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Angola’s Plan to Improve Oil Industry Performance is Already Yielding Fruit with Fast-Tracking Sustainable Oil Development

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3 years ago

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Oil Industry

The country’s crude yields peaked in 2008 at slightly less than 2 million barrels per day (bpd) and now stand at around 1.10-1.15 million bpd

JOHANNESBURG, South Africa, July 17, 2023/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (www.EnergyChamber.org).

Angola has been in the petroleum business for a long time. It extracted its first barrels of crude oil in the mid-1950s, when development operations started at Benfica, an onshore field in the Cuanza basin, and became an even more prominent player after international oil companies (IOCs) started making major discoveries in the offshore zone in the late 1960s.

Since then, the country has worked its way up through the ranks to become one of the biggest crude oil producers in Africa. Sometimes it even tops the list of the continent’s largest producers. In August 2022, for example, it surpassed Nigeria and attained the top spot for the first time since 2017. While that rise was temporary, Angola became the continent’s No. 1 producer again in May of this year. Even if Nigeria surpasses it again, these instances serve as illustrations of Angola’s ability to sustain output at significant levels.

Production challenges

Even so, it’s worth noting that Angola’s oil sector faces significant challenges.

The country’s crude yields peaked in 2008 at slightly less than 2 million barrels per day (bpd) and now stand at around 1.10-1.15 million bpd. The government has said it wants to push production levels up to 1.3 million bpd, but it will not necessarily have an easy time doing so. This is because the decline in output has been structural in nature. That is, it stems partly from the maturation of many large offshore oil fields, partly from IOCs’ failure to launch enhanced oil recovery (EOR) projects to stem the downward trend, and partly from inadequate investment in upstream capacity. These trends are not easy to reverse, even though officials in Luanda have made some efforts to attract new investors and to encourage exploration through such measures as new licensing rounds.

Nevertheless, it would be a mistake to assume that the long-term decline in crude output is a sign that Angola’s oil industry is destined to keep shrinking to the point of insignificance. The country is taking steps to raise production, not just to push yields up to 1.3 million bpd but also to stabilize them at that level.

Diamantino Pedro Azevedo Minister of Mineral Resources, Oil and Gas, has brought Working together with ANPG and Sonangol leadership have been able to leverage both the power of government and the power of the business community to achieve overdue changes. These efforts are commendable, and I believe they will be successful — especially since IOCs are working with the national oil company (NOC), Sonangol, to accelerate new developments.

Building on Existing Infrastructure

We look forward to seeing the country rack up more successes in the years to come, starting with its push to raise crude oil output to 1.3 million bpd

In a number of cases, this collaboration has focused on making use of existing infrastructure to streamline development. I’ll mention two examples here, starting with Azule Energy, a company that BP of Great Britain and Italy’s Eni established last year to consolidate their Angolan portfolios.

Azule Energy may be relatively new, but it already has a track record of success with respect to working with Sonangol to push upstream operations forward. Indeed, the joint venture has focused specifically on bringing new reserves online as quickly as possible and has developed a strategy for doing so. This strategy is known as Infrastructure-Led Exploration (ILX), and Eni has described it as a means of using subsea tie-backs, which connect new deposits to existing production facilities as quickly as possible. This fast-track approach minimizes the time that greenfield projects spend waiting in the pipeline between discovery and development. It also maximizes sustainability, as reducing the need for new construction helps to lessen the environmental impact of upstream operations.

Azule Energy has already racked up a number of successes thanks to ILX. In late 2021 and early 2022, for example, it succeeded in bringing three new sections of the ultra-deepwater Block 15/06 on stream within a period of just seven months: Cuica, Cabaca, and Ndungu. Moreover, it put itself in a position to ramp production up quickly by employing a tactic of “appraisal whilst producing” – that is, by allowing appraisal wells to be used for development whenever possible rather than maintaining a distinction between the two types of wells. In the case of Ndungu, this was spectacularly successful, as it allowed the company to discover additional resources and raise its reserve estimate for the field from the initial level of 250-300 million barrels of oil equivalent (boe) to 800 million-1 billion boe.

