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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: Africa's Rising 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. The Energy Year Angola 2021 is currently in production.

Ado OSERAGBAJE Vice-President, Sub-Saharan Africa BAKER HUGHES
Interview
Nigeria - October 13, 2021

Ado Oseragbaje, vice-president for sub-Saharan Africa at Baker Hughes, talks to The Energy Year about the pace and…

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TotalEnergies to launch FPSO project in Angola
NEWS
Angola - October 04, 2021

TotalEnergies has decided to launch a floating production project in Angola after the company successfully appraised an…

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Angola books

More books
ANPG Angola bid round
Articles
Angola - September 28, 2021

Angola’s 2020 onshore licensing round moved forward in 2021 after delays due to the pandemic, with all nine blocks awarded in…

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Alberto MENDES Co-President GRUPO SIMPLES
Interview
Angola - September 28, 2021

Alberto Mendes, co-president of Grupo Simples, talks to The Energy Year about the future of Angola’s oil and gas industry and…

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Angola maps

Angola Licence Areas and 2019-2025 Licensing Strategy

ALL MAPS
Angola awards 9 blocks in onshore bid round
NEWS
Angola - September 27, 2021

Angola’s petroleum concessionaire has awarded nine blocks in the country’s 2020 licensing round, covering the onshore Lower…

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Lauca dam hydropower Angola
Articles
Angola - September 23, 2021

The Laúca hydroelectric power station is a key element in the Angola Energy programme and began under the National Development…

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Interview
Ghana - September 21, 2021

Joseph Amuzu, CEO of Zodiac Marine Services, talks to The Energy Year about the company’s activities and plans for capacity expansion, as well as dynamics in the…

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Tiago FERREIRA Country Manager TLC
Interview
Angola - September 08, 2021

Tiago Ferreira, country manager of TLC in Angola, talks to The Energy Year about future prospects in Angola’s oil and gas market, the company’s strategy for…

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Diamantino Pedro AZEVEDO Minister of Mineral Resources, Petroleum and Gas
Interview
Angola - September 07, 2021

Angolan Minister of Mineral Resources, Petroleum and Gas Diamantino Pedro Azevedo talks to The Energy Year about initiatives to strengthen the resilience of Angola’s…

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