Angola has been admitted as an observer member of the Forum of Gas Exporting Countries (GECF), during the group’s 20th ministerial meeting held in Port of Spain, Trinidad and Tobago. coincided with the organization’s 10th anniversary.
Under the chairmanship of Senator Franklin Khan, Minister of Energy Industries of Trinidad and Tobago and chair of the ministerial meeting, participants noted the role of natural gas in human well-being and also in reducing the effects of the greenhouse effect, and reiterated the need of close cooperation and unity for the development of gas and gas business for the benefit of nations.
In addition to the host country, the meeting brought together representatives of Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Nigeria, Qatar, Russia and the United Arab Emirates, according to a press release from the Angolan Ministry of Mineral Resources and Petroleum. And Angola, represented by Amadeu Azevedo, the national director of Petróleos.
The African Chamber of Energy (AEC) praised Angola’s accession to GECF as it is at the forefront of promoting the use of natural gas as an affordable and sustainable fuel of choice for sustainable development.
Through the Angola LNG Project, in Soyo, Angola became an exporter of Liquefied Natural Gas.
“Angola has vast unexplored gas reserves that have not yet been monetized,” said AEC Executive President NJ Ayuk, adding that “joining the GECF is a step in the right direction aligned with the projects of the President of Angola, João Lourenço, for transformation, growth and economic diversification by gas.
Angola’s focus on gas is being supported by new legislation that promotes the profitability of the country’s gas reserves.
In May 2018, Angola approved Presidential Decree No. 7/18 (PD 7/18), indicating President Lourenço’s strong commitment to reform the country’s hydrocarbons sector and give a boost to the gas industry.
Presidential Decree No. 7/18 is the first law that specifically regulates the prospection, research, evaluation, development, production and sale of natural gas in Angola.
“The Chamber welcomes the reforms in Angola and its commitment to diversification and market-oriented local content.
This requires the government to provide the necessary infrastructure and incentives to increase the productivity of labor and capital in the economy, “he said.
The Executive Chairman of the African Chamber of Energy whose members hope to join the leadership of Angola at the Angola Oil & Gas 2019 Conference and Exhibition, to be held from 3 to 7 June 2019 in Luanda under the patronage of President João Lourenço.