By Patience Chat Moses
The Executive Chairman of the African Energy Chamber (AEC), NJ Ayuk, has commended Angola for the achievements recorded at the Angola Oil and Gas Conference (AOG) and exhibition, which took place in Luanda on Wednesday. He declared at the conference that “this is an exciting time for Angolan oil and natural gas.”
The theme of the event was ‘Energy Security, Decarbonization and Sustainable Development,’ which served as a platform for investment, engagement and policy strategy.
At the conference, several keynote addresses were delivered by regional energy and petroleum ministers as well as both Angolan and international energy firms. Among these was an address by Ayuk, who emphasized how Angola’s oil and gas resources can be monetized for energy security as well as the facilitation of the country’s energy transition.
While making his presentation, the AEC Boss highlighted how strategic measures employed by Angola have grown the country’s oil and gas sector. In 2023, the country represents one of the biggest oil producers on the continent, with a rapidly developing natural gas industry and an evolving renewable energy market. While output has been gradually declining due to ageing oilfields, Ayuk stated that, “the country is taking steps to boost production, with a goal of scaling up to 1.3 million barrels per day and stabilizing output at that level.”
This, he said, is being achieved through policies to attract international investment and the opening of licensing rounds and that Angola’s hydrocarbon market is also being driven through advancements across the gas industry.
According to him, Angola is also pursuing ambitious initiatives to develop its natural gas sector. He stated that Angola holds 27 trillion cubic feet of natural gas, a largely untapped wealth of resources that offers a path towards employment opportunities and a bridge to a just energy transition and a route out of energy poverty.
Ayuk emphasized that Angola is firmly committed to establishing the groundwork for a gradual shift towards renewable energy. This transition is intended to be equitable and sustainable, ensuring it optimizes benefits for the nation’s population.
He further underscored that this transition builds upon a consistently robust oil and gas sector and that by maximizing revenue generation from offshore oil reserves, Angola aims to amass significant resources for bolstering its economy and further investing in renewable energy initiatives.
The conference lasted for days in Luanda from 13-14 September. AOG 2023 unites regional energy leaders, national and international oil company executives, and global financiers and players for series of keynotes, panel discussions, deal-signing ceremonies, networking sessions, and exhibitions.
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