Africa Economy Export Natural Resources Oil

Angola oil industry wants production to remain at 1.4M barrels

The Angolan oil industry will work until the end of the 2018-2022 legislatures so that oil production does not fall below 1.4 million barrels per day.

To this end, Government, through the Ministry of Mineral Resources and Petroleum, has taken several steps such as passing five laws to reverse the downward trend of production and encourage the prospecting and exploration of some wells already discovered and the simplification in administrative procedures to facilitate investment.

According to the Minister of Natural Resources and Oil, Diamantino Pedro Azevedo, who  said Monday in Sumbe city, coastal  Cuanza Sul province, in the 1st technical scientific days on the methodology of classification and calculations of solid mineral resources and hydrocarbons, there are some discoveries of non-oil gas.

For this reason, he said, there is a need for the development of oil fields, since there is already a specific legislation that makes sure investments made in research and exploitation.

Regarding the mining sub-sector, he mentioned that there is in the country the exploration of diamonds, hence the need to organize the sector.

However, he defended the continuous training of cadres so that they can lend their knowledge in the development of the country.

In the five-day workshop, participants will absorb knowledge about the methodology of classification and calculation of reserves of solid mineral resources, modifying factors and mineral reserves, deterministic methods for estimating mineral resources and reserves, and preliminary modeling of mineral resources.

The event is being attended by the representatives of the Ministry of Mineral Resources and Petroleum, Endiama and Ferrangol.

Source: Angop

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