Angola aims to hold and increase oil production beyond 1.18 million barrels per day (bpd) while positioning the gas sector to account for 25% of the country’s energy needs by 2025. To achieve this, government is inviting investment into exploration and production, with industry reforms guaranteeing both a competitive and stable investment environment.

Speaking at the CERAWeek conference in Houston this week, Angola’s Secretary of State for Oil and Gas José Barroso outlined the government’s vision to achieve energy security through oil and gas production. Barroso announced that the government will continue to promote investment opportunities through the continuous running of bid-rounds offering exploration licenses to qualified oil and gas companies while maintaining a robust outreach at major international oil and gas events and Angola’s premier industry event – the Angola Oil&Gas (AOG) conference, which takes place this year on October 2-4 in Luanda.

Organized by Energy Capital&Power, AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; the National Oil, Gas and Biofuels Agency (ANPG), the downstream regulator IRDP, national oil company Sonangol and the African Energy Chamber.

Industry Reforms Aim to Bolster Production

Since 2017, Angola has been undertaking aggressive industry reforms to ensure a transparent and competitive oil and gas market. The country introduced a six-year licensing round in 2019 which guarantees yearly investment opportunities in exploration for foreign players. The most recent of these – a 12-block tender covering blocks in the Lower Congo and Kwanza Basins – featured 53 bids, underscoring the scale of interest in Angolan oil and gas. Going forward, Barroso explained that the country’s national regulator and concessionaire, the National Oil, Gas&Biofuels Agency (ANPG), will continue to aggressively promote the industry, pushing bid rounds in line with national production targets.

Meanwhile, Barroso stated that Angola offers regulatory flexibility with regards to oil and gas agreements. In addition to production sharing agreements under the six-year licensing round, the country introduced a risk-reducing alternative in 2020, enabling the awarding of risk service contracts when the public bid process is unlikely to succeed. A permanent offer program initiated in 2021 also enables the ANPG to negotiate new contracts with operators without offering a bid round. Additional reforms include a Tax Benefits Code enacted in 2022, creating incentives for oil companies.

According to Barroso, the government is open to discussing terms and finding a balanced agreement that provides the right returns for investors. He added that the government is open to license renewal, thereby ensuring a strong and long-term relationship between oil companies and the state.

Leveraging Gas to Unlock Economic Growth

With over 11 trillion cubic feet of proven natural gas reserves, Angola plans to leverage investments in the sector to bolster industrialization and energy access. Barroso said that natural gas is of uttermost importance for the country, serving as a catalyst for the energy transition as well as economic growth.

Currently, LNG production is declining by 10-15% per year. However, upstream developments, including the Quiluma and Maboqueiro (Q&M) gas fields – set to start production in 2026 -, stand to reverse this trend. Q&M represents the country’s first non-associated gas development and will supply feedstock for the Angola LNG project. New investments in the sector, according to Barroso, will support industrialization by supplying gas for fertilizer plants, steel plants and power generation.

The government introduced a legal framework for gas in 2018 – Presidential Decree No. 7/18 – providing attractive terms and ensuring transparency within the sector. Now, Angola is inviting foreign investors to develop the market.

Angola’s 2050 Vision Prioritizes Diversification

The Angolan government approved the strategy for Vision 2050 in 2023 – a strategic plan for the country’s long-term economic growth. Vision 2050 aims to transform Angola from an oil-driven economy by creating investment opportunities in myriad economic sectors. Over $960 billion in investment is targeted across the economy under Vision 2050, with 80% of this raised through foreign direct investment. Centered on diversification, the strategy aims to more than double the non-oil sector’s long-term growth.

However, oil remains an integral part of the country’s economic agenda. According to Barroso, with oil accounting for over 30% of GDP, 70% of government revenue and 90% of exports, the plan ensures oil and gas production remains a top priority for the next ten years. Government aims to maintain or increase production above 1.1 million bpd while diversifying the economy through investments. This, in turn, creates opportunities for players within the oil sector as well as across the entire economic spectrum. As such, the government’s pro-growth approach to investment is poised to unlock high returns for many years to come.   

Join the AOG 2024 conference today and capitalize on the opportunities the growing Angolan economy has on offer. Covering the entire oil and gas value chain as well as associated sectors such as infrastructure, manufacturing, transport and ICT, the event connects companies to opportunities. Visit www.AngolaOilAndGas.com for more information.

Distributed by APO Group on behalf of Energy Capital&Power.

The summit and sideline activities of the Korea-Africa Summit taking place in Seoul in June, were the main points of discussion between South Korea’s Ambassador-designate to the Republic of Seychelles, H.E. Mr. Jung KANG and Minister for Foreign Affairs and Tourism, Mr. Sylvestre Radegonde on Monday 25th March 2024, at Maison Quéau de Quinssy.

The two diplomats also discussed Fisheries, Aquaculture and Blue Economy and agreed to push forward with an MOU on cooperation in these areas.

