Angola is planning to strengthen the its oil and gas refining capacity to meet domestic power demand while lowering power imports and maximizing the monetization of vitality sources for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at Invitation only in Huambo province within the central area, the minister stated that constructing new refineries and modernizing existing ones will enable Angola to maintain its vitality supply while reducing costs incurred from power imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to meet home vitality wants regardless of the country boasting 8.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic ft of natural gas reserves.
Angola presently has just one operational refinery, the Luanda Refinery, operated by vitality firm, Fina Petroleos de Angola, and national oil firm, Sonangol, processing as much as sixty five,000 barrels of crude oil per day (bpd). A $235 million venture, nevertheless, is underway to increase the Luanda refinery to 72,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in vitality export costs.
MIREMPET can be creating two new facilities which embrace a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd as nicely as a one 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 offer required services. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and gas refining capacity will also scale back Angola’s vulnerability to unstable international power costs.
Moreover, with new tasks similar to Eni’s Ndungu early manufacturing project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capacity will enable Angola to maximize the monetization of its vitality sources. As a outcome, Angola will broaden the trading of ready-to-use fuels with Europe because the bloc seeks various power suppliers to reduce reliance on Russian sources.
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