Africa Oil & Power Conference / Press release | Angola's 65 Years of Oil History has been Good for Angola Despite Some Challenges (By Andres Vega)

Angola's 65 Years of Oil History has been Good for Angola Despite Some Challenges (By Andres Vega)
In addition to generating vast amounts of revenues, good paying jobs and improving key socioec-onomic indicators, oil and oil-sector reforms in Angola intended to make the sector globally com-petitive have also led to progressive and reform-driven growth in other sectors
LUANDA, Angola, February 25, 2021/APO Group/ --
By Andres Vega, International Associate at Centurion Law Group.
Angolan lawmakers last week approved the revision of current legislation, allowing for oil and gas pre-exploration studies to be carried out in some areas previously designated as natural reserves. The government however stressed, that this law was by no means a relaxation of the stringent environmental provisions required for oil exploration in Angola that already exist. According to H.E Diamantino Pedro Azevedo, Minister of Mineral Resources and Petroleum, less than 3% of the zones previously designated as protected are likely to be affected by this provision. Angola’s constitution and applicable presidential decrees all mandate that oil and gas exploration only be carried out in a manner that is environmentally friendly.  The proposed new law secured a majority of over 70% in Angola’s parliament.

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