West Africa Has Mixed Results With Investors

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With another — albeit slimmer — majority under his belt in August parliamentary elections, Angola’s President Joao Lourenco and the ruling MPLA can focus on making the most of the country’s growing strategic importance as the West tries to wean itself off Russian oil and gas. They aren't alone. Other West African governments like Nigeria and Namibia are determined to exploit the relaxation of pressures to shift from fossil fuels amid global supply concerns. Lourenco, who inherited a sector in deep decline in 2015, legislated to encourage short-cycle oil and gas projects as investors started chasing advantaged barrels well before the latest energy crisis. TotalEnergies and Eni remain stalwarts in Angola, BP has found a way to continue investing with lower costs through its Azule joint venture with Eni, and former waverers Exxon Mobil and Equinor also appear set to stay.

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