlos Basto pointed out that the executive's strategy involves attracting more investors, both to open areas and new exploration regions, and added that the permanent offer of blocks and the way in which the sector's restructuring was carried out is a positive sign for the foreign investors.

Investments in production will be complemented by three new refineries planned for Cabinda Soyo and Lobito "instrumental to increase the sector's national added value" and boost a network of medium-sized companies in activities to support the oil sector.

Other aspects he considered critical for accelerating production and refining capacity are attracting private investment and creating talent.

According to EY's analysis for the third quarter of this year, there are several signs of recovery in the world oil industry: Increase in commodity prices and profits are increasing shares of companies in the sector; inflationary pressures; producers are now more focused on revenue growth than on maintaining stocks.

On the other hand, with the return to normal levels of demand, companies position themselves to raise financing for new projects.

Among the uncertainties that weigh on the sector, the specialist pointed out the energy transition and climate change, a redoubled concern with environmental issues.

In this context, he continued, many companies in the oil sector are designing strategies to diversify their businesses in the field of renewable energies, now with more competitive costs.

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