Luanda, the capital of Angola, recently hosted a plethora of global CEO’s and energy investors, and over 1000 oil industry stakeholders at the Angola Oil & Gas 2019 Conference, organised by Africa Oil & Power. The summit was opened by the president of Angola João Lourenço, who highlighted the various reforms made by his administration to revitalise the industry and insisted on the role of gas monetisation to spur industrialisation and economic growth.
The spotlight was on exploration, given to an exciting panel, sponsored by Schlumberger and moderated by NJ Ayuk, Executive Chairman of the African Energy Chamber and CEO of Centurion Law Group. The ‘Restructuring and Remodeling of Upstream Angola’ panel provided the opportunity for leading Angolan and international executives to look at the status of current exploration efforts globally, amidst reduced spending and decreasing production across most African oil producing nations.
On one of the panels, Stephen Willis, regional president of BP Angola said that reduced exploration is not only an ‘Angola effect’ but a global one. He further said that Angola has a very high exploration success rate. “Despite reduced exploration, Angola’s success rate is over 50%, against a global average of 30%,” he said.
The series of reforms enacted by the Angolan administration since 2017 has also been lauded as the result of a purpose-driven government focused on restoring investors’ trust. “What the Angolan government has done over the past years is nothing short of a revolution,” said Willis. “We are witnessing a complete revitalisation of the contractual and governmental framework which will show up in the form of increased market activity.”