Taken from Upstream/Rytus Daukantas.
Some of estimated 200 attendees, Angola Field Group presentation at the Viking Club.
Thursday’s Angola Field Group presentation had a record setting attendance as participants, some fearing loss of jobs, heard Geologist Tako Koning say that the new technology of fracking for oil is a huge game changer in the oil industry and predicted that low oil prices could continue for the next half a decade or so. IMF Country Representative Nicholas Staines talked about the impact of the new technology on Angola’s economy and stated that Angola needs to raise taxes and eliminate fuel subsidies in the wake of the oil shock. He reiterated that Angola has to get away from the boom-bust cycle, spending when oil prices are high and cutting back when prices are low.
Click here to download Nicholas Staines’ presentation PDF or visit his website www.imf.org/luanda.
Click here to download Tako Koning’s presentation PDF.
Taken from Upstream/Rytus Daukantas.
