Angola changes legislation to increase oil output-Xinhua

Angola changes legislation to increase oil output

Source: Xinhua| 2022-05-12 20:14:15|Editor: huaxia

LUANDA, May 12 (Xinhua) -- Angola said it has changed the legislation to restart the bidding of new blocks, increase oil output and stabilize its hydrocarbon production, the country's Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo said Thursday.

The minister added that the country acknowledges that the oil production was in decline due to a lack of investment in recent years, so it managed to change the legislation to restart bidding for new blocks and increase oil exploration.

The minister added that Angola is to host from May 16 to 19 the 8th edition of the African Petroleum Congress and Exhibition (CAPE VIII), an event that brings together member countries of the African Petroleum Producers' Organization (APPO).

The CAPE is the largest and the most influential oil and gas event in Africa, which seeks to provide investors the opportunity to have deeper information and knowledge of the oil and gas industry in Africa.