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.
How is Angola reviving the oil industry?
Additionally, 15 thousand barrels of fuel are generated in the Malongo-Cabinda area. To change this situation, several new refineries are planned, and Angola expects to increase the oil refining capacity to 425 thousand barrels per day in 2025. Among further efforts to revitalize the oil sector, Angola plans to attract more foreign investment.
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.
Does Angola still have oil reserves?
Though the African country still hast vast oil reserves, there is a lack of private and public investment. To change this scenario, the Angolan government released a strategic plan for the exploration of hydrocarbons during 2020-2025, which includes bidding on 50 oil blocks, and investments reaching 800 million U.S. dollars.