Ver Angola

Energy

Africa Oil & Power partners with Angola and foresees investments of 10 billion

The consultancy Africa Oil & Power announced Tuesday a partnership with Angola to promote foreign investment in the country in the mining sector, foreseeing an investment flow of 10 billion dollars by 2023.

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"In an effort to further promote ongoing reforms in the sector, the Minister of Mineral Resources and Oil has partnered with Africa Oil & Power to promote and attract foreign direct investment in what is one of Africa's largest economies," reads a statement by this consultant.

"The reforms in the sector include the partial privatisation, by 2022, of 30 percent of the national oil company, Sonangol, and of companies outside the central area of the oil company, which offers significant opportunities for those who want to enter the oil and gas sector in the country; initial forecasts point to a flow of capital of up to 10 billion dollars over the next three years, when external agents will replace Sonangol in the support services that were previously provided by the national oil company", the press release also says.

The reforms in the sector will be supported by an investment campaign made by this consultancy, including the second edition of the Angola Oil and Gas Conference, which will take place on 16 and 17 June in Talatona, near Luanda.

Capital flows for bankable projects will be one of the main objectives of this year's effort, the consultant's chairman said in a statement, in which he noted that among this year's initiatives are a licensing round for oil and gas exploration in Angola, development of marginal fields, gas monetisation and attractive projects along the value chain, including the international public tender for the Soyo refinery and preparation of the Cabinda and Lobito refineries.