João Lourenço, who was speaking in Luanda at the opening of the 5th edition of the Angola Oil&Gas conference, recognized the “increasingly harmful” effects of the global climate crisis, but highlighted the rights of hydrocarbon producers to “develop their resources for the good of their people and nations”, as long as they take measures to minimize the effects on the environment.
In this context, he highlighted that the oil sector must promote the sustainable exploration of fossil energy and adopt measures to mitigate and compensate greenhouse gas emissions, indicating actions that have been taken by the state oil company Sonangol, such as the construction of photovoltaic plants and the development of a green hydrogen production project, in partnership with German companies.
Joao Lourenço noted, on the other hand, that the conference takes place in a period in which the international geopolitical and macroeconomic situation has created “numerous distortions in international markets”, as well as constraints in the financing of projects in the extractive sector in relation to investments in the area of renewable energy. .
However, he reiterated that “Angola continues with its aspiration to be a competitive producer of hydrocarbons”, listing measures adopted to achieve these objectives and establish an “attractive and globally competitive regulatory environment, with market-oriented policies and fiscal regimes”, allowing maintain national oil production above one million and 100 thousand barrels of oil/day.
The chief executive pointed out among the fiscal, contractual and operational measures, the bidding for new oil concessions for the period 2019-2025, which aims to award 50 new blocks and evaluate the oil potential of Angola's interior basins, such as Kassanje and Etosha -Okavango, with a view to boosting and intensifying the replenishment of reserves.
Another focus of João Lourenço's speech was the opening to national and foreign private investment with “fair contractual and fiscal terms and conditions with advantages for everyone” who intend to invest in the country.
Angola Oil & Gas (AOG) 2024, with the theme “Boosting Exploration and Development to Increase Production in Angola”, brings together more than 2,500 delegates, representing more than 40 countries, with the participation of more than 500 organizations and more than a hundred speakers, presenting itself as “an important meeting point to promote the energy transition, the modernization of oil and gas infrastructure and new investment opportunities”.
According to the organization, investment prospects in Angola over the next five years are ambitious, estimated at US$60 billion, with the next round of licensing of oil blocks scheduled for 2025.
This round is part of a six-year program started in 2019, with 26 blocks allocated as part of this initiative.
