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 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.
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.
How will Angola’s new oil plant affect imports?
The new plant will bump up Angola’s fuel production to 1.58 million litres a day, contributing to a 15 percent reduction in annual imports, according to state oil company Sonangol.