President João Lourenço has been dedicated to strengthening and improving Angola’s oil and gas sector since assuming office in 2017. Under his leadership, there has been significant progress in exploration, production, and export of oil and natural gas in Angola. The collaboration between international oil companies and the Angolan government has resulted in the awarding of several lucrative service contracts to regional operators.
The African Energy Chamber has expressed satisfaction with Angola’s efforts to drive the development of its natural gas industry. In August 2022, plans were solidified for the Quiluma and Maboqueiro gas fields in the Lower Congo Basin, leading to Saipem, an Italian multinational oilfield services company, being granted substantial contracts for onshore and offshore work associated with the project. This signifies a positive step towards the growth of Angola’s natural gas sector.
The establishment of the New Gas Consortium (NGC) and its collaboration with Angola’s National Agency for Oil, Gas & Biofuels have played a crucial role in advancing these initiatives. The NGC consists of multinational investments, with ENI from Italy leading the consortium, and companies like Total Energies from France, British Petroleum, Cabinda Gulf Oil Company, and Sonangol from Angola as shareholders. The NGC anticipates the commencement of production at the Quiluma and Maboqueiro fields by 2026, with an estimated annual production capacity of 4 billion cubic meters of liquefied natural gas (LNG).
Angola’s success in the oil and gas industry can be attributed to the welcoming and investment-friendly environment fostered by its leadership. Despite being the second-largest oil producer in sub-Saharan Africa, Angola remains proactive in expanding its production by exploring new wells and improving existing facilities. This proactive approach and commitment to progress should serve as an example for other African countries.
Angola possesses significant natural gas reserves, estimated at 27 trillion cubic feet, which remain largely untapped. These resources hold great potential for employment opportunities, combating energy poverty, and facilitating the eventual transition to alternative energy sources.
