As one of Africa’s top oil producers, with an output exceeding 1.1 million barrels of oil per day, Angola has established itself as an accessible and appealing destination for investment
The country continues to attract new exploration investments from major global players, including TotalEnergies, ExxonMobil, Chevron, and Azule Energy.
During a fireside chat at the Angola Oil & Gas 2024 conference, Angola’s minister of mineral resources, oil and gas, Diamantino Azevedo, highlighted the nation’s achievements and goals. The session, sponsored by Angolan service company Angola Environmental Serviços, provided a platform for the minister to emphasize the value of Angola’s natural resources, the country’s efforts to stabilise production, and initiatives aimed at strengthening local capacity.
“When we explore natural resources, we aim to use them to transform society and contribute towards improving life in Angola,” Minister Azevedo stated. He further emphasised, “That’s why it’s important to speak not only in terms of how many million barrels we produce, but to speak on the impact on the living conditions of the population.”
The focus in Angola’s oil and gas sector extends beyond current projects to future developments. With a sector ripe for investment, the country has made efforts to simplify the investment process for potential investors. Opportunities are expanding beyond traditional oil and gas, with the renewable energy market also attracting interest.
“We have drafted a new strategy for working towards seeking natural resources. The geological surveying is a continuous process. As long as there is a possibility of us discovering natural resources, we have to continue working,” the minister added.
In the realm of local content, the demand for drilling and oilfield services, detailed engineering, procurement, technical construction, and pre-fabrication and assembly is expected to increase the involvement of local companies in Angola’s oil and gas industry. To sustain production above one million barrels beyond 2027, Angola is encouraging investment in the upstream sector, which is projected to grow by 15% from 2022 to 2027.
The fireside chat also addressed strategies for navigating Angola’s regulatory environment, leveraging innovative financing mechanisms, and enhancing competitiveness within the country's oil and gas sector.
“We have introduced new methodologies like the permanent offer of blocks and now we have approved a new procedure, and all this has brought new opportunities for investors. The extraction sector will always be the engine of diversification in our country’s economy,” the Minister concluded.
Angola: a prime destination for oil deals
Angola, Africa’s leading oil producer, remains an attractive investment hub, offering streamlined opportunities in oil, gas, and renewables. (Image source: Energy Capital & Power)
