On his opening speech, at the fifth edition of the “Angola Oil & Gas 2024” Conference and Exhibition, the minister referred to the relevance of the meeting at a time when the international geopolitical and macroeconomic situation creates numerous distortions in the markets.
He added that the hydrocarbons sector also faces constraints, such as the difficulty in obtaining financing for extractive projects, since investments in the area of renewable energies are prioritized to the detriment of investments in the exploration and development of oil fields.
In this regard, the minister considered that a just energy transition must safeguard the use of all existing energy sources, enabling producing countries to continue developing their resources, to guarantee a sustainable replenishment of reserves and the continuity of production.
Azevedo also commented on the Angolan Government’s actions, which has been promoting reforms to improve fiscal and contractual instruments since 2017, with a view to creating more competitive and transparent conditions for a better business environment, in a bid to lure investments and economic diversification.
“Currently our biggest challenge is trying to stop the decline in oil production; therefore, the main focus of action has been the maintenance of production above one million barrels per day,” he commented.
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