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Angola Overview

Angola

in figures

Oil reserves8.2 billion barrels

Oil production1.42 million bopd

Gas reserves422 bcm

Annual gas production3.02 bcm

Angola: Rising African Giant

President João Lourenço has been reinvigorating the Angolan economy with long-awaited reforms, and the hydrocarbons industry, the anchor of the Angolan market, has been revitalised by his policies. The new National Oil, Gas and Biofuels Agency (ANPG) has replaced the NOC as the concessionaire, increasing investor confidence with an unbiased regulator. At Sonangol, the Regeneration Program is refocusing the NOC’s activities on the petroleum industry, with widespread asset divestment.

Holding steady as Africa’s second-largest oil producer, Angola is aiming to stimulate upstream investment with new incentives for marginal field development and exploration work. In 2019, Total’s Kaombo project saw its second FPSO come on stream in Block 32, and  Eni made its fifth commercial discovery in a year in Block 15/06. The ANPG is set to auction an additional 55 oil and gas blocks through 2025 with the aim of replacing the country’s reserves.

While the sub-Saharan country was hit hard by the oil price drop, the government’s economic and investment reforms received the endorsement of the IMF in the form of a USD 3.7-billion financing programme in December 2018. Meanwhile, Angola continues to strive to balance the need for foreign investment with the demand for local content. In October 2020, a presidential decree to support local content was published.

A new push to increase local refining capacity and electrification is boosting the downstream sector. Sonangol plans to construct two refineries – one in Cabinda and the other in Lobito – to help meet rising demand. The government plans to double the country’s installed power capacity by 2022 and reach 60% electrification by 2025.

The Oil & Gas Year Angola 2019 was produced in partnership with the Ministry of Mineral Resources and Petroleum, the ANPG, PwC, AmCham Angola, and the Association of Service Providers of the Angolan Oil & Gas Industry.

Nina Koch Equinor Angola
Interview
Angola - January 18, 2021

Nina Birgitte Koch, managing director of Equinor Angola, talks to The Energy Year about how Angola’s energy players have…

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Edson Rodrigues DOS SANTOS CEO SOMOIL
Interview
Angola - January 14, 2021

Edson Rodrigues Dos Santos, CEO of Somoil, talks to The Energy Year about the company’s focus areas for business growth, the…

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Angola AES Matuzalem SUKETE
Interview
Angola - January 05, 2021

Matuzalem Sukete, CEO of Angola Environmental Serviços (AES), talks to The Energy Year about how Angola’s energy industry is…

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Angola unveils 2021 bid round dates
NEWS
Angola - December 31, 2020

Angola will launch its 2021 licensing round on April 30, the country’s National Oil, Gas and Biofuels Agency (ANPG) announced on…

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Angola maps

Angola License Areas and 2019-2025 Licensing Strategy

ALL MAPS
OPEC puts Angola at the helm in 2021
NEWS
Angola - December 01, 2020

Angola will take on the rotating presidency of OPEC in 2021 following a decision made during a virtual meeting of the cartel on…

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Frederic Heintz Petromar
Interview
Angola - November 26, 2020

Frederic Heintz, deputy general manager of Petromar, talks to The Energy Year about how the company is enhancing efficiency…

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Angola eyes 2021 Sonangol stake sale
NEWS
Angola - November 25, 2020

The Angolan government is planning a partial divestment from NOC Sonangol by the end of 2021 or in early 2022, Minister of Finance Vera Daves de Sousa has said.

The…

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Angola’s Cabinda refinery reaches FID
NEWS
Angola - November 02, 2020

A USD 920-million FID has been taken on Angola’s Cabinda refinery, NOC Sonangol announced on Friday.

The investment decision was taken together with partner Gemcorp…

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Total contracts Maersk for Angola wells
NEWS
Angola - October 21, 2020

Total has contracted Maersk Drilling to drill three wells offshore Angola, the Danish company announced on Wednesday.

Under the USD 30-million deal, the Maersk…

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