Angola has emerged as a top destination for large-scale oil and gas investment over the past three decades. With substantial reserves and high returns on investment, foreign investors and project developers are increasingly attracted to the Angolan market.
Angola is currently the largest oil producer in sub-Saharan Africa, with confirmed reserves of 9 billion barrels of oil and 11 trillion cubic feet of natural gas. Major oil and gas companies such as TotalEnergies, Chevron, ExxonMobil, bp, and Eni are active in the country.
The Angolan government has created an enabling environment for the oil and gas industry, implementing regulatory reforms, infrastructure developments, and exploration strategies.
The National Development Plan 2018-2022 and the Hydrocarbon Exploration Strategy 2020-2025 demonstrate the immense potential within the country’s geologically appraised concessions and sedimentary basins.
The Kwanza Basin and offshore deepwater Namibe Basin are particularly promising frontiers for hydrocarbon exploration and production.
Angola has well-established infrastructure to support its oil and gas industry, which reduces costs and project development time for investors and developers.
The country’s Luanda Refinery, Angola Liquefied Natural Gas plant, and domestic pipelines contribute to the growth of the entire energy value chain. Angola aims to further expand its refining capacity with the development of three additional refineries, expected to save $2.7 billion annually in fuel import costs.
As the world undergoes an energy transition, natural gas plays a crucial role in decarbonization efforts. Angola is well-positioned to contribute to the energy revolution while leveraging its natural resources for socioeconomic development.
The country’s oil and gas industry offers significant partnership and collaboration opportunities, with experienced industry players who possess market knowledge, infrastructure expertise, and regulatory understanding.
Angola’s focus on developing crude oil and natural gas assets is projected to result in annual growth rates exceeding 1.5% between 2022 and 2027. The Ministry of Economy and Planning forecasts economic growth of approximately 3% in 2023, with subsequent annual growth rates of over 3.6% until 2027, driven primarily by the oil sector. Untapped oil reserves in the Congo and Kwanza Basins will contribute to Angola’s future growth.
To explore Angola’s economic outlook, oil demand and supply trends, diversification efforts, and investment opportunities, the Angola Oil & Gas (AOG) 2023 conference and exhibition will take place in Luanda from September 13-14. This event will feature high-level panel discussions, exhibitions, and exclusive networking forums to showcase investment and partnership prospects within Angola’s oil and gas sector.
Overall, Angola presents a favorable investment climate in the oil and gas industry, with abundant resources, supportive government policies, established infrastructure, and a positive economic outlook.
