Angola is looking toward its next phase of oil and gas development, underpinned by a Hydrocarbon Strategy through 2050, more than US$70 billion in projected upstream investment, Sonangol’s expanding operational footprint and new downstream infrastructure.
Financing that next phase could receive a major boost as early as November.
African Energy Chamber executive chairman NJ Ayuk announced during the AOG opening that he had been informed that Afreximbank and the African Petroleum Producers’ Organization (APPO) will launch the long-awaited Africa Energy Bank that month.
“This will allow companies to do the big work,” Ayuk said, calling for continued exploration and investment across the continent. “Always explore, keep exploring.”
Secretary-general Farid Ghezali echoed these remarks, emphasizing in his opening address that mobilizing African capital will be essential if countries such as Angola are to translate their resource wealth into broader economic development.
“Resources alone do not create prosperity. What matters is our ability to turn these resources into opportunity,” he said.
“Institutions such as the African Energy Bank can help mobilize capital, support strategic projects and finance Africa’s development.”
The financing announcement comes as Angola advances its 2025-2050 Hydrocarbon Strategy, targeting more exploration, faster project development and sustained production.
Alcides Andrade, executive administrator of the National Oil, Gas & Biofuels Agency (ANPG), said the Hydrocarbon Strategy is currently being reviewed as Angola competes for increasingly selective global capital.
“Our objective is not only to award blocks, but to transform blocks into investment, investment into discovery, and discovery into production,” Andrade said.
The ANPG projects an upstream investment pipeline of US$70 billion over the coming five years, supported by opportunities spanning offshore acreage, underexplored onshore basins and mature producing assets.
Andrade highlighted that the regulator will also continue the Permanent Offer Regime while working to simplify procedures, improve contractual models and reduce decision-making timelines.
National oil company Sonangol is set to play an increasingly operational role in this next phase as the company celebrates its 50th anniversary in 2026.
Sonangol board member Osvaldo Inacio said the company is now present in 42 oil concessions and operates 11, while expanding across gas, petrochemicals and other industrial activities.
According to Inacio, Sonangol invested US$10.5 billion between 2021 and 2025, while its portfolio grew from US$995 million in 2022 to US$3.4 billion in 2025.
He said the company has also increased its net volumes by 200 000 barrels per day in recent years and processed 50 000 km² of 3D seismic.
That expansion extends downstream, where Angola is seeking greater domestic refining, storage and distribution capacity.
Luís Fernandes, director general of petroleum derivatives regulator Instituto Regulador dos Derivados do Petróleo (IRDP), identified energy security, domestic value creation, competition and product quality as central pillars for the sector. –Energy Capital & Power
