- Angola’s oil and gas sector has been placed at the forefront of African energy investment.
- Angola has regulatory reforms, infrastructure development, and exploration strategies in place.
- Natural gas will play a crucial role in the global effort to reduce carbon emissions. Angola has 13.5 trillion cubic of natural gas.
Over the past 30 years, massive Angolan oil and gas reserves have steadily positioned the southern African country as a top destination for investors. Strong returns on investment from Angolan oil and gas are now attracting even more global market players. The country’s oil-rich acreage is paying great dividends.
Angolan oil and gas current production
The nation is currently ranked as the top oil producer in sub-Saharan Africa. Angola boasts of having confirmed reserves of 11 trillion cubic feet of natural gas and nine billion barrels of oil. The majority of these reserves are found in offshore fields, especially in the productive basins of Cabinda, Congo, and Kwanza.
For both exploration and production tasks, Angola’s offshore fields in the Atlantic Ocean demand cutting-edge technology and proficiency. Already, the nation of southern Africa is home to some of the largest oil and gas corporations in the world, including the behemoths TotalEnergies, Chevron, ExxonMobil, BP, and Eni.
Currently, Angola produces about 1.37 million barrels of oil per day (bpd). Natural gas production in the nation averages 17,904,5 million cubic feet per day. As a result, Angolan oil and gas offers significant resource potential.
The government has made an effort to provide a supportive climate for Angolan oil and gas sector. One of the ideas is to use a comprehensive set of regulatory reforms to encourage investment. Additionally, it is implementing strategic exploration and infrastructure development plans.
Strong infrastructure support
With underexplored prospects like the Kwanza Basin and offshore deep-water Namibe Basin serving as some of the world’s top frontiers for hydrocarbon exploration and production, the country’s geologically appraised concessions and sedimentary basins are shown to have enormous potential in the government’s National Development Plan 2018–2022, as well as its updated Hydrocarbon Exploration Strategy 2020–2025.
The Angolan oil and gas sector is receiving strong infrastructure support. Potential investors and project developers are increasing their presence in one of the fastest-growing economies in the world while also cutting the costs and time needed to establish new projects.
With its 5.2 million tonnes per year Angola Liquefied Natural Gas plant, 60,000 bpd Luanda Refinery, and domestic pipelines linking oilfields to processing facilities, Angola is supporting and growing the entire energy value chain, establishing itself as a regional hub for energy investments.
Angola’s three new refineries
Angola is increasing her refining capacity at its main refinery in the capital Luanda. What’s more, the country is building new oil refineries: Cabinda, Lobito, and Soyo. The three new refineries will have a total capacity of 360,000 bpd.
The government of Angola has said that one of its top aims is to diversify the economy of the nation. These additional refineries, when finished, will drastically reduce Luanda’s fuel import expenses, saving an estimated $2.7 billion annually.
Natural gas will play a crucial role as an intermediary in the global effort to reduce carbon emissions. Angola is, therefore, in a good position to contribute significantly to global energy revolution. The nation will make use of its natural resources to advance socioeconomic growth and wealth creation.
Read also: Fueling the Future: Zambia Looks to Angola for Fuel Imports
With a long history of involvement from foreign oil corporations and service providers, Angola’s oil and gas sector presents numerous chances for collaboration and joint ventures.
Potential investors have the chance to interact with knowledgeable market participants who have a thorough understanding of reserves, infrastructure, and laws.
Angolan oil and gas to power growth
On the upstream front, the government’s focus on developing natural gas and crude oil assets could produce an annual growth rate of over 1.5 percent between 2022 and 2027.
Furthermore, according to data from Angola’s Ministry of Economy and Planning, the nation’s economy would rise by 3% in 2023. From 2023 to 2027, Angola’s growth will increase by around 3.6 percent yearly. The oil industry in Angola, which has yet to fully tap into unexplored oil reserves in the Congo and Kwanza Basins, will be the main force behind this economic growth.
The Angola Oil & Gas (AOG) 2023 conference and expo, taking place in Luanda from September 13–14, will cover the country’s economic outlook, oil demand and supply patterns, ongoing diversification efforts, and investment opportunities.
High-level panel discussions, exhibitions, and private networking events will be part of AOG 2023. The forum will highlight investment and partnership prospects in the nation’s oil and gas sector.
Energy Capital & Power, in partnership with the Angolan Ministry of Mineral Resources and Petroleum, will host the Angola Oil & Gas 2023 conference.
