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Angola
INTEGRATED ENERGY SERVICES AND SOLUTIONS LDA.
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Capital
and largest cityLuanda
<0C90F865-C073-4470-AC67-140A15167154.png>8°50′S 13°20′ E Official languages Portuguese Recognised national languages Ethnic groups (2000) 36% Ovimbundu
25% Ambundu
13% Bakongo
22% other African
2% Mestiço
1% Chinese
1% EuropeanDemonym Angolan Government Unitarypresidentialconstitutio nal republic • President José Eduardo dos Santos • Vice President Manuel Vicente Legislature National Assembly Formation • Portuguese colonization 1575 • Independence from Portugal, under Communist rule 11 November 1975 • United Nations full membership 22 November 1976 • Current constitution 21 January 2010 Area • Total 1,246,700 km2(481,400 sq mi) (22nd) • Water (%) negligible Population • 2014 census 25,789,024[1] • Density 20.69/km2(53.6/sq mi) (199th) GDP (PPP) 2017 estimate • Total $193.935 billion[2](64th) • Per capita $6,881[2] (107th) GDP (nominal) 2017 estimate • Total $122.365 billion[2](61st) • Per capita $4,342[2] (91st) Gini (2009) 42.7[3]
mediumHDI (2015) <79C5477B-9B31-4EFF-9660- CE0303C5F54F.png> 0.533[4]
low · 150thCurrency Kwanza (AOA) Time zone WAT (UTC+1) Drives on the right Calling code +244 ISO 3166 code AO Internet TLD .ao
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The capital, Luanda, has benefited from a considerable amount of investments. Today the city display high-rise offices, apartment’s complex, luxury hotels and modern shopping malls with offering of the most prestigious brands in the world. With more local infrastructure, the cost of living is expected to easy in the short term. The government of Angola has largely invested in re-construction of railways, ports, roads and energy projects and will continue to do so in the long term.
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Since the civil war ended in 2002, Angola’s economy rapidly soared thanks to crude oil production rise from 800,000 barrels per day (bpd) in 2003 to about 2 million bpd in 2008. The economics expansion was one of the fastest growing in the world till 2008; and Angola’s gross domestic product (GDP), largely dependent in Oil production and supporting activities, has become one of the largest in Africa.
In April 2009, Angola was the biggest oil producer in the Sub-Saharan region. And despite the severe slump in 2009 and 2010, Angola did maintain a healthy growth compare to regional African average.
Because the significant portion of Government revenue is defined by oil production, the government is committed to stimulate oil activities whiles increases the efforts to diversify its economy. The oil firms are optimistic about the country’s largely untapped potential of onshore and deepwater blocks.
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Angola is an upper middle income country located in southern Africa with a $96.2 billion GDP, a 27.4 million population and a per capita income of $3,514 (IMF). It ranks as the third largest economy in Sub-Saharan Africa and is the United States’ third largest export market in that region.
Angola is a major oil producing country and a member of OPEC. In 2015, Angola’s crude oil production was 1.8 million barrels of oil per day (bbl/d), making it one of the top producers in Sub-Saharan Africa. The country holds significant proven gas reserves as well as extensive mineral resources. Since 2015, Angola has faced a severe economic setback attributed largely to the significant drop in oil prices. Resulting federal budget cuts, currency devaluation and high inflation levels have slowed import levels and hindered economic growth. In 2016, local currency-based GDP stagnated at 0 percent growth, while real growth (in US dollars) declined 6.6 percent. For 2017, local currency based GDP growth is projected by the IMF at 1.3 percent and inflation should drop to 20 percent from a high of 45 percent in 2016.
Angola depends largely on the off-shore petroleum industry for 50 percent of GDP and 75 percent of government revenues. Major international oil production companies active in Angola include: Chevron, Exxon Mobil, BP, and Total. U.S. exports to Angola concentrate in equipment and services for the oil and gas sector. Given the country’s stated focus on diversifying its economy and building domestic production capacity, medium-term potential for U.S. companies exists in agriculture, industry, and key infrastructure such as energy, water and transportation.
Total Angolan imports in 2016 are estimated at $14 billion, a 51 percent decline from 2014 pre-economic downturn levels. Paralleling this trend, U.S. exports to Angola fell by 34 percent between 2014 and 2016 to $1.25 billion, a drop that would have been even steeper without the 2016 sale of two Boeing aircraft to Angolan’s national airline. Despite this decline, Angola remains the United States’ third largest export market in Sub-Saharan Africa. Aircraft, energy generation equipment, frozen chicken, railroad locomotives, and oil and gas equipment were the main categories of U.S. exports to Angola in 2016. Leading countries supplying Angola’s imports in 2015 were China (17 percent), Portugal (15 percent), Korea (8.6 percent), United States (7.4 percent) and South Africa (5.4 percent).
Angola exported $27.5 billion to world markets in 2016 primarily consisting of petroleum with modest shipments of diamonds and wood. Due to the steep decline in global oil prices, the value of Angolan exports fell by 54 percent since 2014. The U.S. imported $2.86 billion in Angolan products in 2016, with over 90 percent petroleum products followed by small amounts of diamonds, wood, and even an initial shipments of coffee in 2016.
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Despite Angola’s reputation for being a difficult place to do business with, ranked 179th out of 189 by the World Bank’s [1]. It is expected that with a large increase of local supporting companies would change the country Doing Business dynamics in the near future. IOC’s largely finds challenging to operate in the country without any sort of engagement with local companies and the Local Content Regulation is set up to support both overseas companies and local enterprises.
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The Local Content or National Content of Angola is a government initiative set in order to support local enterprises entering in the O&G business and to stimulate local economy. The regulation requires International Oil Companies and Service Companies to hire more Angolan Staff and to engage with local companies in form of Joint Ventures. The regulation provides a competitive advantage to the ventures over enterprises that does not engage with local companies.
Local partnership is largely considered by the Oil Operators before engaging companies that are not established locally as well as governmental departments that supports commercial activities such as Immigration and the department of work.
IESSA’s management team has a strong local knowledge of the business dynamics within the O&G commercial activities and the local content requirement. The company is committed to leverage on this advantage and add value to its international partners.
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