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Angola’s national concessionaire the National Oil, Gas and Biofuels Agency (ANPG) has announced it will evaluate contractual and fiscal incentives for all projects in the country’s oil and gas sector that produce above expected production levels. The aim of the re-evaluation is to prioritize legal instruments to improve the business environment and incentivize foreign investment in the sector.
The announcement was made by ANPG President Paulino Jerónimo during a series of plenary addresses at this year’s Angola Oil & Gas (AOG) conference in Luanda. According to Jerónimo, Angola expects investments of $60-100 billion in the coming years.
“We are inviting new investment so that in the coming years, we can realize an exploration forum for exploration activities,” Jeronimo stated, adding, “That’s why we keep prioritizing our legal instruments in order to continuously improve our business environment.”
It was also noted that decarbonization incentives will be central to driving the sustainable development of Angola’s downstream sector. CEO of Angola’s national oil company Sonangol Sebastião Gaspar Martins highlighted that the development of modern infrastructure will position the country to meet its production standards, while adhering to the demands of the global energy transition.
“We will continue to assure investors that we will develop in a sustainable way,” Gaspar Martins stated. “We will continue to develop new refineries while developing human capital as we commit to decarbonization along all our operations, making the country ever more attractive to potential investors.”
“For the sustainable development of the value chain, we have [incentives] for the decarbonization of the downstream,” added Director General of Angola’s Petroleum Derivatives Regulatory Institute (IRDP) Dr. Luis Fernandes. According to Fernandes, the IRDP has re-evaluated its capacity to provide institutional support to activities to improve the distribution of oil and gas products in Angola, and invites foreign investment in Angola’s refined petroleum products sector.
As a leading operator and driver of the country’s crude oil production, Chevron Angola expressed a strong willingness to collaborate with the government and create a business-friendly environment for international investors.
“We will continue to collaborate to execute the President’s ambition to create a more conducive environment for investors in Angola,” stated Chevron Angola Managing Director for Southern Africa’s Strategic Business Unit, Billy Lacobie, adding, “We want to attract investment and address production decline.”
Meanwhile, the Association of Angolan Petroleum Service Companies (AECIPA) – an association comprising members from the Angolan oil industry – discussed how service providers in the country can collaborate to produce more oil with less impact on the environment.
“We aim to introduce new technologies that make production more sustainable while increasing Angola’s competitiveness in the international market,” stated AECIPA President Bráulio de Brito.
