Angola Overview

in figures

Oil Reserves8.4 billion barrels

Oil Production1.53 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 Programme is refocusing the NOC’s activities on the petroleum industry exclusively.

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 Italian super-major 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, with the tender awarded to the United Shine consortium, and the other in Lobito – to help meet rising demand. Kinetics Technology was announced as the winner of a construction contract for the petrol production unit at the Luanda refinery in June 2019. 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.