Angola’s energy industry

Angola is among the top oil producers on the African continent. The sector is governed by the National Oil, Gas and Biofuels Agency (ANPG), which hands out concessions and regulates policy related to upstream activities. The state-owned enterprise Sonangol and its subsidiaries have been the main driver behind the nation’s E&P activities and have ramped up exploration activities to replace the country’s depleting reserves and eventually reverse its declining production.

Angola is positioning its upstream sector for a new wave of growth, anchored by an investment pipeline of more than USD 70 billion over 2025-2030. Major international players such as ExxonMobil, TotalEnergies, BP and Eni are reinvesting in frontier deepwater blocks and maturing brownfield assets simultaneously. Meanwhile, the ANPG is spearheading regulatory reform and improved seismic data access to attract fresh capital. The outlook: sustained production above 1 million bopd together with a shift towards natural gas and optimising existing fields.

As demonstrated by the Caculo Cabaça project, hydropower is driving renewables’ share in Angola’s energy mix, while non-hydro renewables are also thriving. The Angola Energy 2025 strategy envisions boosting renewable energy’s share of generation capacity to more than 70%, with natural gas further diversifying the energy mix. Meanwhile, 16.3 GW of solar potential has been identified across the country, and several projects are underway to exploit this.

The country is developing its refining capacity, which traditionally only represented around 20% of the national products consumption. The downstream sector is undergoing a massive transformation, with large developments underway to increase the production of refined products.

Angola has repeatedly reformed its policies with a focus on attracting foreign investment to unlock its massive energy potential while supporting local business development.