Angola Prepares Legislation on Local Content in the Oil Sector

Angola Prepares Legislation on Local Content in the Oil Sector

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The Angolan government is preparing a set of legal and economic measures on local content to ensure greater participation by domestic companies in providing services to the oil sector, the country’s Oil Minister said recently in Luanda.

Botelho de Vasconcelos also said that because the ministry is responsible for promotion of local content in the oil sector, it will present a strategic project for integration and development of domestic enterprises to reduce the import of goods and services and ensure the diversification of economy.

According to Angolan news agency Angop, the minister, who was speaking at the proclamation ceremony of the Angolan Association of Geosciences and Support for the Oil Sector (AEAGSAP), said the project would weaknesses and risks associated with local content production to make it a reality.

The minister stressed that the use of the national services market will benefit all national and foreign stakeholders, bringing advantages to Angolans such as increased national income, new jobs, more tax revenue and a greater supply of goods and services.

“The regulation on local content, legislation on which is dispersed, should be concentrated in a law that protects national businesses,” he said.

Botelho de Vasconcelos stressed that the participation of national companies in the oil sector is desirable and added that the Oil Ministry would facilitate contacts for establishing partnerships, “thus contributing to economic growth and development.”

The Angolan Association of Geosciences and Support for the Oil Sector proposes to help local businesses to establish partnerships for exploration projects and services, participation in national reconstruction, employment promotion and enhancement of national skills.

 

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