Angola pushes for local content in oil sector

Image: vivaportal.co.ao

In a move that will see the effective growth and participation by the domestic industry, Angola will push ahead with new legislation to regulate local content.

The legislation will see clear and feasible procedures in the oil industry.

On Monday, Angola Minister of State and Head of the Civil House of the President of the Republic of Angola, Frederico Cardoso, spoke at a conference on local content in the oil and gas industry, where he said that it was important to regulate dispersion on local content in Angola.

The new legislation will protect business operators regarding to security and the law, while providing opportunities for technical, technological, employment and human resource development in the oil and gas industry in Angola.

Minister Cardoso said that the crisis brought about by the fall in the oil price on the international market made many oil projects unviable, leading to a substantial reduction in the activity of many companies supplying services to the oil industry, resulting in massive redundancies in a sector that represents around 35 percent of GDP and over 90 percent of the country’s exports.