João Lourenço was speaking at the opening of the Angola Oil & Gas international conference, promoted by Energy Capital & Power, under the motto "Promoting an Inclusive, Attractive and Innovative Oil and Gas Industry in Angola".
"The Angolan executive is completing a master plan for natural gas that will set the foundations for starting to leverage natural gas resources in Angola, over a time horizon of around 30 years, in order to guarantee job creation and revenue generation for the State", he highlighted in his speech.
João Lourenço pointed out some structural natural gas projects that are being implemented, with emphasis on the new gas consortium whose objective is to guarantee continuous supply to the Angola LNG factory and the Soyo combined cycle thermal power plant and to support the implementation of other industrial projects.
He also stressed that the conference takes place at a time when the international geopolitical situation "has created distortions" in the commodity market and that Angola aspires to be a competitive producer of hydrocarbons.
In this context, the Government has been working "tirelessly" to establish a favorable regulatory environment, having redefined the sector's governance model and the roles of the different entities, he said, highlighting the intervention in the state-owned oil company Sonangol which "was focused on its main objective, that comprises the entire value chain of the oil industry".
According to João Lourenço, this new model has brought greater transparency and competitiveness to the sector, making it more attractive for attracting national and foreign investment, which has allowed production to remain above 1 million and 100 thousand barrels/day in the last five years.
To boost the sector, the executive defined other measures, such as the bidding strategy that aims to award 50 new blocks by 2025, of which 20 have already been awarded, and the hydrocarbon exploration strategy that aims to intensify the replacement of reserves.
Among the measures mentioned by the President, there is also the development of the refining strategy, including the expansion of the Luanda Refinery, which quadrupled gasoline production, and of the three new refineries (Cabinda, Soyo and Lobito).
A large part of the equipment for Cabinda is already on the ground, and the conclusion of the first phase of this refinery is expected, which will have the capacity to process 60,000 barrels/day, in 2023.
In Soyo, which will process 100,000 barrels/day, the first stone for construction has already been laid and preliminary work is taking place while the promoter finalizes the documents for signing the financing contract, said the chief executive.
On the other hand, Sonangol was instructed to proceed with the construction of the Lobito refinery, with a capacity of 200,000 barrels/day, with work now under way to preserve the infrastructure already built on the ground.
In the case of storage, onshore storage is being expanded and the first phase of construction of the oceanic terminal at Barra do Dande is being implemented.
João Lourenço also addressed the issue of energy transition to a low carbon economy, stressing that the oil sector must promote sustainable management of fossil fuels.
In this field, the Government has also been engaged in the construction of photovoltaic power plants, through Sonangol based on partnerships with international companies such as Eni and Total, and German companies to develop green hydrogen production projects "that will contribute to the sustainability of the your business portfolio".
The official reiterated that Angola is "open to private investment" proposing "fair" fiscal and contractual terms and conditions for all who want to invest in the country.
