With representatives from 40 countries and hundreds of organizations, "the Angola Oil & Gas conference represents a catalyst for investment; the country is on the verge of becoming a regional 'hub' for oil and gas, making great strides to maximize its resources for benefit of the regional population", says the conference's director of events and projects, Luís Conde, quoted on the Angola Oil & Gas website.
The figures regarding oil in Angola show the importance of this sector not only for public finances, but also for the country's economy in general.
In the second quarter of this year, Angola exported 96.8 million barrels of oil, 0.56 percent more compared to the previous quarter, and raised 8.1 billion dollars, according to government data, which also reveal that the average export price was 84.9 dollars per barrel, 1.98 percent more than in the same quarter of 2023.
China was the main export destination, with 54.83 percent of the total volume, followed by Spain with 8 percent, India (7.84 percent), Canada (4.11 percent), France (3.71 percent) and South Africa (3.5 percent).
In June alone, the second largest oil producer in sub-Saharan Africa produced 34.8 million barrels, having collected the equivalent of more than 750 million euros, 20 percent less than in the previous month due to the drop in oil prices, from $87.69 to $81.30.
The reduction in revenue in June shows the danger of dependence on a raw material for the State's accounts, always subject to the volatile oil market.
Still, oil is inescapable in Angola not only to finance current expenses, but also to support investments in renewable energy and economic diversification, as analysts and sector agents maintain, something that the government assumes is fundamental, but which does not occur overnight.
On Wednesday and Thursday, 2500 delegates from 40 countries are expected at the Talatona Convention Center, in Luanda, with more than 100 speakers coming from 500 organizations.
The conference will be opened on Wednesday morning by the Minister of Petroleum and Natural Resources, and will feature sessions attended by those responsible for Totalenergies, Azule Energy, ENI and Chevron, in addition to the ministers responsible for oil in Angola , Democratic Republic of Congo, Namibia and Côte d'Ivoire, and the secretary-general of the African Petroleum Producers Organization.
