The Angolan government plans to privatize its National Oil Company (NOC) Sonangol by 2026, aiming to diversify its 30% stake and attract private investors.
This initiative supports Sonangol’s ambition to expand operations across the oil and gas value chain and solidify its position as a competitive regional operator.
The Angola Oil & Gas (AOG) conference, scheduled for October 2-3 in Luanda, will spotlight Sonangol’s transformation and its impact on driving oil and gas production in Angola and beyond.
The event will bring together regional NOCs, global investors, and technology providers, fostering collaboration and integration to enhance regional energy security.
With over 60 years of industry experience, Sonangol remains a leader in Angola’s upstream oil and gas sector.
The NOC has gained significant expertise through partnerships with international oil and gas companies like TotalEnergies, Chevron, Galp Energia, and ExxonMobil.
In May 2024, Sonangol and its partners, including TotalEnergies, announced a final investment decision for the $6 billion Kaminho deepwater project in Angola, featuring an FPSO to produce 70,000 barrels of oil per day by 2028.
In the downstream sector, Sonangol is advancing Angola’s refining capacity through international cooperation.
In March 2024, the company awarded engineering firm KBR a contract to construct the 200,000 bpd Lobito Refinery in Benguela province.
Sonangol is also developing the 60,000 bpd Cabinda refinery, the 100,000 bpd Soyo refinery, and upgrading the existing Luanda refinery.
Sonangol’s experience makes it a valuable partner for emerging producers in southern Africa. Namibia, which has made significant deepwater discoveries since 2022, is collaborating with Sonangol on oil and gas projects, including logistics and capacity building.
In March 2024, Sonangol signed an agreement with Namibia’s NOC Namcor and the Namibian Ports Authority to develop an integrated logistics hub.
Angola and Zambia are also strengthening ties in the oil and gas industry. Sonangol is working with Zambian entities on the $5 billion Angola-Zambia Oil Pipeline, a 1,400km pipeline to transport oil from Angola’s Lobito Refinery to Lusaka.
Technical work for the pipeline was completed in April 2024, moving the project closer to the construction stage. Zambia signed a cooperation agreement with Angola in 2022, granting it a stake in the Lobito Refinery.
Additionally, Angola and the Democratic Republic of the Congo (DRC) signed an agreement in July 2023 to co-develop the Chevron-operated Block 14 on their maritime border.
This deal will leverage expertise from Chevron and Sonangol to boost the DRC’s oil and gas production. In December 2023, Sonangol signed an oil by-products supply agreement with the DRC’s NOC Sonahydroc, enhancing its role in regional energy security.
