Lack of investment leads to decline in Angola’s oil production

21 May 2018

Angola’s current decline in oil production is due to a lack of investment in prospecting, surveying and exploration segments, said the Minister of Mineral and Oil Resources Diamantino Azevedo, speaking in Porto Amboim at the First Consultative Council of the Ministry of Industry.

Azevedo said that it is vital to ensure that oil production does not fall below 1.5 million barrels per day by the end of this term of office and recalled that the commitment made to the Organisation of the Petroleum Exporting Countries includes production of 1.6 million barrels per day.

In relation to refining, Azevedo said that the government has already defined the strategy for the coming years, which involves construction of the Lobito refinery with a capacity to process 200,000 barrels a day, the Cabinda refinery, with 60,000 barrels a day and the modernization of the Luanda refinery, which was built in the 1950s.

“With the construction of the Lobito refinery, conditions will be created for the country to become self-sufficient in terms of liquid fuels, with the export of surplus production,” said the minister. (macauhub)