The African Energy Chamber has been particularly pleased to see Angola driving its natural gas industry forward.
In August 2022, solidified plans to develop the Quiluma and Maboqueiro gas fields in the Lower Congo Basin offshore Angola saw Italian multinational oilfield services company Saipem granted USD900 million between three engineering, procurement and construction contracts for both onshore and offshore work associated with the project at three separate sites.
Movement on these endeavors is due in part to the establishment of the New Gas Consortium (NGC) and its relationship with Angola’s National Agency for Oil, Gas & Biofuels. Investment in the NGC is multi-national, with Italian hydrocarbon giant ENI at the helm and France’s TotalEnergies, Britain’s bp, Angola’s Cabinda Gulf Oil Company and Sonangol signed on as shareholders. The NGC expects production at the Quiluma and Maboqueiro fields to begin in 2026 and to produce at an estimated rate of four billion cubic meters (bcm) of liquefied natural gas (LNG) per year.
The Right Approach
This success story, just one among many in Angola, wouldn’t be possible without the welcoming and investment-friendly environment that Angolan leadership has worked to cultivate in recent years.
Despite its status as sub-Saharan Africa’s second-largest oil producer, boasting an approximate output of 1.1 million barrels per day (bpd) of crude oil – a similar level to its output before it left the Organization of the Petroleum Exporting Countries (OPEC) -, it expects to increase production in the near future especially with ExxonMobil’s Block 15 deepwater discovery at the Kizomba B area. The working interest partners in the block – Azule Energy, Equinor and Sonangol – have not held back on investing in this project.
Angola rejects complacency and strives to grow those numbers by starting new wells while reevaluating its more mature facilities. Angola’s approach and its commitment to continued progress should serve as a template for every other African country to follow.
Angola sits atop 27 trillion cubic feet of natural gas — a largely untapped wealth of resources that represents a path toward vast employment opportunities, a route away from energy poverty, and a bridge to an eventual energy transition. One of the key elements ensuring that this economic development evolves in both Angola’s and Africa’s favor is a competent administration to help guide it.
Political Will and Leadership is Key.
Since taking office in 2017, President João Lourenço has maintained a positive bearing on strengthening and enhancing Angola’s oil and gas sector and focusing on enriching its population.
Employing a rational, long-term mindset in the effort to expand Angola’s LNG exports and further develop its gas industry, President Lourenço has been managing a multi-faceted master plan that he hopes will set Angola in an exponentially more prosperous position over a 30-year timeframe.
Lourenço’s actions in this regard have been proactive and comprehensive and performed in support of a healthy national oil and gas industry. By working to improve Angola’s business environment and rooting out internal corruption, Lourenço has made the nation much more attractive and favorable to foreign investment. The reappointment of Diamantino Pedro Azevedo as Minister of Mineral Resources, Petroleum and Gas — a key player in Angola’s regulatory overhaul and an outspoken advocate for the African energy industry — demonstrates Lourenço’s commitment to preserving a cabinet that produces meaningful results.
President Lourenço’s outlook includes much more than the successful export of Angola’s hydrocarbon resources. His plan includes provisions for expanding the country’s refining and storage facilities as well as preparations for the transition to a low-carbon economy through the implementation of photovoltaic power plants, the production of green hydrogen, and a pledge to increase Angola’s own use of energy from clean sources like hydroelectric.
Lourenço has confidence that his country will be able to achieve these goals in part by fostering productive international relationships, a practice that he cont
