With a new bid round in preparation, Angola is gearing up to attract investment to its greenfield projects, while simultaneously maximizing production from mature fields. At the African Energy Week (AEW): Invest in African Energy 2024 conference, the Energy Finance Summit will feature a dedicated session on “Financing Angolan Energies,” exploring how Angola can secure the investment it needs to expand its energy sector and leverage its vast oil and gas resources for local industry and global export. 

The Angola-focused session will explore the impact of competitive fiscal terms on unlocking new finance, strategies for attracting upstream investors amid climate change concerns and the role of oil and gas projects in supporting broader investments across the energy value chain. With Justin Cochrane, Africa Technical Research Head of S&P Global Commodity Insights serving as the moderator and speakers from investment firm Gemcorp and Angolan oil company Etu Energias, the session will shed insight into how Angola can secure the necessary financial backing to accelerate energy sector growth and transition.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.

Angola’s energy sector is characterized by substantial proven reserves – approximately 9 billion barrels of oil and 11 trillion cubic feet of gas. As part of its strategy to boost production, Angola has introduced new incentives for marginal field development and deployed a six-year licensing round strategy through 2025. Currently, there are 29 blocks on offer. These include five marginal fields, including those in Block 4, Block 14, Block 15 and Block 18; four onshore block opportunities (as part of the 2023 round); 11 block opportunities for permanent offer; and nine offshore opportunities (as part of the 2025 round). These efforts align with the country’s goal of maximizing mature field production, while unlocking the potential untapped reserves and positioning itself as a favorable destination for upstream investment.

Securing investment for large-scale projects like TotalEnergies’ $6-billion Cameia and Golfinho field development in Block 20/11 has been pivotal to driving Angola’s offshore expansion. TotalEnergies and its partners, Malaysian multinational Petronas and Angolan national oil company Sonangol, reached FID for the project earlier this year through a combination of equity investments, strategic partnerships and long-term offtake agreements, which helped de-risk the project and ensure its viability. TotalEnergies is also rolling out its Begonia oil field development in Block 17/06, which reached FID in 2022 and is set to produce 30,000 barrels per day (bpd) by late-2024.

Meanwhile, Angola’s downstream sector is advancing rapidly, underpinned by diverse investment strategies that are fueling the development of several refining projects. The construction of the 200,000-bpd Lobito Refinery, 30,000-bpd Cabinda Refinery and 100,000-bpd Soyo Refinery – all scheduled for completion by 2025 – relies on a mix of international capital, public-private partnerships and innovative finance mechanisms. Financing for the Cabinda Refinery has been underpinned by the Fund for Export Development in Africa, an impact investment subsidiary of the African Export-Import Bank, and included a $335-million project facility secured in 2023. The modular refinery will increase Angola’s refining capacity by a total 60,000 bpd and contribute to Angola’s self-sufficiency in petroleum products. Furthermore, Angola’s bio-refinery initiative at the Luanda Refinery Complex reflects growing demand for cleaner petroleum by-products and could stimulate green finance packages from sustainability-focused banks and lending institutions. By utilizing diverse financing tools and integrating sustainable energy practices into traditional refining projects, Angola can accelerate its downstream sector expansion.

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AEW: Invest in African Energy 2024 provides a critical platform for industry players, financiers and policymakers to discuss how to further capitalize on Angola’s energy resources and sophisticated production infrastructure. Moreover, the success of Angola in attracting new investment will serve as a model for financing energy projects across the continent.

Distributed by APO Group on behalf of African Energy Chamber.

The key to the successful, long-term development of a country’s natural energy resources can be a government that is willing to partner with energy companies to share risks as well as benefits, and to devise compliance approaches for effective social and environmental transformation.

So says Equinor Angola managing director Ane Aubert, of the company’s decades-long investment in Angola.

Government effort

Equinor is an international energy company headquartered in Norway, but over the years since the company entered the Angolan market in 1991, Angola has become one of the largest contributors to Equinor’s energy production outside Norway.

