360-6 Cleaners @360_6Cleaners - Twitter Profile

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over 3 years ago

Please help us buy these cleaning machines. We are a young business trying employ more women and give them back their independence. We need your support to keep going . Please retweet @Anele @PearlThusi @casspernyovest @LeanneManas #NationalShutdown

360_6Cleaners's tweet photo. Please help us buy these cleaning machines. We are a young business trying employ more women and give them back their independence. We need your support to keep going . Please retweet @Anele @PearlThusi @casspernyovest @LeanneManas #NationalShutdown https://t.co/eiFrcvsQoJ

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NJ Ayuk

@nj_ayuk

almost 2 years ago

Was #Angola’s oil sector facing a mid-life crisis? If so, how could the government revive optimism in the nation's future? Great week in Angola for the Angola oil and gas conference #Angola has transformed itself from from an oil producer in decline into a go place for oil investors. The petroleum industry is one of the mainstays of Angola’s economy, accounting for more than a third of the country’s GDP and more than 90% of its exports. It also generates about 70% of the government’s total budget revenues and is the biggest source of foreign direct investment. It's importance is not likely to diminish any time soon. Angolan crude oil production levels have been trending downward for some time due to the maturation of existing fields, but the country was still extracting more than 1.1 million barrels per day as of September 2024, and it is encouraging foreign investors to explore for new reserves in the untapped sections offshore. Angola has been paying closer attention to its natural and associated gas resources and is working to increase production in a bid to take advantage of rising demand, especially in Europe. These are the kind of circumstances that make resource nationalism — a policy approach under which governments, acting in the name of their constituents, assert and retain control over natural resources rather than allowing private-sector entities to become full stakeholders — attractive. But Angola has not succumbed to this temptation. Instead, its government, under the direction of President João Lourenço, is pursuing a remarkable reform program designed to allow Sonangol, the national oil company (NOC), to represent local interests while also working cooperatively with outside investors. The government began laying a foundation for these reforms in 2019, during Lourenço’s first term as president. In February of that year, the president signed a decree establishing the National Agency for Oil, Gas, and Biofuels (ANPG). The decree stated that ANPG would act as the country’s concessionaire for oil and gas projects, thereby making the new agency solely responsible for regulating, supervising, and monitoring activities related to oil and gas exploration and production. In so doing, it stripped Sonangol of this function. The company had previously served as a national concessionaire while also acting as a partner or shareholder in oil and gas development projects. Once ANPG took over the role of concessionaire, though, it was no longer responsible for regulatory tasks and could focus on operational matters. It is true that the NOC was already taking steps in this direction anyway. It had been working since mid-2017 to divest non-core units — that is, subsidiaries focusing on other types of economic activity, such as finance, real estate, travel, and food services. But it was the creation of the new agency that truly set the stage for Sonangol to function more like an oil company and less like a government bureaucracy.

nj_ayuk's tweet photo. Was #Angola’s oil sector facing a mid-life crisis? If so, how could the government revive optimism in the nation's future?

Great week in Angola for the Angola oil and gas conference #Angola has transformed itself from from an oil producer in decline into a go place for oil investors.

The petroleum industry is one of the mainstays of Angola’s economy, accounting for more than a third of the country’s GDP and more than 90% of its exports. It also generates about 70% of the government’s total budget revenues and is the biggest source of foreign direct investment.

It's importance is not likely to diminish any time soon. Angolan crude oil production levels have been trending downward for some time due to the maturation of existing fields, but the country was still extracting more than 1.1 million barrels per day as of September 2024, and it is encouraging foreign investors to explore for new reserves in the untapped sections offshore. Angola has been paying closer attention to its natural and associated gas resources and is working to increase production in a bid to take advantage of rising demand, especially in Europe.

These are the kind of circumstances that make resource nationalism — a policy approach under which governments, acting in the name of their constituents, assert and retain control over natural resources rather than allowing private-sector entities to become full stakeholders — attractive. But Angola has not succumbed to this temptation. Instead, its government, under the direction of President João Lourenço, is pursuing a remarkable reform program designed to allow Sonangol, the national oil company (NOC), to represent local interests while also working cooperatively with outside investors.

The government began laying a foundation for these reforms in 2019, during Lourenço’s first term as president. In February of that year, the president signed a decree establishing the National Agency for Oil, Gas, and Biofuels (ANPG). The decree stated that ANPG would act as the country’s concessionaire for oil and gas projects, thereby making the new agency solely responsible for regulating, supervising, and monitoring activities related to oil and gas exploration and production.

In so doing, it stripped Sonangol of this function. The company had previously served as a national concessionaire while also acting as a partner or shareholder in oil and gas development projects. Once ANPG took over the role of concessionaire, though, it was no longer responsible for regulatory tasks and could focus on operational matters.

It is true that the NOC was already taking steps in this direction anyway. It had been working since mid-2017 to divest non-core units — that is, subsidiaries focusing on other types of economic activity, such as finance, real estate, travel, and food services. But it was the creation of the new agency that truly set the stage for Sonangol to function more like an oil company and less like a government bureaucracy.

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