Browsing: Oil Discovery in Angola

As the country seeks an industry revival, Angola Oil & Gas 2021 will serve as the official meeting place and investment destination for industry stakeholders.

Angola, as the second-largest oil producer in sub-Saharan Africa, holds approximately 8.2 billion barrels of proven oil reserves. Contributing to 50% of gross domestic product and nearly 90% of national exports, oil represents an invaluable resource to the domestic economy. The country also holds the fourth-largest proven natural gas reserves in Africa – approximately 343 billion cubic meters – along with significant renewable potential in solar and wind. In a bid to offset declining hydrocarbon production, the Angolan Government has implemented several key initiatives focused on spurring new exploration activities, increasing foreign direct investment and incentivizing local participation within the industry. Accordingly, Angola is set to become a prime investment destination in 2021, as it seeks a year of revival for its prolific oil and …