Angola is planning to strengthen the its oil and gas refining capability to fulfill home vitality demand while lowering energy imports and maximizing the monetization of energy resources for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a meeting in Huambo province in the central region, the minister stated that building new refineries and modernizing present ones will allow Angola to maintain its vitality supply whereas lowering costs incurred from power imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to fulfill domestic energy needs regardless of the country boasting eight.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic feet of natural gas reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by power company, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million venture, however, is underway to broaden the Luanda refinery to 72,000 bpd – a development which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in energy export prices.
MIREMPET can also be creating two new services which embody a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd in addition to a a hundred,000-bpd refinery in Soyo metropolis – by which the ministry awarded US-based Quanten Consortium Angola the tender to assemble.
In addition, a 200,000-bpd refinery is being developed in Lobito province with Sonangol having chosen Japanese conglomerate, JGC Holdings, to supply required companies. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gasoline refining capability will also scale back Angola’s vulnerability to risky international vitality costs.
Moreover, with new projects similar to Eni’s Ndungu early production venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s production and refining capability will enable Angola to maximise the monetization of its energy assets. As Illusive , Angola will increase the buying and selling of ready-to-use fuels with Europe as the bloc seeks various energy suppliers to reduce reliance on Russian assets.
Share