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Angola Overview

Angola

in figures

Oil Reserves9.5 billion barrels

Oil Production1.67 million bopd

Gas Reserves308 bcm

Gas Production1.86 bcm

Angola: Rising African Giant

Angola has been vying with Nigeria to take the top spot in African crude production with current output of 1.8 million bopd, although the country has been hit hard by falling oil revenues. This has manifested itself in a shortage of foreign currency, rendering it difficult to start up new businesses and new projects. Economic challenges notwithstanding, investments are still ongoing in Angola. After facing numerous delays, production at Angola LNG’s plant in Soyo has begun. The facility is expected to produce 3.5 million tonnes for export in 2017, a steep increase from 770,000 tonnes in 2016.

Total’s Kaombo project, a major ultra-deepwater offshore project at Block 32 in the north of Angola, is expected to start producing in March or April 2018, with a second FPSO following six months later.

Newly elected Angolan President João Lourenço removed Isabel dos Santos from her post as head of Sonangol in November 2017, replacing her with Carlos Saturnino. Sonangol, which accounts for 90% of the country’s foreign earnings, is undergoing a major restructuring as well.

The Oil and Gas Year Angola 2018 is being produced in partnership with the American Chamber of Commerce and will analyse these issues. For a comprehensive view of Angola’s market, see our business intelligence platform TOGYiN. TOGYiN features over 200 profiles on companies and institutions active in Angola’s oil and gas industry. TOGYiN currently covers 35 markets worldwide.

CLOV FPSO Subsea Development Angola

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