African Energy Chamber praises Angola

An Angolan offshore oil field. Photo : VON

Johannesbourg, South Africa (ADV) – The African Energy Chamber (AEC) has applauded Angola after it enrolled into the Gas Exporting Countries Forum (GECF).

Angola’s focus on gas is being backed by new legislation promoting the monetization of the country’s gas reserves. Angola joins other African states Nigeria and Equatorial Guinea who are already members of the GECF.

“Angola has vast untapped gas reserves that have not yet been monetized.” said AEC Executive Chairman NJ Ayuk.

“Joining the GECF is a step in the right direction and in line with H.E. President João Lourenço blueprint for transformation, growth and boosting economic diversification by the monetization gas.

“The Chamber welcomes the reforms in Angola and its commitment towards diversification and a market driven local content. This requires that government provides the necessary infrastructure and incentives that will enhance the productivity of labor and capital in the economy.”

In May 2018, Angola passed Presidential Decree No. 7/18 (PD 7/18), indicating President Lourenço strong commitment to reform the country’s hydrocarbons sector and provide a boost to the gas industry. Presidential Decree No. 7/18 is the first law aimed at specifically regulating the prospection, research, evaluation, development, production and sale of natural gas in Angola.

Added Ayuk, “The private sector has a role to play and there must be a change in its mindset, from commerce to industry.”

The Chamber and its members look forward to joining Angola’s leadership at the Angola Oil & Gas 2019 Conference & Exhibition to be held June 3-7, 2019 in Luanda under the patronage of H.E. President João Lourenço.

© Bur-csa – A.H – N.A / From our regional correspondent Mkhululi Chimoio – African Daily Voice (ADV)