AEW 2023 to Showcase Angola’s Thriving Energy Sector During Dedicated Country Spotlight

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  • AEW 2023 to Showcase Angola’s Thriving Energy Sector During Dedicated Country Spotlight

A dedicated country spotlight taking place during the 2023 edition of the African Energy Week conference offers stakeholders unique insight into the growing market.

Angola’s strategic geographical position, ongoing infrastructure advancements, local content initiatives and a rapidly expanding market, represents an enticing investment opportunity for regional and global players. With the government making strides to open the sector, the upcoming African Energy Week (AEW) conference will showcase the country’s abundant reserves and favorable business environment during a dedicated Invest in Angola country spotlight session. AEW – taking place on 16-20 October 2023 in Cape Town and organized by the African Energy Chamber (AEC) ­– will connect potential players to Angolan opportunities.

Angola boasts substantial oil reserves of 9 billion barrels and natural gas reserves of 11 trillion cubic feet, supporting a stable foundation for lucrative returns. The country’s high production rates, reaching approximately 1.06 million barrels of oil per day (bpd) and 17,904.5 million cubic feet of natural gas in May 2023, ensure stability and ongoing revenue generation. Moreover, Angola’s strategic plans for development and underexplored areas like the Kwanza and Namibe Basins further enhance its status as a global frontier in energy exploration.

Key players in Angola’s energy sector, including national oil company Sonangol and regulatory body The National Agency for Petroleum, Gas and Biofuels (ANPG) – who announced the launch of its 2023 Licensing Round in March, offering 12 blocks in the Lower Congo and Kwanza onshore basins – play crucial roles in managing resources, overseeing partnerships with international oil companies, and ensuring optimal utilization of hydrocarbon resources. Their involvement provides investors with confidence in the security of their investments and collaborative efforts to maximize output and returns.

Supermajors such as TotalEnergies, ExxonMobil, Chevron and Azule Energy are also driving successful projects in the country, including Kaombo North, the Eastern and Western hubs at Block 15/06 operated by Eni Angola, as well as CLOV Phase 2 and Dalia Phase 3 at Block 17 operated by TotalEnergies. These have significantly contributed to Angola’s average oil production. The country’s pioneer Liquefied Natural Gas (LNG) project, Angola LNG, has positioned Angola as a highly attractive gas play, with new upstream developments promising an increase in LNG production and export.

On the renewables front, Angola has also made significant strides through the Angola Renewable Energy Program (AREP), implemented from 2019 to 2022. This program focused on solar energy and hydropower, contributing to an increase in the national electrification rate from 33% in 2017 to 43% in 2021 and raising the renewable energy component of the energy mix from 59% to 64%. The goal is to quadruple renewable energy production in Angola, with a specific emphasis on solar energy, from 125 to 500 MWh. AEW will explore clean energy investment opportunities and the role of renewable technologies in reducing carbon emissions.

To foster a favorable business environment, Minister of Mineral Resources, Oil, and Gas, H.E. Diamantino Azevedo and team has implemented initiatives to attract investments in the energy sector. Incentives such as tax breaks and redemption on corporate income tax, import duties and value-added tax, reduce the tax burden and promote energy project development. The government also actively promotes public-private partnerships to leverage private-sector resources, share risks, enhance efficiency, and attract funding and expertise. The country also established investment promotion agencies, like ANPG, to offer support to investors, providing information, partnerships and aftercare services. They serve as a single point of contact, helping investors access incentives and navigate the business environment.

Meanwhile, investments in critical infrastructure, including upgraded ports, pipelines, refineries and storage facilities, have bolstered Angola’s oil and gas industry. These advancements improve operational efficiency, reduce transportation costs, and increase profitability for investors. With projects like the Luanda, Soyo, Cabinda and Lobito refineries and regional pipelines, Angola is positioning itself as a regional hub for energy development, offering an appealing and financially rewarding investment climate.

Stepping into this picture, the Invest in Angola Energies spotlight session at AEW 2023 offers a multifaceted platform where investors can gain crucial insights into the evolving market and its associated opportunities.

“In addition to presenting innovative developments, upcoming prospects and growth opportunities, the spotlight grants stakeholders’ exclusive access to the Angolan market, whereby players can interact with industry leaders from the Ministry of Mineral Resources, Oil and Gas, Sonangol and ANPG, among others,” states NJ Ayuk, Executive Chairman of the AEC, adding, “Angola’s energy sector is rapidly growing, and investors have the unique opportunity to join this important market. The Angola spotlight session at AEW is one-of-a-kind, and should not be missed.”

The spotlight comprises a roundtable discussion, technical presentations, a networking event and a deal room, thereby serving as a networking hub that connects decision-makers with industry experts. By showcasing Angola’s rich reserves, diversification potential, favorable investment environments, infrastructure development, local content and critical minerals the discussion will present a compelling view of the investment opportunities awaiting investors in Angola’s thriving energy sector.

AEW is the AEC’s interactive exhibition and networking event that seeks to unite African energy stakeholders, drive industry growth and development, and promote Africa as the destination for African-focused events. For more information, visit