Angola’s Oil Minister outlines targets for the sector

26 May 2014

Construction of the Lobito oil refinery and reaching the target of 2 million barrels of oil per day are the two objectives set our by the Angolan government for the oil sector by 2017, according to the country’s Oil Minister.

The targets are included in the government’s programme for the sector for the 2013/2017 period and were re-stated by Oil Minister Botelho de Vasconcelos at the 10th Oil Ministry Extended Consultation Council, which ended Friday in Lobito.

Production of 2 million barrels of oil per day in 2015, compared to around 1.7 million expected this year, remains the big priority, despite some international analysts warning of the difficulty of Angola meeting that target.

Construction of the Lobito refinery, on the country’s central coast, is scheduled to be finished by 2018, on an area of 3,805 hectares. The refinery is designed to process around 200,000 barrels of oil per day and create 10,000 direct and indirect jobs.

Increased “Angolanization” of the country’s oil sector is also a priority outlined by the government. In this respect, Botelho de Vasconcelos, cited by state newspaper Jornal de Angola, noted the increasing renown of Angolan companies in the various oil sector segments as well as the fact that more Angolan nationals were being selected for senior positions in the Angolan oil industry.

According to information from the Oil Minister, there are 118 foreign companies operating in the Angolan oil market with operator and service provider contracts and 422 national companies registered as service providers and goods suppliers. (macauhub/AO)