Luanda: Jos© Alexandre Barroso, the State Secretary for Oil and Gas, announced that the Angolan government anticipates a growth of approximately 1% in the oil and gas sector by 2026. This growth is expected to be driven by increased exploration of new blocks and the entry of more companies into the national market.

According to Angola Press News Agency, the State Secretary made these remarks following the launch of the 7th Angola Oil and Gas Conference and Exhibition (AOG). He mentioned that Angolan authorities have initiated strategies to enhance the sector, focusing on strengthening partnerships with operators and boosting production in existing blocks.

Jos© Barroso highlighted that the process is further supported by the return of the British multinational Shell, which has negotiated some blocks with the Angolan concessionaire. Additionally, there is the Incremental Production Project in Mature Blocks, which offers tax incentives by reducing the tax rate on oil production, marking significant steps to bolster the national sector.

Addressing the strategy to counter the decline in oil production, which currently stands at a daily average of 1,060,660 barrels compared to the projected 1,100,809, Jos© Barroso indicated that the commencement of operations at the N'dola Sul project, with an estimated daily production of 25,000 barrels, should help stabilize production levels, along with other ongoing projects.

"We have been continuously developing new projects in various blocks that will allow us to offset production and thus achieve our goals and maintain production above one million barrels of oil per day until 2030," stated the official.

Angola ranks as the second-largest oil producer in Africa, following Nigeria, with estimated reserves of 8.4 billion barrels, as reported by the National Agency of Petroleum, Gas and Biofuels.