Luanda, Oct. 2, 2024 (Lusa) - Angolan oil company Sonangol is expected to reach a national production quota of 10% by 2027 and is working to reach 80,000 barrels of oil per day in the more than 35 concessions where it operates, the management said on Wednesday.
"The projects we are carrying out at the moment are aimed at reaching these levels of production (10%) and when this happens you will be able to see it. At the moment we are close to 3% to 4% and the goal is to reach a percentage close to that by 2027," 10%, the chairman of Sonangol's board of directors, Sebastião Martins, told Lusa today.
The official, who was speaking on the sidelines of the opening ceremony of the 5th Angola Oil & Gas (AOG) 2024 Conference, which began today in Luanda, said that achieving this share of national oil production is based on reaching 80,000 barrels of oil per day.
"We are more concerned with reaching production levels that cover the 80,000 barrels of oil per day where we operate, because let's not forget that Angola has Sonangol in more than 35 oil concessions and of the 1.1 million barrels of oil per day that is produced, Sonangol's net entitlement is 200,000 barrels of oil per day," he explained.
Sebastião Martins said that the Angolan state oil company is also committed to maintaining national production levels, because, he noted, the ‘potential exists’ and "the executive has also made its contribution to improving fiscal conditions and existing legislation".
"It's up to us to work so that in the end these 1.1 million barrels that we're producing today are maintained for longer, because Angola is a country that still depends on this great resource," he emphasised.
Asked if Sonangol's goals would not be conditioned by the current decline in oil production in the country, the chairman signalled that the decline is something natural and is being countered with the "introduction of new projects that make it possible to counterbalance" the situation.
"The worst thing is for production to be declining and nothing to be done, which is why legislation in Angola is improving, fiscal terms are becoming friendlier and we, the players in the exploration and production sector, are investing so that these production levels don't fall below 1.1 million barrels," he argued.
He reaffirmed the oil company's commitment to clean energy production, with the ‘realisation of concrete projects’ with national and foreign partners who are concerned about climate change.
"This means that Sonangol now sees itself as an energy company that covers the entire value chain of energy with low greenhouse gas emissions," said Sebastião Martins.
The AOG 2024 conference, opened today by Angolan president João Lourenço, runs until Thursday in Luanda under the slogan ‘Boosting exploration and development to increase production in Angola’, bringing together various national and international operators.
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