Luanda, Sept. 3, 2025 (Lusa) - The Angolan minister for mineral resources, oil and gas announced on Wednesday that the country should receive investments of US$72 billion (around €65 billion) in the oil concessions already awarded for the period 2025 to 2029.
Speaking at the opening of the Angola Oil & Gas 2025 conference, which is taking place today and Thursday in Luanda, Diamantino Azevedo stressed that between 2017 and 2024, US$84 billion (€76.1 billion) had been invested in active concessions and new contracts, as a result of legal and institutional reforms that he believes have made the country more competitive and attractive to foreign capital.
To date, 35 blocks have been awarded, including 18 in the Lower Congo Basin, 11 in the Kwanza Basin and six in the Namibe Basin, and contracts for 13 additional concessions are still being approved.
The Angolan government's goal is to maintain production above 1 million barrels per day until 2027, through investments in development and redevelopment of fields to halt the decline in production.
"Since 2016 there has been a decline in production, with falls of up to 15% a year," said the minister.
Among the causes are "a governance model that is not adapted to the new industrial context, the absence of modern legislation, the maturity of the fields, the lack of bidding processes for new concessions, a reduction in investment in exploration and increased global competition in attracting funding," said Diamantino Azevedo, adding that the government began a "cycle of structuring reforms" in 2017, which coincides with the start of President João Lourenço's first term of office.
Among the projects underway are the Agogo field (Block 15/06), CLOV Phase 3 (Block 17), Begónia (Block 17/06), as well as the Kaminho project (Block 20/11), the first offshore development in the Kwanza Basin, whose local construction began this month at the Petromar shipyard in Ambriz.
"In addition to these actions, exploration wells have been successfully drilled in Blocks 15, 17 and 1/14, resulting in commercial discoveries of more than 80 million barrels of oil and the potential for more than one trillion cubic feet of gas, according to preliminary assessments," the minister emphasised.
The minister also highlighted the role of the New Gas Consortium, which is moving forward with the Quiluma and Maboqueiro fields, as well as the recent discovery at the Gajajeira-1 well, reinforcing the use of natural gas for energy, fertilisers and petrochemicals.
According to Diamantino Azevedo, these initiatives aim not only to consolidate the oil and gas industry, but also to prepare the country for a balanced energy transition, with a focus on biofuels, solar energy and green hydrogen.
RCR/AYLS // AYLS
Lusa
