“We have a firm commitment towards a continuous development of the country’s hydrocarbon potential and to support the energy transition, which we intend to capitalise on through an ambitious investment plan and our strong and diverse portfolio.”

Adriano Mongini, CEO of Azule Energy

The Energy Year Angola 2023 highlights the African nation’s first positive results in its journey to reverse the decline in oil production as drilling activities, bidding rounds and overall investments have experienced explosive growth over the last year – altogether bringing Angola back to the forefront of oil production in Africa.

“If we succeed in exploration, instead of simply keeping production above 1.1 million bopd, we can increase our production target.”

Paulino Jerónimo, President of the National Oil, Gas and Biofuels Agency

The Energy Year Angola 2023 portrays a detailed picture of Angola’s energy scene under President João Lourenço’s renewed administration, focusing on the varied efforts the country is undertaking to enhance its natural gas production, upgrade its refining capacity and cement its vast potential as a destination for renewable energy investments in the continent.

This edition’s Year Focus on Angola’s energy financing evolution details the country’s growth after six years of recession, after a framework regulatory reform on the nation’s main economic driver, the oil and gas sector. Angola’s finance executives are at a crossroads on how to facilitate projects in hydrocarbons and renewable energies and unlock local participation of banks and insurance companies in the domestic energy value chain.