Angola dropping off Big Oil investment list

[Kate Turlington + 44]

Not sure if anyone's keeping an eye on Angola since the change in regime there, but high hopes for this massive venue seem to be waning. Over the past year it's managed to overtake Nigeria in production on and off, but the bigger picture isn't great from an investment standpoint. Low oil prices since 2015 have removed the main attraction. No new ventures going on with foreign companies. Reports say big oil is cutting spending by $67 billion from 2015 to 2020. Rig count has fallen from 19 in early 2014 to 3 in Q4 2017. 

 

 

 

[JohnAtronis + 78]

It is still early, but I am waiting for the new authorities to open Angola's oil Pandora box. I think oil managing is more corrupted than in Nigeria

[Stephen + 67]

corruption there was wide spread. Dos Santos family billionaires and foreign conglomerates

"Houston oil company, Cobalt International Energy, has become the subject of international investigative reporting, a class-action lawsuit and a federal investigation that have opened an ugly window into Angola’s business practices." 

[Joanna + 68]

I very  much doubt that new President will fix the corruption. Lourenço is very much a product of the system. But it's doubtful he will be able to institute such a change, especially as dos Santos has "locked in" by decree his latest appointments.