Angola Energy Market Overview
Angola’s energy sector accounts for approximately 28% of GDP, over 90% of export revenues, and roughly 55% of government fiscal receipts. The country produced an average of 1.12 million barrels per day in 2025, positioning it as sub-Saharan Africa’s second-largest oil producer behind Nigeria. However, this figure masks a structural decline — Angola’s output has fallen from a peak of 1.9 million bpd in 2008 as mature onshore and shallow-water fields deplete without adequate replacement volumes.
Upstream Landscape
The upstream sector is dominated by deepwater operations in the Lower Congo, Kwanza, and Namibe basins. TotalEnergies, ExxonMobil, Eni, BP, Chevron, and Equinor maintain significant acreage positions, operating alongside Sonangol through production-sharing agreements administered by ANPG. The 2024-2025 licensing rounds attracted renewed interest following fiscal term reforms that improved project economics for marginal fields and satellite tiebacks.
LNG and Gas Monetisation
Angola LNG, the country’s sole liquefaction facility at Soyo, processes approximately 5.2 million tonnes per annum of associated gas from offshore fields. The plant’s operational performance has stabilised following early technical difficulties, and expansion studies are underway to increase throughput.
Renewables and Diversification
The Angolan government has set a target of 7.5 GW of renewable energy capacity by 2030, anchored by large-scale hydropower projects including Caculo Cabaca and Lauca expansion, complemented by solar and wind programmes. International financing commitments from IFC and AfDB facilities provide a credible funding pathway.
Investment Environment
Angola’s energy investment environment has improved materially since the 2018 reform programme initiated under President Lourenco. ANPG’s establishment as an independent concessionaire, the introduction of marginal field fiscal terms, and ongoing anti-corruption enforcement have collectively reduced the country risk premium for international operators.