Luanda — Joao Lourenco the President of Angola said Wednesday in Luanda, that there are opportunities for investors in Angola. He stated that there are mainly free areas in Angola and new exploration zones within sedimentary basins where it is necessary quantify the potential hydrocarbon resource potential.
Joao Lourenco, speaking in the videoconference at the IV International Forum “Russian Energy Week”, which took place in Moscow, Russian Federation on the first day, recalled that Angola had restructured its oil industry.
In this context, he stated that the National Agency of Petroleum, Gas and Biofuels was established as a regulator and concessionaire of the “upstream” and the Regulatory Institute of Petroleum byproducts (IRDP) with the role of regulator of “mid-downstream”.
President Lourenco stated that Sonangol now focuses its activities on the oil sector value chains, which includes prospecting, evaluation, development, production, refinement, storage, distribution, and marketing of oil derivatives products.
Angola currently produces approximately 1.3 billion barrels per day of oil and 2.7 million cubic feet of natural gas every day.
Joao Lorenco stated that exploration and production have been limited to crude oil.
He also mentioned that the Angola LNG project was created by a partnership between Sonangol and Chevron, BP. Eni. This factory will produce liquefied gas.
The Angolan President stated that the project aims to make efficient use of gaseous hydrocarbons deposits and promote diversification in the Angolan economy.
President Lourenco said that actions are underway to implement the New Gas Consortium, which aims to develop non-associated gas with a view to allowing the continuous supply of gas to the Angola LNG plant and, consequently, the supply of gas to Combined- Cycle Power Plant in Soyo and the fertilizer industry, within the scope of the diversification of the Angolan economy.
The President saw the potential for Russian companies to develop the gas sector, taking into consideration their experience in this area, and to create steel mills, fertilizer factories and power generation plants.
” The Government approved the Regime for Permanent Offer of (oil exploration blocks), an instrument that aims to promote and permanent negotiate non-awarded blocks, concessions blocks free of charge and concessions granted to the national concessionaire. This will allow Russian companies to take advantage of the opportunity,” he stated.
He stated that the Government promotes the construction of three refineries in order to ensure self-sufficiency and quality products. These are Cabinda Soyo, Lobito, and Soyo.
With the construction of these refineries, he said, “Angola will have a refining capacity of around 425,000 barrels of crude oil per day”.
“Here is an investment opportunity for Russian companies, in the construction of the Lobito refinery, since the international public tender for partnership is still taking place, which ends in October of this year”, he said.
After noting that the oil industry is likely to generate greenhouse gas emissions that contribute to global warming, he advocated that the Angolan Government advises that all parties involved in the oil exploration and production activity adopt mitigation and compensation measures, such as improving the energy efficiency, the creation of forests or reforestation.
Joao Lourenco highlighted the progress of the phenomenon of climate change and the growing concern for the environment, the energy transition to a low-carbon economy, which is currently a theme that configures the agenda of several countries.
He stated that Angola should, as other countries, develop a national strategy aimed at sustainable exploitation its fossil energy resources and gradual change to the national energy matrix over the medium-to-long term.
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“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”, he noted.
The Head of State highlighted the Russian Federation’s contribution to the technical training of Angolan personnel for the oil sector. This area of cooperation is vital for Angola’s economic and social development.
To him, Angola is committed in strengthening cooperation with Russia different areas and open for all companies who want to invest in diversification and development the Angolan economy.
The IV International Forum “Russian Energy Week”, which is ending on Friday (15), addresses relevant topics on the production of oil and gas in Russia and in countries producing hydrocarbons and fossil energy sources.
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