Angola's Untapped Oil Potential: A Call for Investment

Angola has an estimated 50 billion barrels of oil yet to be explored, with around 10 billion barrels already discovered. This significant potential, highlighted by Ana Miala, the executive director of the National Oil, Gas and Biofuel Agency (ANPG), was announced during the first Offshore Exploration Forum in Luanda.

Miala emphasized that this potential requires substantial investment to fully exploit and enhance Angola's competitiveness in the crude oil market.

In addition to the available oil reserves, Miala pointed out the existence of contractual stability and appropriate laws as crucial factors encouraging new investment in Angola's oil sector. Reflecting on past production, she noted that the sector peaked in 2008 with 1.9 million barrels per day but dropped to 1.1 million barrels per day by 2014. In April, Angola's oil production totaled 32,206,719 barrels, averaging 173,557 barrels daily, surpassing the forecast of 1,129,395 barrels.

Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, emphasized the need to increase production, noting significant opportunities in the Kwanza, Congo, and Namibe Basins. He urged entrepreneurs to seize these opportunities to enhance the sector.

The ANPG aims to expand the number of oil and gas exploration blocks from 32 to 50 by 2025. Paulino Jerónimo, chairman of the ANPG's Board of Directors, stated that this goal aligns with the government's commitment to developing the sector and boosting oil exploration in the country.

Established in 2019 by Presidential Decree no. 49/19, the ANPG has taken over the role of National Concessionaire from Sonangol. Its mission includes regulating, supervising, and promoting oil, gas, and biofuel activities in Angola.