Oil exploration in Angola should have more local content

6 June 2019

Angola’s Minister of Mineral Resources and Oil said on Wednesday in Luanda he expected the financial system to support oil companies to get more local content in the sector.

Diamantino Azevedo, after saying that local content should be reflected in competitive and efficient companies, said that the debate on the issue follows a timetable drawn up by the Ministry, started some time ago.

Figures quoted by the Angop news agency showed that domestic companies’ share in the oil and gas exploration industry in Angola accounts for just a 10% share.

The contribution of national companies to local content reached US$3.5 billion between 2013 and 2014, and 2014 was the most significant period due to high turnover.

The minister, who delivered the closing speech at the Angola Oil and Gas 2019 conference, said that the event demonstrates the importance that the government gives to the creation of opportunities for local entrepreneurs so that everyone can have joint intervention in the oil and gas sector in Angola.

At the opening session on Tuesday, the Angolan President called on national oil companies to recruit Angolan staff and ensure the training of workers for the “Angolanisation” of oil production.

Lourenço said that as oil exploration is a capital-intensive sector that uses advanced technologies, “its importance will be even greater if it incorporates more national workforce.”

The President pointed out that the government has sought to encourage oil companies to comply with plans to train, promote and integrate Angolan staff and technicians at different levels of the oil industry hierarchy, increasing the degree of “Angolanisation” of the sector. (Macauhub)