The 2018 developments in Angola’s oil and gas sector and overall political environment provide insight into the path the industry may be treading in the years ahead and offer initial promise that change is coming. Angola’s role as a key player in the African oil and gas space has suffered from low oil prices in recent years and a production decline, which have put a strain on the public budget. The recent recovery of oil prices has provided short-term relief, but does not obviate the need for continued political, legal and economic reform. President João Lourenço’s efforts to reorganise the public sector and the oil and gas industry, and to streamline foreign investment procedures, are encouraging steps and will serve Angola well if the country wants to remain competitive in the African and global oil and market.
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Reproduced with permission from Petroleum Economist and first published in PE Outlook 2019: A year of turbulence in December 2018; contributing authors: Jorge Mattamouros, Luiz Aboim, Natalie Lucas and Fernando Ludke, White & Case LLP. For further information please visit: http://www.petroleum-economist.com/articles/markets/outlook/2018/pe-outlook-2019-a-year-of-turbulence
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