Luanda: The Secretary of State for Oil and Gas, Jose Barroso, reaffirmed on Thursday in Luanda, the Angolan government's continued openness to foreign investment in the oil sector to counteract the current production drop estimated at 10-15 percent. According to Angola Press News Agency, Barroso made these statements at a business networking event titled "Challenges of Investment in the Oil Sector in Angola." He highlighted that crude oil production levels in the country have been declining "very rapidly" since 2016, primarily due to natural causes. The government's goal is to maintain oil production above one million barrels per day, which requires more investment. Barroso emphasized the potential of the oil and gas industry, stating that it still has much to offer Angola. He noted the introduction of structural reforms in the sector since 2016, including the creation of the National Agency for Oil, Gas and Biofuels (ANPG), which ensures greater transparency in extractive activities. The Secretary of Stat e also highlighted the approval of several decrees granting more autonomy to operators' decisions, focusing on the Gas Law. This law has enabled companies to invest in the gas sector and create facilities for its monetization. These initiatives have attracted over 70 billion US dollars in new investments in Angola's oil activity over the last five years. Barroso mentioned that an equivalent investment is expected in the next five years. He expressed concern about the conflict in the Middle East, which has disrupted oil activity and caused fluctuations in barrel prices. The Angolan government does not view this variation as entirely positive, as high oil prices lead to increased prices of by-products, on which Angola relies for 70% of its imports. The American Chamber of Commerce in Angola (AmCham-Angola), in partnership with American multinational Exxon Mobil, promoted the business networking event. The event aimed to strengthen dialogue between the public and private sectors.