ILX is on track to score yet another success within the next few years at Agogo. This field, also located within Block 15/06, is the next target in Azule Energy’s development pipeline. It is slated to come on stream in 2026, and the company’s contractor, Saipem of Italy, has already begun construction of a new subsea production network there for the Early Phase 2 development project. This new network will eventually be connected to an FPSO that will support a development hub capable of supporting additional production of 175,000 bpd.

Fast-Tracking Oil Development

Meanwhile, Azule Energy is not the only IOC trying to ramp up production as rapidly as possible in cooperation with Sonangol. TotalEnergies of France has been following a similar path by emphasizing short-cycle development projects that extend its subsea production network in a low-impact manner by using tie-backs to link new fields to nearby floating production, storage, and offloading (FPSO) vessels.

One such project is CLOV Phase 3, which targets the Cravo, Lirio, Orquidea, and Violeta fields within Block 17. TotalEnergies made a final investment decision (FID) on this project in June 2022, and it said at the time that CLOV Phase 3 was expected to carry a price tag of USD850 million. It also noted, though, that it would be able to trim its costs by as much as 20% because of the decision to use standardized equipment to establish production networks.

CLOV Phase 3 is slated to be the first upstream Angolan project to benefit from TotalEnergies’ use of standardized subsea equipment. However, the French major does hopes to take the same approach to future short-cycle development initiatives. In the meantime, CLOV Phase 3 is expected to boost Angola’s oil output by 30,000 bpd once it comes online in 2024.

Long-Term Goals

These brief mentions do not reveal the whole picture, as they do not illuminate all of the paths that Sonangol is taking to intensify cooperation with its foreign partners. But they do offer two examples of the work that the country has been doing to counter the long-term decline in oil production levels. More specifically, they demonstrate the gains that can be made when stakeholders work to make the most of what they already have.

But the point is not just to increase crude production and keep an existing industry afloat. Angola also sees the oil sector as a vehicle capable of laying a foundation for the country’s eventual transition to renewable energy in a way that maximizes the gains for citizens. To achieve this end, it is trying to generate as much revenue as possible from the development of its offshore oil reserves so that the proceeds can be used to grow the country’s economy. It is also seeking to ensure that IOCs share training and technology, thereby contributing to the development of a more highly skilled labor force and the expansion of local capacity for the support of complex projects. Additionally, it is working to reduce energy poverty by building new refineries that will improve local access to high-quality fuels.

Once again, the AEC commends Angola for these efforts. We look forward to seeing the country rack up more successes in the years to come, starting with its push to raise crude oil output to 1.3 million bpd and eventually achieving a just and sustainable energy transition, in which renewable and low-carbon forms of energy are both abundant and easily accessible.

Distributed by APO Group on behalf of African Energy Chamber.

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Congo Is Turning Reserves into Bankable Projects – and the Investment Window Is Opening

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2 hours ago

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June 24, 2026

By

Etu Energias

Eni-led LNG expansion and ongoing deepwater investment are pushing the Republic of Congo’s energy sector toward more bankable projects ahead of the Congo Energy & Investment Forum 2027

BRAZZAVILLE, Congo (Republic of the), June 23, 2026/APO Group/ –With LNG exports set to triple to 3 mtpa, upstream oil production targeting 500,000 bpd and a renewed push on local content, the Republic of Congo is positioning itself as one of Central Africa’s most investable hydrocarbon markets. Under the leadership of the newly-appointed Minister of Hydrocarbons, Stev Simplice Onanga, the country is prioritizing industry growth by balancing local content with reserve replacement and project advancement.

 

What sets Congo apart is not the scale of its reserves, but the pace at which those reserves are being turned into commercially viable projects. From Eni’s LNG expansion and TotalEnergies’ deepwater developments to brownfield optimization by Trident Energy and output growth at Ammat Global Resources, capital is flowing into projects with clearer monetization pathways and nearer-term returns.

Ahead of the Congo Energy & Investment Forum (CEIF) 2027 – the country’s leading platform for energy investment and partnerships – the story is shifting away from frontier potential toward bankable projects already under development.

Policy Reform Is De-Risking Investment

Congo’s investment case is being reshaped by the alignment of resource base, regulatory reform and project delivery. Established oil production, expanding LNG capacity and fiscal adjustments are gradually reducing above-ground risk.

