As a platinum sponsor, Angola’s national oil company will promote investment opportunities across the country’s overall energy sector during the African Energy Week 2022 conference.
The African Energy Chamber (AEC) is proud to announce that Angola’s national oil company (NOC), Sonangol, will be taking part in this year’s African Energy Week (AEW) conference and exhibition – which takes place from 18 – 21 October 2022 in Cape Town – as a platinum sponsor. Following a successful participation at the 2021 edition of Africa’s premier event for the oil and gas sector, where the NOC participated as a diamond sponsor and scoped the AEW NOC of the Year award, Sonangol’s return to AEW 2022 as a platinum sponsor will be crucial for highlighting developments across Angola’s oil and gas sector as well as the important role being played by the NOC in growing the market.
As Angola’s NOC, Sonangol is responsible for the management of oil and natural gas exploration, production, transportation and marketing. The company has been instrumental in enhancing the competitiveness of the southern African country’s hydrocarbons sector through a series of policy reforms and partnerships with regional, continental and international energy companies and investors. As a result, Angola is currently Africa’s biggest oil producer and host to one of Africa’s largest gas projects – Chevron’s Angola liquefied natural gas (LNG) project, comprising 1.1 billion cubic feet of natural gas per day in output for domestic, regional and international utilization.
While energy poverty across Africa continues to increase, with over 600 million people living without access to electricity and 900 million without access to clean cooking, the continent’s estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet (tcf) of gas reserves provides an opportunity to enhance energy security. In this regard, Sonangol continues to make strides with the firm strengthening its focus on maximizing the exploration and exploitation of the country’s two billion barrels of proven oil and an estimated 13.5 tcf of natural gas reserves.
Efforts by the NOC to address downstream infrastructure deficits through a series of refinery upgrades and construction projects in Luanda, Lobito, Cabinda and Soyo are a huge step in that direction and will help curb chronic energy shortages and high prices.
However, with Angola’s oil and gas production anticipated to decrease in years ahead due to declines in legacy projects and inadequate investments across the upstream sector, Sonangol has in place a series of mechanisms aimed at boosting investment in exploration and production. In April 2022, the NOC selected a mix of domestic, regional and international companies including UK-based Afentra, the National Petroleum Corporation of Namibia, Sequa Petroleum, Petrolog, Somoil, and Sirius Petroleum in a farm-out for high-potential blocks.
Moreover, while demand for African oil and gas continues to expand due to global geopolitical-related energy market trends, Sonangol is positioning Angola as a reliable energy partner. Currently, the NOC has partnered with global major Eni, fast tracking the development of the Ndungu field in Block 15/06 offshore Angola. Sonangol and Eni have also led a deal signed between Angola and Italy for exporting up to 1.5 billion cubic meters of gas per annum to Europe.
Representing Africa’s largest oil producer and one of the continent’s top gas markets, the participation of Sonangol at AEW 2022 will help shape discussions around the role the continent’s hydrocarbons play in addressing global energy security issues.
“The Chamber is proud to be once again hosting one of Africa’s top NOCs to discuss the vital role African companies play in boosting the continent’s upstream, midstream and downstream activities for energy security. Operations by Sonangol have not only positioned Angola’s hydrocarbons sector at greater levels but continue to position Africa as a globally competitive energy investment destination,” states NJ Ayuk, the Executive Chairman of AEC.
Under the theme, ‘Exploring and Investing in Africa’s Energy Future while Driving an Enabling Environment,’ AEW 2022 will host Sonangol in critical discussions around the energy transition and the future of the oil and gas industry in Africa. A delegation from Sonangol will participate in high-level meetings and panel discussions, exploring the challenges and opportunities within the country’s energy sector and discussing the vital role regional cooperation plays in Africa’s energy future.
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.