africa Angola Economy Government oil

Angola government focusing on stabilising oil production

Approximate reading time: 1 minute

The production of 1.49 million barrels of crude-oil per day is an aim that the Angolan government wants to achieve until the year 2022, said last Friday, in Luanda, the minister of Mineral Resources and Oil, Diamantino Azevedo.

Currently, the country’s average production is of 1.5 million barrels per day, however, the National Development Plan, in regard to this sector, outlines the intention to stabilise the crude-oil output.

The minister gave such information at the first edition of the business forum dubbed AmCham-Angola Bussiness, a monthly event which is being run under the theme “The great engineering challenges in the oil and mining industry in Angola”.

He went on to explain that Angola only produces 20 per cent of oil by-products (in Luanda Refinery), and in order to reduce imports and improve efficiency, he added, the government has set in motion a restructuring process of the said refinery.

The minister is also focusing on constructing in the near future two more petrochemical refineries.

He added that the management model for the oil sector will also deserve a special attention.

Diamantino Azevedo revealed also that the Angolan minerals sector is also undergoing a restructuring process, with a view to attracting greater investment and stimulating better profitability for the sector, among other aims.

Source: Angop

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