ANGOLA NOW MEMBERS OF GAS EXPORTING COUNTRIES FORUM (GECF)

Angola have joined the Gas Exporting Countries Forum (GECF).

Angola have now become a member of the the Gas Exporting Countries Forum (GECF). They are now the sixth African member to join the forum after Nigeria and Equatorial Guinea.

The Gas Exporting Countries Forum (GECF) is a transnational organization consisting of the world leaders in natural gas production; Some of which include Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago and Venezuela. The Gas Exporting Countries Forum (GECF) also encourages the use of gas as an alternative for affordable and sustainable fuel.

Angola is currently trying to monetize its immense unexploited gas reserves; so engaging with OPEC and also joining the GECF is a certainly a move in the right direction. According to the Executive Chairman of African Energy Chamber (AEC),  NJ Ayuk, the monetization of gas is a blueprint for transformation and growth. It will also help to boost economic diversification.

Monetizing Gas in Angola

In May 2018, Angola’s President Joao Lourenco passed a Presidential Decree aimed at modulating the gas sector in the country. This is an indication of a strong commitment to reform the country’s hydrocarbons sector and also boost the gas industry.

This decree is the first law of its kind in the country, with a foresight targeted towards researching, evaluation, development, production and also sale of natural gas in Angola. But policies and laws are not just enough; the government must also provide the necessary infrastructure and incentives.

The reforms shows a commitment towards diversification and a local content driven market. But the infrastructure and incentives will help increase productivity of labor and capital in the economy. Also the private sector must get involved, but first it needs to change its mindset from commerce to industry.

Being a member of the Gas Exporting Countries Forum (GECF), Angola can now deepen its relationship with the international gas market.

There will also be an Angola Oil & Gas 2019 Conference & Exhibition from 3^rd June to 7^th June, 2019. The event will be held at the Angola’s capital Luanda and under the auspices of President Joao Lourenço.