Corruption, bureaucracy and a strong state presence are major risks. Local content policy is mitigated by a pragmatism. The fiscal system is stable. Angola joined OPEC in 2007 but no production cuts have yet been enforced. Gas monetisation will improve once the beleaguered LNG plant re-starts operations. Low oil prices heighten currency risk. Angola’s president has been in power since 1979 providing stability – labour activism and civil unrest are low – but succession is a growing uncertainty.