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Sonangol Aims for Strong Oil & Gas Growth as a Future Partner

The African Energy Chamber (AEC) (www.EnergyChamber.org)– led by Executive Chairman NJ Ayuk – had a meeting with Sonangol CEO Sebastião Gaspar Martins in Luanda recently to discuss Sonangol’s vision for the oil and gas industry. Martins will be speaking at the African Energy Week (AEW): Invest in African Energy conference in Cape Town this November.

The AEC views Sonangol as a key partner for Angola’s oil and gas industry, playing a crucial role in attracting investments and promoting project developments. By focusing on expanding exploration and production, Sonangol is vital in the country’s efforts to strengthen its oil and gas sector and support economic growth.

Angola aims to increase its oil production to 1.1 million barrels per day (bpd) by 2027, with long-term plans to reach two million bpd. The country also aims to increase the share of natural gas in its energy mix to 25% by 2025, creating strategic opportunities for foreign investors and project developers. Sonangol, the country’s National Oil Company (NOC), has undergone a transformation supported by a government-led privatization initiative, positioning it as a reliable partner for oil and gas companies.

To support exploration and production, Sonangol is collaborating with international oil companies (IOCs) on various projects. The NOC, in partnership with TotalEnergies and Petronas, made a Final Investment Decision (FID) on the Kaminho deepwater project in May 2024. This project, encompassing the Cameia and Golfinho fields, represents the first major deepwater development in the Kwanza Basin and is scheduled for production in 2028. Additionally, Sonangol is working on the Agogo Integrated West Hub Development Project with Azule Energy, aiming to enhance oil production capacity.

In addition to oil production initiatives, Sonangol is also focusing on embracing a more sustainable energy mix by increasing the share of natural gas. This aligns with global efforts towards energy transition and reducing carbon emissions. Sonangol has inaugurated projects like the Falcão Phase 2 gas project to support this goal.

NJ Ayuk, Executive Chairman of the AEC, highlights Sonangol’s role in driving advancements in Africa’s energy sector and supporting regional energy security and economic diversification. Sonangol will play a key role in the upcoming AEW: Invest in African Energy conference in Cape Town, where discussions on advancing Angola’s oil and gas sector will take place.

About AEW:
AEW: Invest in African Energy is the premier platform for project operators, financiers, technology providers, and governments to engage in deals in African energy. Visit www.AECWeek.com for more information on this event.

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