Image: Essential Business
Angola’s oil and gas industry will experience a 12% increase in oil exports from August 2021. The local government expects to export 35.5 million barrels of crude oil from oil and gas projects in the country as per the preliminary cargo schedule for the second semester of 2021.
Earlier this year, Minister for Mineral Resources Petroleum, Gas H.E Diamantino Azevedo, stated that the new predictions are a direct result of the restrictions caused by the global pandemic. Angola had initially planned to have a production output of 1.220.400 barrels per day around the same period.
International analysts predict that with the new bid for onshore exploration and investment within existing offshore projects, Angola can become a 2.2 million barrel per day market. With the recent regulatory and fiscal changes, the government is steering the industry in the right direction to attract international investment.
With short-cycle projects and the continued cuts from the Organization of the Petroleum Exporting Countries, it is predicted that Angola’s oil production will experience progressive growth in the long term.