Angolan companies in the oil sector only take advantage of around 10 percent of the potential estimated at US $ 40 billion that the national industry moves annually.
According to the founder and director of PetroAngola, Patrício Quingongo, the recent Law on Local Content protects service providers, but at the same time it increases the challenges for these companies, since the oil industry is capital intensive and quite demanding with the quality and rigor of what is offered to the sector.
He said that the approval of Decree 271/20 opened up new opportunities for businessmen, in order to participate actively in the sector, and that due to the lack of internal capacity, 90 percent of the value generated is exported in the form of company profits and purchase of services.
At the opening of the international conference, the Secretary of State for Oil and Gas, José Alexandre Barroso, highlighted that the Executive has recently approved a new diploma on Local Content, in which it gathers several legal aspects, previously disseminated in various regulations.
This reality, according to him, made it difficult for companies to apply and comply with laws.
Read more in portuguese at Jornal de Angola
This article is available in: Português