Pumping out over 1.1 million slick barrels of oil each day, Angola has comfortably established itself as the energy powerhouse of Africa! With proven crude reserves of 9 billion barrels and 11 trillion cubic feet of gas under its seas, Angola has been on an oil-fueled boom since the 2000s. Oil and gas drives a whopping 90% of Angolan exports and 45% of national income!
Yet, having centered its universe around oil for so long, Angola now faces a few bumps in the energy road ahead. Ageing offshore fields, declining investments after the 2014 oil crash and gaps in natural gas infrastructure are threatening to slow down production and profits.
But fret not, Angola still dazzles with massive unexplored hydrocarbon potential, recently attracting project approvals worth $16 billion! Reigniting the oil economy requires the government’s priorities to align – efforts must pour into refreshing exploration models, adopting newer technologies to improve productivity at mature fields and developing local talent to get the best from Angola’s oil and gas reserves.
This is where trusted advisors like our energy consulting firm come in. With emerging market experience and technical know-how, we can help chart Angola’s oil and gas roadmap keeping sustainable long-term goals in mind – be it optimizing oilfield output, diversifying the economy or skilling up Angolans to take charge of their country’s petrol-powered future! A re-energized energy sector will then give Angola’s development extra fuel in the tank!