(MENAFN- Gulf Times) Doha-headquartered Gas Exporting Countries Forum (GECF) participated in the 2nd edition of the Angola Oil and Gas Conference, highlighting the immense energy potential of Angola to a global audience.
The two-day event fostered intense debates, networking opportunities and paved the way for a strong energy sector in a post-pandemic era by exposing potential investors to energy-related projects in Angola and other African markets.
The conference addressed recent government reforms, tax incentive packages, and gas initiatives to accelerate Angola's energy transition ambition.
Addressing the delegates, GECF secretary general Yury Sentyurin lauded the government in Luanda on liberalising the energy sector and working to unlock the nation's human potential.
“The government has been working to improve the investment environment by amending legal and fiscal terms. The creation of a single-contact mechanism for investors to obtain necessary authorisations in a simplified manner, is a progressive step and I would like to commend Diamantino Pedro Azevedo, Minister of Mineral Resources, Petroleum and Gas, for taking bold steps. Angola, of course, has also adopted a law allowing the creation of free trade zones with incentives and benefits,” said Sentyurin.
Azevedo is also shouldering the responsibilities of the OPEC Conference President in 2021.
In 2020, the Angolan government approved new legislation focused on maximising the benefits of the oil and gas industry value chain to promote local content. Angola, which together with other African countries forms one third of the GECF's 18-member consortium, is Sub-Saharan Africa's third largest economy and one of Africa's richest states in terms of natural resources.
“There is a huge potential for intra-regional LNG and pipeline gas trade in the continent. Joint investment and cross-border infrastructure in the natural gas and energy industry in Africa could play a major role in achieving energy independence in the continent.”
According to Sentyurin, natural gas, as a reliable and affordable energy source could play a crucial role in bridging the gap between net zero targets and economic recovery.
“Particularly, the GECF Member Countries continue to be reliable suppliers of gas and LNG, demonstrating their readiness to prioritise environmental obligations. Furthermore, at the level of the Forum, there have been several initiatives illustrating our commitment towards energy transition, such as the recently-launched GECF Environmental Knowledge and Solutions framework, environmental leadership through the GECF- UNESCO MoU, and the Forum's direct participation in COPs (COP 24 and COP25) and the contribution to G20 Energy Ministerials,” Sentyurin noted.
Furthermore, the GECF Gas Research Institute (GRI) located in Algeria, one of the leading African countries in natural gas industry, signals the arrival of GECF's technological and research arm that will champion the efficiency of natural gas for GECF's Member Countries and the industry at large, he noted.
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