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.
Some recommendations include:
- Expediting exploration of new oil basins through transparent bid rounds and fiscal incentives. Advanced seismic surveys coupled with subsurface studies can fast-track appraisal and monetization.
- Modernizing aging oil and gas fields with infill drilling, enhanced oil recovery techniques, digital twins and remote operations centers to prolong production plateaus.
- Expanding gas infrastructure and LNG exports is key given Angola’s immense reserves. This can generate energy revenues far into the future while diversifying the economy.
- Skills training programs co-designed with international operators imparting technical and HSE competencies to local oil and gas engineers and technicians ensures long-term sustainability and jobs growth.
- Regional cooperation platforms for knowledge-sharing on best practices, regional pipelines and integration of power grids maximizes socio-economic spillovers.
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!
