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New Approach to Angola’s Oil & Gas Industry

Presentation by Wale Ajibade

Executive Director, Sahara Group

June 5, 2019

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The reform agenda of President João Laurenço’sadministration has developed a clear framework for theAngolan oil and gas industry through;

ü Detailing the oil licensing strategy for the nextsix years

ü Reorganising the national oil company;Sonangol

ü Revision of Angola’s oil and gas sectorlegislation

ü Implementing Incentives for investmentincluding tax reforms and contract reforms

ü Encouraging further Economic Exploration andDevelopment of Natural Resources

We commend the administration of President João Laurenço which has developed a laudable and ambitious reform agenda for Angola’s oil and gas sector.

“President JoaoLaurenco”

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Sahara Group is a leading international energy and infrastructure conglomerate with operations in over 38 countries in Africa, Europe, Asia and the Middle East.

Sahara Group

> $10 billionRevenue

250,000 bpd Upcoming refinery capacity

320,000MTStorage capacity

3Refineries

Sahara’s Operational and Upcoming Locations

Isle of Man

Cote d’Ivoire

Nigeria

Geneva,Switzerland

UAE

Singapore

Sahara’s Operational Locations

Ghana

Tanzania

Zambia

Uganda

Cameroon

Guinea

Malta

Senegal

Netherlands

Kenya

Mozambique

DRC

South Sudan

Lebanon

Iraq

Venezuela

Upcoming Locations

Rwanda

Burundi

South Korea

Malawi

Mali

Liberia

Burkina FasoTogo

76,000 cbmLPG Vessels Capacity

> $4.2 billionAccess to Trade Lines

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Gas Monetisation

§ According to World Bank data, Angola is amongst thetop 10 gas flaring countries in the world, with anaverage of 0.14 trillion cubic feet of gas flared on anannual ba sis fro m 2013 to 2017. Over this 5 yearperiod, this is about 0.68 TCF of gas, which is enoughto produce 12-13 million metric tonnes of LNGequivalent to over 2 years of production at Angola LNGat full capacity.

§ Monetising of flared gas, as Angola’s over 15TCF ofproven gas reserves, would be key to Angola’seconomic diversification objectives

§ Sahara, along with a consortium including Shell,Chevron and NNPC, is developing the West NigerDelta Central Gas Processing Facilities with a 1,600mmscfd processing capacity

§ Sahara is the only African company to build and own 2LPG vessels, MT Africa Gas & MT Sahara Gas, with acombined capacity of 76,000 cubic metres which wasreceived at the Hyundai MIPO Dockyard, South Koreain 2017 to ensure the supply of LPG and support LPGpenetration across the continent.

Gas Monetization: Key to Economic Diversification

Gas Sector Master Planning01

Regional Butane Marketing and Sales03

Developing a Domestic Gas Market 02

We believe that Gas Monetisation is one of the keys to Angola’s economic diversification and can be developed extensively in the following ways…

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… as well as diversifying Angola’s downstream sector to capture additional value for the country by ensuring the Angola becomes a major regional oil & gas trading and distribution hub.

Diversification of Angola’s Downstream Sector

§ Several opportunities exist in the oil and gas valuechain in Angola. Liberalization of the downstreamsector will result in use of different business modelsand further improve the reliability and security ofpetroleum products supply to the Angolan market.

§ As Angola seeks to open up its downstream oilindustry to private investors it should leverage itsunique location advantage - which with the rightinvestments in the necessary infrastructure such asstorage and logistics, can enable Angola becomethe regional export hub serving Central, Southern andeven West Africa.

Requirements for Development of Angola’s Downstream

Local Capacity Development

Infrastructure Development

Unified Regional Specifications

Improved Funding

§ At Sahara we are currently developing a 300,000 MT Regional and integrated refined products Storage and Logistics Hub which will be the first of its kind in West Africa. This could be replicated in Angola to serve the region and the bordering land locked countries as mentioned earlier.

§ Sahara has been able to achieve its sustained growth in trade volumes by having access to more than USD 4.2 billion in trade finance lines with over 25 leading international & African financial institutions.

§ Sahara has completed several PXF transactions with NNPC in Nigeria worth over $1 billion over the past few years and has recently signed an agreement with South Sudan for a $600m facility.

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As a part of our commitment to improving energy access across Africa, Sahara Group is keen to support the Government and people of Angola to develop the local and regional oil & gas sector

Thingsofqualityhaveno

fearoftime”…..Andthereisnotimelikethepresent!

© Copyright 2019. Sahara Group Limited, Lagos, Nigeria. All rights reserved.

Recipients are not permitted to duplicate the information provided in this Document and to communicate thereceived information to any third party without the prior written consent of Sahara Group Limited.

The Document is incomplete without reference to, and should be viewed solely in conjunction with the oral briefingprovided by Sahara Group Limited.