Angola has joined the Gas Exporting Countries Forum (GECF)
GECF is an intergovernmental organisation that promotes the use of natural gas as an affordable and sustainable fuel of choice for sustainable development.
African Energy Chamber (AEC) executive chairman NJ Ayuk, said, “Angola has vast untapped gas reserves that have not yet been monetised.”
“Joining the GECF is a step in the right direction and in line with President João Lourenço blueprint for transformation, growth and boosting economic diversification by the monetisation gas,” he added.
Angola’s focus on gas is being backed by new legislation promoting the monetisation of the country’s gas reserves.
In May 2018, Angola passed Presidential Decree No. 7/18 (PD 7/18), indicating President Lourenço strong commitment to reform the country’s hydrocarbons sector and provide a boost to the gas industry.
Presidential Decree No. 7/18 is the first law aimed at specifically regulating the prospection, research, evaluation, development, production and sale of natural gas in Angola.
“The chamber welcomes the reforms in Angola and its commitment towards diversification and a market-driven local content. This requires that the government provides the necessary infrastructure and incentives that will enhance the productivity of labour and capital in the economy.” Ayuk continued.
“The private sector has a role to play and there must be a change in its mindset, from commerce to industry,” he concluded.
