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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.

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.

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…

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Sonangol Angola Sebastiao GASPAR MARTINS
Interview
Angola - September 09, 2020

Sebastião Gaspar Martins, chairman of Sonangol, talks to The Energy Year about how the company is navigating the Covid-19 and…

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Renewed activity in Angola’s offshore
NEWS
Angola - August 24, 2020

Angola has secured a major investment from Qatar Petroleum in its ultra-deepwater Block 48 and seen the resumption of drilling…

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Alan GLYN-CUTHBERT Petrowork
Interview
Angola - August 20, 2020

Alan Glyn-Cuthbert, operations manager at Petrowork Solution, talks to The Energy Year about how the company’s coatings…

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Angola maps

Angola License Areas and 2019-2025 Licensing Strategy

ALL MAPS
Michel Hamon Doris Angola
Interview
Angola - July 31, 2020

Michel Hamon, managing director of Doris Engenharia Angola Lda (DEAL), the Angolan subsidiary of DORIS Group, talks to The…

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Tiago DÁ MESQUITA
Interview
Angola - July 13, 2020

Tiago Dá Mesquita, CEO of Aon Angola, talks to The Energy Year about the impact of the Covid-19 crisis on the insurance sector…

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Joao Pereira
Interview
Angola - June 09, 2020

João Pereira, general manager of Supermaritime Angola, talks to The Energy Year about how Angola’s maritime sector has been affected by the Covid-19 crisis and the…

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Interview
Angola - September 26, 2019

Frederico Correia, oil and gas partner at Deloitte, talks to TOGY about the positive developments that have occurred in Angola’s oil and gas industry. Deloitte operates…

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Interview
Angola - August 29, 2019

Pedro Godinho, president of the American Chamber of Commerce in Angola (AmCham Angola), talks to TOGY about how the institution aims to promote business in the country…

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Marc Courtemanche country president Angola Statoil
Interview
Angola - August 15, 2019

Marc Courtemanche, country president of Equinor Angola, talks to TOGY about the company’s achievements over the past year, its plans for more E&P activity and how it…

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