Angola is planning to strengthen the its oil and gas refining capability to fulfill home energy demand while reducing energy imports and maximizing the monetization of power assets for regional and international markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at Manifest in Huambo province in the central region, the minister stated that constructing new refineries and modernizing existing ones will allow Angola to sustain its vitality provide whereas reducing costs incurred from power imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to satisfy home energy wants despite the nation boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic feet of pure gas reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by energy company, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing as much as 65,000 barrels of crude oil per day (bpd). A $235 million challenge, however, is underway to expand 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 vitality export costs.
MIREMPET can be growing two new services which include a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd in addition to a a hundred,000-bpd refinery in Soyo metropolis – in 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 provide required services. With the Russia-Ukraine tensions inflicting a spike in oil prices, boosting Angola’s oil and gas refining capability may even scale back Angola’s vulnerability to risky international power costs.
Moreover, with Privacy corresponding to Eni’s Ndungu early manufacturing project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capability will enable Angola to maximise the monetization of its vitality sources. As a outcome, Angola will broaden the buying and selling of ready-to-use fuels with Europe because the bloc seeks different vitality suppliers to scale back reliance on Russian resources.
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