Petroleum Africa
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Monday, September 7, 2015
One E&P firm has said that regulations put in to place by Angolan authorities over the past few years is costing its petroleum sector. According to Jean-Michel Lavergne, Total E&P Angola’s general manager, the measures enacted by the government has pushed production costs up as much as $500 million a year.
Lavergne, while speaking to reporters at a business forum in Luanda said that oil companies operating in the country are looking to open up a dialogue with authorities regarding the regulatory costs.
With crude oil prices below $60 per barrel, “if there is no significant reduction in costs, everything will stop,” Lavergne said. Angola’s oil industry “will disappear,” he added.
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