Angola Strengthens Position as a Top Oil and Gas Investment Hub

By NJ Ayuk

Angolan President João Lourenço recently engaged in discussions with Aliko Dangote – founder and CEO of Dangote Industries – to explore potential opportunities, including upstream acreage acquisitions and the construction of a cement factory – significant developments that promise substantial job creation. The African Energy Chamber (AEC) fully supports these initiatives and looks forward to the formalization of agreements in the near future.

In addition, Angolan authorities have implemented a permanent offer scheme, enabling the National Agency for Petroleum, Gas, and Biofuels (ANPG) to expedite contract negotiations directly with companies for select projects, bypassing the traditional competitive bidding process.

Complementing this, Angola has revised its tax code to introduce enhanced incentives for investors in the petroleum sector. The country has also reformed local content policies to facilitate stronger collaborations between oil companies and local contractors, fostering greater integration and economic development.

Beyond the energy sector, Angola has introduced broader measures to enhance its global connectivity. The government has expanded its visa-free entry policy to include citizens from 98 countries, up from 62, enabling increased tourism and business opportunities.

This policy is particularly advantageous for international oil companies (IOCs), as it includes key countries like the U.S., China, UK, South Korea, Japan, and India home to some of the world’s largest energy operators.

These strategic actions have enabled Angola to navigate challenges such as the COVID-19 pandemic and subsequent disruptions in global energy markets. They have also attracted significant investments for critical projects, including the construction of the Cabinda and Lobito refineries and the expansion of liquefied natural gas (LNG) exports to Italy by an additional 1.5 billion cubic meters annually.

Angola’s forward-thinking policies and proactive engagement with investors continue to drive its energy sector and broader economic development.