The National Agency for Petroleum, Gas and Biofuels (ANPG) inherited responsibilities to regulate upstream operations, including to award concessions blocks for onshore and offshore exploration and production fields.Ī Presidential Task Force comprised of industry players assisted in the amendment of three presidential decrees and in the enactment of two new laws, to maximize existing assets for growth. Through the Institute for the Management of State’s Assets and Participation (IGAPE) – governed by the Ministry of Finance – National Oil Company Sonangol divested of its non-core business units. Sonangol began restructuring to focus on its core upstream, midstream and downstream businesses as operator. Īs an initial step, the Government of Angola transferred concessionaires’ rights from national oil company Sonangol to the National Agency for Petroleum, Gas and Biofuels (ANPG), through Presidential Decree No. Yet, Angola has not unleashed the full potential of its hydrocarbon sector. Although the Angolan Government implemented a series of reforms by 2017 to boost the most important sector of its economy, industry players continued to urge a thorough restructuring of the sector. It records an estimated 17,9billion cubic feet of natural gas production from associated oil. The petroleum industry is key and accounts for almost 75 percent of the country’s revenues. The country currently produces approximately 1.16 million barrels of oil per day (bpd) but hit as high as 2 million barrels of oil per day (bpd) by 2010 during prosperous oil production years. Economic Development Organizations (EDO)Īngola holds abundant untapped oil and gas resources estimated at 9 billion barrels of proven crude oil reserves and 11 trillion cubic feet of proven natural gas reserves.Foreign Direct Investment Attraction Events.Facing a Foreign Trade AD/CVD or Safeguard Investigation?.
0 Comments
Leave a Reply. |