Angola aims to maintain oil production of 1.1 million barrels per day until 2030 as part of its continuing efforts to develop the hydrocarbons sector and bolster the economy, the head of the country's regulatory body for oil and gas has said.
The country is encouraging investments to maintain current production levels as output declines from its old fields, with total investment rising by 96 per cent last year to about $15 to $20 billion compared to 2022.
In 2024, the total investments in the hydrocarbons sector are expected to be more than $14 billion, Paulino Jeronimo, president of the National Agency of Petroleum, Gas and Biofuels of Angola, better known as ANPG told The National. ANPG is the regulator of the country's oil and gas sector.
Angola is “promoting investment in order to stabilise the production at 1.1 million [barrels per day]. This is very important for us because 95 per cent of our exports is oil and gas”, he said.
“The country is creating the necessary incentives in order for the investors to put money. Since 2018 we have made some changes and created ANPG, that is the new regulator, to have more transparency,” in the sector.
Among the incentives offered by the southern African country include the reduction in the payment of tax on profits generated by companies to 25 per cent from 50 per cent.
It is also focusing on developing marginal fields – the fields that were discovered before but were not developed because they were not economically viable as part of its strategy to maintain the output levels.
Some of the big companies currently investing in the oil sector for exploration and production include France’s TotalEnergies, Chevron, Exxon Mobil, BP and Italy’s Eni.
Angola also expects the UAE to invest in its oil and gas sector as the investment co-operation between the two countries continues to strengthen.
The Arab world’s second largest economy is investing heavily in different sectors of Angola’s economy including ports, property, defence, clean energy and agriculture.
DP World, AD Ports, Masdar, defence conglomerate Edge and Dubai Investments are among the companies that have invested in the African country, starting about three years ago.
The investment increased as Angola emerged from a recession after the pandemic-induced slowdown and low oil prices. The Angolan government also focused on privatisation of its assets to attract more investment into the country.
Angola’s economy is projected to slow sharply in 2025 and record a growth of 1.2 per cent on falling oil output and lower oil prices, according to a new report from BMI, a Fitch Solutions company.
Its economy is forecast to grow 3.4 per cent in 2024.
“Oil output will decline by 4.7 per cent in 2025, due to the absence of new projects with substantial production volumes in the near term,” the report said.
“Given that oil accounts for around 90 per cent of total exports, we expect exports to decline by 4.3 per cent. Meanwhile, strengthening household spending and foreign investment in the oil and gas sector will bolster demand for imports.”
China, the world’s second-largest economy, is currently its biggest export market followed by Indonesia, India, Brazil and European countries of Spain and France, according to official data.
Angola, which was part of Opec since 2007, left the group last year amid a row over production quotas.
Diamantino Azevedo, Minister of Mineral Resources, Oil and Gas, said at the time it left the group “in defence of its interests”.
Mr Jeronimo did not comment on whether the country has plans to rejoin the group saying “it's a political decision”.
The country is also focusing on cutting emissions in the oil and gas sector and there is a “comprehensive plan between us and all the oil investors”, he said.
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The%20specs
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The%20specs%3A%202024%20Mercedes%20E200
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Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further
COMPANY%20PROFILE%20
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
