The Council of Ministers has approved a revised hydrocarbon exploration strategy in Angola that will take effect until 2025.
Approved at the 8th Ordinary Session held on Wednesday and chaired by H.E. President João Lourenço, the strategy seeks to stabilize oil production and expand recoverable reserves by intensifying hydrocarbon exploration activities through the evaluation of Angola’s sedimentary basins and unconventional reserves.
The strategy aims to guarantee a baseline production of over one million barrels per day by 2040 and the discovery of 17.5 billion to 27 billion cubic feet of gas.
The strategy is also aligned with local content development within the sector, with the objective of regulating the transfer of technology and knowledge; the recruitment and training of Angolan human capital, and the acquisition of locally produced goods and services as a means to support Angolan businesses and promote economic development.
The Association of Oil Exploration and Production Companies in Angola, the Association of Contracted Companies of the Angolan Oil Industry and the Association of Autochthonous Oil Exploration Companies, among other parties, were stated to have participated in generating the revised strategy.