Angola, a country endowed with rich mineral resources, aims to attract foreign investment in its critical minerals sector..
Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, emphasized developing a significant part of the value chain within the country to boost the economy and create job opportunities.
Speaking at the “Environmental Sustainability in Oil Activity Towards Energy Transition” workshop, Minister Azevedo highlighted the need for a strategic shift away from heavy reliance on oil and natural gas.
Critical minerals play a crucial role in manufacturing high-tech products like electric car batteries, mobile phones, planes, solar panels, spacecraft, and wind turbines.
Recognizing their significance in the global market and acknowledging the potential in terms of economic growth, Angola is actively working towards attracting investors in this sector.
Historically, oil and natural gas have been the main pillars of Angola’s economy, contributing 24 percent to the Gross Domestic Product (GDP) and accounting for around 96 percent of its exports.
However, Minister Azevedo stressed the need for diversification to reduce dependence on the oil industry.
By exploring and developing critical minerals, Angola aims to strengthen its position in emerging markets and position itself as a major player in the renewable energy revolution.
The Minister urged partnerships with national companies and international institutions to drive scientific and technological innovation projects.
This emphasis on collaboration aims to foster knowledge exchange and develop skilled professionals in the field of renewable energies.
To ensure sustainable development and reduce the country’s carbon footprint, Angola is committed to complying with the conditions of the Paris Agreement.
The strategy entails reinforcing environmental protection measures and implementing governance practices that prioritize environmental and social sustainability within the oil exploration sector.
Addressing the decline in oil production, Minister Azevedo proposed several mechanisms, including regulatory reforms, exploration strategy improvements, and increased prospecting efforts.
In pursuit of these goals, the government is hosting the ‘roadshow’ session for the award of 12 oil blocks in the Kwanza and Congo Onshore Basins.
This initiative seeks to attract new players and investments in the oil sector, contributing to the country’s overall economic growth.
Angola recognizes the importance of its critical minerals and their role in attracting foreign investment. By fostering a conducive environment for investment and prioritizing the development of the value chain within the country.
The country aims to achieve economic diversification, mitigate climate change, and establish itself as a significant player in the global energy transition.
Through collaborative efforts with academia, national companies, and international institutions, Angola is positioning itself for a sustainable and prosperous future.
