Angola is accelerating efforts to stimulate Chinese investment into its energy sector through bids for new oil and gas projects.
The move is poised to leverage China’s robust financial sector and attract additional capital and technological input into the southern African country’s energy sector development.
With support from the Embassy of Angola in China, Angola is actively presenting opportunities to Chinese companies to participate in bidding opportunities for 12 major oil and gas blocks in the region.
Approximately 100 Chinese companies involved in oil and gas exploration, engineering, and investment have been engaged to deepen and expand oil and gas cooperation between the two countries.
“In terms of resources for bidding, we are talking about different blocks with different capacities, ranging from 100 billion barrels all the way to more than 2 billion barrels,” stated Alcides Andrade, Director of Strategic Planning for Angola’s national concessionaire, the National Oil, Gas and Biofuels Agency.
Boasting extensive experience in energy cooperation with various African nations, Chinese firms are well-positioned to foster mutually beneficial outcomes within Angola’s energy market. Furthermore, significant domestic demand for petroleum in China is indicative of strong business potential in sub-Saharan Africa’s largest oil producing country.
“We don’t have cooperative projects in Angola at the moment, but we are looking forward to the possibility of future cooperation in the oil and gas industry there,” stated Liu Huiping, Senior Vice President of the International Department of engineering services company, China Huanqiu Contracting & Engineering Corporation.
