Angola Expansion In Oil And Gas

Angola Expansion In Oil And Gas

Angola is attracting foreign investors from around the world while its neighbors are entering the race.

Nigeria, South African company are increasingly showing interest to expand their business beyond their own country. President João Lourenço chose South Africa as his first state visit destination as president, which was followed in 2018 by a South African trade and investment mission to Luanda.

In Mozambique LNG mega projects are seen for many South African construction, services and supply companies are expanding their market shares like Angola.

Central Energy Fund (CEF) the South Africa’s state-owned company, that is charge of both developing a robust domestic energy market and securing the energy supplies South Africa needs to support its growing economy. South Africa remains sub-Saharan Africa’s largest refiner and is planning additional refining and petrochemicals units that will require crude oil and natural gas supplies that do not exist domestically.

Angola with its lucrative opportunities and reformed business environment, will be hosting a strong delegation of South African companies during the upcoming Angola Oil & Gas Conference 21019 that was held in June 4-6. The summit is organized by Africa Oil & Power and endorsed by the Ministry of Mineral Resources and Petroleum of Angola.

“The economic reforms passed by President Lourenço and the opening of wide swaths of oil and gas acreage constitute the single biggest exploration opportunity in the history of Angola,” said Guillaume Doane, CEO of Africa Oil & Power. “This is a new era for Angola that will herald the arrival of several new entrants to the market.”

Angola has indeed released a new oil licensing strategy up to 2025 and are about to launch for the first time a bidding round that includes marginal oil fields with an attractive fiscal framework. Oil concessions are now overseen by a new and independent agency the ANPG took the responsibility over the state-owned Sonangol in a move to make the process efficient.

“The ambitious reform agenda of President João Laurenço and Minister of Mineral Resources and Petroleum Dr. Diamantino Pedro Azevedo is proving successful in building up investors’ trust and confidence,” said Centurion Law Group CEO and AEC Executive Chairman NJ Ayuk. “It is very encouraging to see major African players coming to Angola from across the continent. This is very promising for the growing African energy cooperation and the development of our industry.”