Recent reforms led by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo have added structure to the sector. The Gas Code, introduced in October 2025, formalizes fiscal terms for gas commercialization, while the Gas Master Plan prioritizes flaring reduction and gas-to-power deployment, targeting 1,500 MW by 2030.

A new upstream licensing round is also under consideration, aimed at attracting fresh capital into both mature and frontier acreage. Together, these measures are improving visibility across upstream, midstream and downstream segments, with recent project activity reinforcing the shift.

The Projects Driving the Next Cycle

Deepwater oil remains central to Congo’s production outlook, with operators progressing both new developments and brownfield optimization. TotalEnergies is advancing work at the Moho licence following the April 2026 Moho G discovery, backed by a $500–$600 million infill drilling program targeting about 40,000 bpd in incremental output.

Local independent Ammat Global Resources is targeting 70% production growth from its Loango and Zatchi fields, where reactivated wells and upgraded platforms have already lifted output by 75%. Perenco continues steady gains, adding roughly 6,000 bpd through its 2025–2026 drilling program.

Trident Energy, after acquiring an 85% working interest in the Nkossa and Nsoko II assets in 2025, is focused on extending field life through subsea optimization and redevelopment work.

While oil continues to anchor revenues, gas is rapidly emerging as Congo’s fastest-growing segment. Eni’s Congo LNG project delivered its first cargo from Phase 2 in February 2026, following the startup of the Nguya FLNG unit in December 2025. Together with Tango FLNG, capacity has risen from 0.6 mtpa to 3 mtpa. Trident Energy has also proposed an FLNG project aimed at adding further capacity across the country’s gas market. The project is expected to operate as shared infrastructure, allowing multiple operators to process gas from their respective fields. This creates an outlet for associated gas that might otherwise be stranded, supporting the country’s broader diversification goals.

Local Content Is Reshaping Investment Terms

Beyond upstream policy, Minister Onanga has positioned local content as a central pillar of Congo’s investment framework, and a key determinant of how capital is structured and deployed.

Decrees 2019-342, 343, 344 and 345 set requirements around subcontracting, workforce localization and training commitments, with the effect being a gradual shift in how projects are structured and how partnerships are formed. Operators are increasingly assessed not only on technical delivery but on in-country value creation, including partnerships with local firms and skills development. Logistics, maintenance and other service areas are increasingly channeled through domestic providers.

At CEIF 2027 – taking place June 1–3 in Brazzaville – attention will shift to what is moving forward and to the investors positioned to take part in that pipeline. Congo’s energy sector is no longer defined by potential alone: projects are moving, capital is being committed and policy is starting to catch up with activity on the ground.

As the Republic of Congo moves from reserves to revenue, the signal to investors is clear: this is already unfolding, not a future opportunity.

Distributed by APO Group on behalf of Energy Capital & Power.

 

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Afreximbank secures double honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards for excellence in strategic communications

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2 hours ago

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June 24, 2026

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Afreximbank

The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event

CAIRO, Egypt, June 23, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has been recognised with two prestigious honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards, one of the world’s most prestigious awards programmes for strategic communications.

 

The Bank received an Award of Excellence in Special and Experiential Events category for the Intra-African Trade Fair 2025 (IATF2025) held in Algiers, Algeria and an Award of Merit in the Social Media category for its Afreximbank Social Media Campaigns, reaffirming Afreximbank’s commitment to delivering impactful communications that advance its mandate of promoting trade, investment and industrialisation across Africa and the Caribbean.

We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communication

The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event. IATF2025 brought together governments, businesses, investors, buyers, sellers and entrepreneurs from across Africa and beyond, creating a platform for trade and investment opportunities while advancing the objectives of the African Continental Free Trade Area (AfCFTA). The communications campaign played a pivotal role in driving global awareness, stakeholder participation, media visibility and engagement before, during and after the event, while showcasing the scale, ambition and dynamism of African enterprise and reinforcing a positive narrative about Africa’s capacity to trade, industrialise and compete on the global stage. Over 120,000 delegates attended IATF2025 in person and virtually, with deals worth over US$50 billion recorded.

