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.
What is an oil extraction machine?
This machine is commonly used in commercial or industrial where there is a need for large-scale oil production. They are engineered to efficiently process significant quantities of oilseeds or nuts, ensuring high productivity and optimal oil extraction yields.
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.