Press

President Lourenço of Angola to attend 5th GECF Summit 2019


In a major development for the Gas Exporting Countries Forum (GECF), President João Lourenço of Angola will attend and address the fifth annual summit, hosted by Equatorial Guinea as part of its “Year of Energy.” Angola joined the GECF as an observing member in November 2018. President Lourenço's active participation in this year's summit reflects the growing importance of the natural gas sector to his administration's long-term plan to grow and diversify Africa's third-largest economy.

Malabo, Equatorial Guinea, August 16 - Angola's oil sector has faced challenges in recent years. Production has fallen from a peak of 1.9m barrels per day in 2010 to just above 1.4m bopd. Furthermore, with limited refining capacity, Angola's large oil production has done little to power the economy's industrial sector, leading to fuel shortages like the one which hit Luanda recently.

Upon taking office in September 2017, President Lourenço's priorities were clear: reform oil and grow gas.

In May 2018, President Lourenço issued a presidential decree which included specific policies to attract new investment into the natural gas sector. This includes a five percent tax on gas production, compared to ten percent for oil; as well as a 15 percent income tax rate for non-associated gas (compared with a 25 percent rate for associated gas and oil). These attractive incentives, combined with a reformed licensing process and a renewed focus on reducing corruption, have put Angolan gas on the map.

There is presently just one operational gas facility in the country, located in Soyo, at the mouth of the Congo River. The Angola Liquefied Natural Gas (LNG) plant is a $12 billion joint venture between Sonangol, Chevron, BP, Eni and Total; it has the capacity to produce 5.2 million tons of LNG per annum, according to the company website. But with proven natural gas reserves of 383 billion cubic meters, there is massive growth potential in this sector.

Join us at 5th GECF Summit 2019



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://yearofenergy2019.com/2019/08/16/president-...

AngolaEquatorial GuineaGECFEGYearofEnergygasLNG

More items from aydanur


Opinion: The Energy to Make it Work | Petroleum Africa

BY: Guillaume Doane, CEO and Co-Founder of Africa Oil & PowerTHE AOP 2019 Conference in Cape Town in October will bring together African policymakers, energy sector companies leaders and analysts. In 2015, we launched Africa Oil & Power as a platform to support the efforts of African governments ...

Aydanur Akkurt - Africa Oil & Power


Posted 1 day agoLink > South AfricaKenyaGabon +7

South Africa’s Former Energy Minister, Jeff Radebe on tour to mend relations with Nigeria, Senegal & Ghana

A team of Presidential Special Envoys departed South Africa on Monday to visit Nigeria, Niger, Ghana, Senegal, Tanzania, the Democratic Republic of Congo and Zambia to deliver a message of solidarity from President Cyril Ramaphosa. The Special Envoy consists of South Africa's former Minister o ...

Aydanur Akkurt - Africa Oil & Power


Posted 1 day agoPress > South AfricaNigeriaNiger +9

On Its Own Soil

The country's largest private oil firm, SOMOIL CEO Nelson Pacavira spoke to Africa Energy Series – Angola, about how SOMOIL accounts for a small percentage of Angola's total production through its stakes in Blocks FS and FST. How has SOMOIL adapted its strategy to the current market conditions? ...

Aydanur Akkurt - Africa Oil & Power


Posted 10 days agoPress > Exploration and ProductionSOMOILAngola +3

Tarek El-Molla confirms attendance of 5th GECF Summit of Heads of State and Government in Equatorial Guinea

Egyptian Minister of Petroleum, Tarek El-Molla confirms attendance to 5th GECF Summit of Heads of State and Government in Equatorial Guinea. Equatorial Guinea set to host the 5th GECF Summit of Heads of State and Government for the first time on the African continent. Strengthening and developme ...

Aydanur Akkurt - Africa Oil & Power


Posted 15 days agoPress > EgyptGECFGECFMalabo +4

Angola discloses tender details for oil block concessions

On Tuesday, Angola's National Agency for Oil, Gas, and Biofuels (ANPG) hosted the first of four roadshows in Luanda to highlight the first 10 blocks to be auctioned in 2019. The offshore blocks are located in the Benguela and Namibe basin and will also be presented in Houston, London and Dubai as ...

Aydanur Akkurt - Africa Oil & Power


Posted 16 days agoLink > AngolaLicencing RoundOil +2
All posts from aydanur