Angola produced 1.3 million barrels of oil per day in 2020, the lowest level in the last decade. For comparison, in 2010, production reached a peak of around 1.8 million barrels daily. Though the African country still hast vast oil reserves, there is a lack of private and public investment.
Is Angola a natural gas producer?
Angola is a small natural gas producer. Natural gas production is technically associated gas at oil fields which is vented and flared or re injected into oil wells to enhance oil recovery (EIA. 2016).
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.
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.