The Award of Merit for Afreximbank Social Media Campaigns recognises the Bank’s strategic use of digital platforms to engage stakeholders, amplify its developmental impact and elevate conversations around trade, industrialisation, economic integration and investment opportunities across Africa and the Caribbean. Through a combination of compelling storytelling, thought leadership content, executive advocacy, multimedia production and real-time event coverage, Afreximbank’s social media platforms have continued to expand their reach and influence among policymakers, businesses, investors, development partners and the wider public. Among these platforms is the Afreximbank TV, a digital TV channel that is wholly owned and managed by Afreximbank, whose fifth edition was celebrated with dedicated coverage of IATF2025, providing live coverage of the activities to both pan African and global audiences.

Anne Ezeh, Director & Global Head, Communications and Events at Afreximbank commented: “We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communications. As a pan African multilateral financial institution, we see storytelling as a powerful tool for advancing our mission — ensuring our initiatives, events, programmes and key announcements not only inform, but also inspire confidence, deepen engagement and amplify Africa’s transformation. These awards reinforce our resolve to continue delivering world-class communications that elevate African voices and projects a bold and authoritative narrative of the continent.”

Ms. Ezeh added that through innovative storytelling, digital engagement and integrated campaigns, the Bank will continue to amplify the impact of its programmes and partnerships  to project a more authentic narrative of Africa, one defined by opportunity, innovation, resilience and growing influence in the global economy.

For more than five decades, the IABC Gold Quill Awards have recognised excellence in strategic communications globally, celebrating programmes and campaigns that demonstrate measurable impact, innovation, creativity and outstanding execution. Widely regarded as the pinnacle of achievement in the communications profession, the awards are judged through a rigorous and independent evaluation process conducted by experienced communication leaders from around the world.

Distributed by APO Group on behalf of Afreximbank.

 

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Islamic Development Bank (IsDB) Institute Unveils 2025 Annual Report During Group Annual Meetings in Baku

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2 hours ago

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June 24, 2026

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IsDBI

In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million

BAKU, Azerbaijan, June 23, 2026/APO Group/ —

The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has released its 2025 Annual Report during the 2026 IsDB Group Annual Meetings held in Baku, Azerbaijan, showcasing a year of expanded impact in Islamic finance transformation, innovative solutions, and capacity development.

 

The report highlights how IsDBI strengthened its role as a global knowledge leader by advancing innovative solutions and scaling support to Member Countries through knowledge-based interventions, Islamic finance grants, and strategic partnerships.

In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million, supporting countries in strengthening regulatory frameworks and promoting inclusive financial systems.

Since 2013, the Institute’s interventions in this regard have reached over US$27.57 million across 181 projects benefiting more than 34 countries, underlining its sustained contribution to development outcomes across the Islamic world.

I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem

The Annual Report highlights major progress in IsDBI’s three flagship transformative projects, namely Awqāf Free Zones, Digital Postal Islamic Financial Services, and Smart Countertrade System, which have all advanced to pilot-ready stages. These initiatives aim to address global challenges such as financial inclusion, food and energy security, and trade resilience.

Furthermore, the Institute accelerated its focus on digital innovation in Islamic finance, enhancing its Islamic Finance Artificial Intelligence Assistant (IFAA) and hosting its first AI Hackathon on Islamic Finance, engaging more than 40 teams in developing cutting-edge solutions aligned with industry standards.

Human capital development in Islamic finance also remained a cornerstone of IsDBI’s work in 2025, with the delivery of over 20 training programs reaching around 500 professionals across Member Countries. A key achievement in this area was the Entrepreneurial Mindset Development Program, a flagship initiative equipping emerging leaders from 20 countries with innovation-driven and values-based entrepreneurship skills. The program was designed and implemented in collaboration with Prince Mohammed Bin Salman College of Business and Entrepreneurship, Saudi Arabia.

The Institute also strengthened its thought leadership through flagship publications, global partnerships, and digital engagement, reinforcing its position as a leading voice in Islamic economics and finance.

Commenting on the issuance of the Annual Report, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: “I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem by bridging knowledge creation, building human capital, and designing innovative solutions to address economic challenges.”

The 2025 Annual Report is accessible on IsDBI website here (https://isdbinstitute.org/product/isdbi-annual-report-2025/).

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

 

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