Enhancing cooperation in the fields of Tourism, Education and particularly Maritime Security and assistance with patrolling Seychelles’ waters due to the resurgence of piracy, was also taken up by the two sides.

Ambassador-designate KANG, will be presenting his credentials to President Wavel Ramkalawan, as the 13th Ambassador of the Republic of Korea to the Republic of Seychelles.

Distributed by APO Group on behalf of Ministry of Foreign Affairs and Tourism – Foreign Affairs Department, Republic of Seychelles.

Solutions for swift agrifood systems transformation are at the centre of discussions at the Senior Officers Meeting of the 33rd Session of the FAO Regional Conference for Africa (ARC33) that opened today. The conference is one of the major regional platforms focused on agriculture, food security and rural development in Africa and is convened by the Food and Agriculture Organization of the United Nations (FAO) Regional Office for Africa, with this session being hosted by the Kingdom of Morocco.

The assembly of Ministers of Agriculture and other related portfolios, technical specialists and development partners will assess the current food security context in Africa and agree the path forward towards agrifood systems transformation. Shaping the conversation is the FAO Strategic Framework 2022-31 which supports the 2030 Agenda through the transformation to more efficient, inclusive, resilient and sustainable agrifood systems for better production, better nutrition, a better environment, and a better life – known as the Four Betters, leaving no one behind.

More than 200 delegates joined the opening session on Zoom, and more are expected to join Zoom or watch the live webcast over the next three days.

“This conference provides an opportunity for our country to reaffirm its commitment to the agricultural and rural development of the African continent and acknowledges the significant contribution of FAO in this development,” said H.E. Mohammed Sadiki, Minister of Agriculture, Maritime Fisheries, Rural Development, and Water and Forests of the Kingdom of Morocco.

FAO Assistant Director-General and Regional Representative for Africa Abebe Haile-Gabriel emphasized in his opening remarks the urgency and opportunity for transforming Africa’s agrifood systems amid significant challenges.

“Let us seize the moment to drive change and transformation, ensuring our deliberations lead to actionable recommendations that have a tangible impact on the lives and livelihoods of the people we serve,” he said.

The Senior Officers Meeting runs until 28 March. It serves as a precursor to the ARC33 Ministerial Meeting, scheduled for April 18-20, 2024, in Rabat, Morocco.

Advancing sustainable agrifood solutions in Africa

The Regional Conference is FAO’s highest governing body in Africa.  The conference represents a pivotal moment to address the pressing challenges and opportunities in the region’s food and agriculture landscape.

The agenda for the opening day of the Senior Officers Meeting covers a presentation on the regional food security outlook in Africa that underscores the importance of technological advancements, trade policies, and regional collaborations in fostering a resilient food future for Africa; the status and way forward for the FAO country offices network with a view to strengthening capacity to deliver better; enhancing agrifood systems’ resilience amid climatic and economic uncertainties; and financing and investments to end hunger.

The following days will look at FAO’s achievements in the region, the revival of indigenous African foods, and opportunities to mitigate food loss and waste, with discussions focusing on leveraging science, innovation, digital tools, and strategic partnerships.

The Senior Officers Meeting aims to pave the way for impactful decisions and collaborative actions to be endorsed by African governments during the Ministerial Meeting, reinforcing political will towards agrifood systems transformation for better production, better nutrition, a better environment and a better life in Africa, leaving no one behind.

More than 50 government ministers from African Member Nations will take part in person in the ministerial segment in Morocco, as well as representatives from observer countries, the African Union, donor organizations, civil society and the private sector.

Highlights of the Ministerial Meeting include opening remarks by the FAO Director-General Qu Dongyu and high-level representatives of the government of the Kingdom of Morocco.

Distributed by APO Group on behalf of FAO Regional Office for Africa.

Spark+ Africa Fund Partner Peter George will speak on opportunities in financing clean cooking solutions in sub-Saharan Africa at the upcoming Invest in African Energy (IAE) 2024 forum.

The $64-million impact investment fund finances companies that provide next-generation, scalable and distributed cooking energy solutions utilizing a range of fuel types, such as biomass, biogas, ethanol, electricity and LPG. With around 940 million people in sub-Saharan Africa without access to clean cooking fuels and technologies, the fund aims to address this critical need and transform clean cooking into a commercial, private sector-led industry. Spark+ Africa Fund is also expected to discuss the role of carbon credits in making the business models it finances both viable and more affordable for consumers.

Organized by Energy Capital&Power, IAE 2024 (https://apo-opa.co/49krKXM) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Support for the fund has come from the African Development Bank, European Commission, Denmark’s Investment Fund for Developing Countries and the Belgian Investment Company for Developing Countries, along with a range of private capital partners. Uniting DFIs, multilateral banks, private equity firms, pension funds and other financial partners, IAE 2024 serves to catalyze new financing tools, business models and technologies to bridge Africa’s energy investment gap and meet its long-term electrification and clean cooking access targets.

Distributed by APO Group on behalf of Energy Capital&Power.