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How can Angola recover its oil production?
Angola is among Africa’s largest oil producers. Its current challenge is how to reverse the decline in oil production observed in the last decade. To recover oil output also means getting the economy back on track, as the country’s finances rely strongly on this resource. Around one third of Angola’s GDP is rooted in the oil industry.
How can Angola boost the oil industry?
Moreover, the Angolan parliament has recently approved new tax incentives to boost the oil industry in the country. Besides the stimulus to increase exploration and production of crude oil and natural gas, Angola also developed a strategy to support the domestic oil refining sector.
Why did Angola develop a strategy for oil refining?
Besides the stimulus to increase exploration and production of crude oil and natural gas, Angola also developed a strategy to support the domestic oil refining sector. After all, despite the vast production of oil, the country constantly struggles to supply the national demand for refined products.
What is the oil industry in Angola?
Around one third of Angola’s GDP is rooted in the oil industry. Crude oil, natural gas, and refined oil account for almost all national exports. As of 2020, unexpected circumstances jeopardized the Angolan oil industry.