Oil remains a key driver of Angola’s economy, capital spending

LUANDA -- In an exclusive video statement provided to Africa Oil & Power, Angola President H.E. João Manuel Gonçalves Lourenço reaffirmed the role of oil and gas as a key driver in attracting domestic and foreign private investment into Angola. He invited investors to attend the Angola Oil & Gas 2019 Conference taking place June 4-6 in Luanda.

He stated that the country is applying the best international practices in its fundamental oil and gas sector; the details of which will be unpacked at the upcoming Angola Oil & Gas 2019 Conference & Exhibition – the government’s leading platform for promoting oil and gas investment and unveiling key economic reforms.

“[In Angola], we are applying the best international practices in a fundamental sector for the economy,” the President said. “We will explain this in detail at the international conference Angola Oil & Gas 2019.”

The government will utilize the event to facilitate investment across the Angolan economy. “In recent times we have changed our policy of managing energy resources, such as oil and gas, to better serve the interests of our country and investors,” said President Lourenço.

He highlighted that there is a need to diversify Angola’s economy, and he remains cognizant that oil is the key driver of economic activity throughout the country. “This new era in oil and gas is the result of Angola having adopted a totally transparent management of tenders,” he stated.

In a bid to lure further investment into the country’s oil and gas sector, Angola’s national oil company, Sonangol, is in the process of being restructured to focus on the production, refining and distribution of petroleum products and natural gas.

Government has also created the National, Oil, Gas and Biofuels Agency, which has become the concessionaire of the country’s petroleum resources.

Endorsed by the Ministry of Mineral Resources and Petroleum, the two-day conference will feature keynote addresses from Minister of Mineral Resources and Petroleum, H.E. Diamantino Pedro Azevedo; José Alexandre Barroso, Secretary of State for Petroleum; and Paulino Jerónimo, Chairman of the National, Oil, Gas and Biofuels Agency.