AEC heaps praise on Angola’s gas, diversification moves

Angola’s decision to join the Gas Exporting Countries Forum (GECF) has been applauded by the Executive Chairman, African Energy Chamber, NJ Ayuk.

“Angola has vast untapped gas reserves that have not yet been monetized,” said Ayuk. “Joining the GECF is a step in the right direction and in line with President João Lourenço’s blueprint for transformation, growth and boosting economic diversification by the monetization of gas.”

Angola’s focus on gas is being backed by new legislation promoting the monetization of the country’s gas reserves. 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.

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

Still according to him, AEC is pleased with Angola’s steps in the right direction, salutes its efforts towards reforming its gas industry and deepening its engagement with international gas markets through GECF, and AEC 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 Lourenço.