Sergio Pugliese was speaking on the sidelines of a press conference where the 3rd edition of Angola Oil & Gas (AOG) was presented, organized by Energy Capital & Power, which takes place between 29 November and 1 December and has the promotion of new investments among the main objectives.
The specialist addressed the impact of extractive energies in countries like Angola and other African oil producers, which have to compete for investment, and argued that the sector faces a challenging phase marked by energy transition and energy security.
Sergio Pugliese pointed out that there are conditions to attract investment in new areas, namely in gas, pointing out the most recent non-associated gas project (Angola LNG) that is expected to start producing in 2026.
“The interest of regional 'players' in the oil and gas sector in Angola is increasing”, he highlighted, pointing out the recent entry of Namibian Namcor in the market, but also of multinationals from the Middle East both in the “upstream” (exploration and production of petroleum) and as in the “downstream” (transportation and commercialization).
He stressed that the Angolan market has been opening up not only to Western investors, who are the most traditional in this sector, but also to African investors, with companies from Nigeria, Côte d'Ivoire, Namibia, Zimbabwe, South Africa being expected at the conference. and Uganda, among other countries.
The head of the African Energy Chamber stated that the impetus given by the West to the themes of energy transition and decarbonization “has created a climate of instability” with regard to the attraction of the extractive industry in Africa.
"But the situation between Ukraine and Russia made Africa wake up and see that what was being imposed is not a glove that fits everyone," he said, arguing that while the West and some areas of Asia are at the point of decarbonization, Africa is still in the industrialization phase.
"We will not abandon our contribution to decarbonization, but we cannot let forces outside the African continent decide our future", he reinforced, remembering that Africa is both the continent that contributes the least in terms of pollution and the one most affected by climate change.
For the director of international conferences at Energy Capital & Power, Miguel Artacho, the issue of gas is increasingly important due to the war between Russia and Ukraine and will make Angola's role more relevant.
Miguel Artacho underlined that, due to the conflict, energy security has surpassed decarbonization and energy transition in the European priority lists.
The official, who pointed out Angola's comparative advantages for attracting investors, including improved business climate, greater transparency and security, added that during the conference cooperation agreements in the energy sector will be signed between the Angolan authorities and some countries.