“The Angolan energy sector has made significant progress over the years” says Aubert. “We recognize the government´s effort to improve the business environment and remain attractive for investors.”

Among these efforts, Aubert notes the recent Presidential decree on incremental production. “It’s a great development,” says Aubert. “It introduces better terms for all oil and gas licenses, including incentives for mature fields and cost recovery for dry exploration wells.”

The Angolan government has also taken steps to enhance transparency and governance in the sector, by joining the Extractive Industries Transparency Initiative (EITI).

“Equinor has been a longstanding supporter of the EITI, and this was a significant move towards greater accountability and public awareness about Angola’s natural resources,” she says.

CO2 reduction

Aubert says the Angolan government’s commitment to enabling sustainable development is expected to stimulate more activity and investment.

“A key element of maintaining and enhancing Angola’s competitiveness is the continuous focus on CO2 reduction measures,” she says. “This is essential, not only for the environment but also for attracting investment in a global market increasingly focused on low-carbon initiatives.”

For its part, Equinor is poised to continue its investment. It is set to drill two promising exploration opportunities in its blocks 1/14, and 47 offshore assets, and has plans for new infill and near-field exploration (ILX) wells in its legacy assets over the next five years.

The company made its first Angolan discovery in 1995. Its portfolio today is partner operated and delivers around 110 000 barrels of oil per day – around 10% of Angola’s total oil production.

Significant player

Despite the recent emergence of new frontier discoveries, Aubert is confident that Angola will remain a significant energy player on the continent long into the future. 

“While Namibia is gaining attention as a potential new world-class exploration frontier, Angola continues to hold a strong position in Africa thanks to its established infrastructure, skilled workforce, and still substantial reserves potential,” says Aubert. “This combination, together with the government’s proactive approach, and increased focus on compliance, provides a stable and attractive environment for investors“.

Aubert says unlocking that attractive investment potential must go hand-in-hand with real ESG commitments. Equinor is itself part of several initiatives to boost efficiency and sustainability.

Through CO2 reduction roadmaps with partners and operators, process optimization, energy efficiency, and technology upgrades, the company reduced its CO2 emissions in Angola by 40% from 2018 to 2023.

It has also committed, alongside Sonangol and its operators, to the Oil and Gas Decarbonization Charter to end routine flaring by 2030 and achieve net-zero targets by 2050. It is also part of the Satellite Monitoring Campaign to detect methane leaks across assets.

“We believe it’s possible to lead in the energy transition while continuing our oil and gas activities, by optimizing our operations and focusing on efficient hydrocarbon development,” says Aubert.

Community projects

The company also has numerous community projects aimed at achieving social as well as economic progress.

A project in the southern Huila province aims to support 5 000 people in 10 rural communities affected by droughts and climate change through access to water and clean energy, as well as sustainable agricultural practices.

A biodiversity project supports a national inventory of mangrove ecosystems, which could hopefully lead to the recognition of Angolan mangroves as wetlands of international importance under the Ramsar Convention.

“Energy development in Africa must mean investing in the local workforce, promoting human rights, and being a constructive, proactive partner with authorities,” concludes Aubert. “Continued commitment, innovation, and collaboration across the Angolan industry is crucial to further reducing carbon emissions and achieving a sustainable energy future for all Angolans.”

Ane Aubert will be a featured speaker at AOW: Investing in African Energy, to be held in Cape Town at the CTICC2 from October 7 – 10. AOW is the meeting place for the global community of African energy stakeholders committed to enabling a prosperous energy outlook for Africa.
Distributed by APO Group on behalf of AOW: Investing in African Energy.

Sumaiyya Nyansige, who secured her current position as a Security Consultant, credits her success to her involvement in the African Girls Can Code Initiative (AGCCI) during its 2nd cohort. She shared that the skills she gained through the program expanded her network and connected her with potential employers who recognized her qualifications. This aligns with the theme discussed in the recent webinar, ‘How Women are Shaping the Future of Technology,’ organized by UN Women and Safaricom.”

With over 200 participants, the two-hour webinar brought together key stakeholders, industry leaders, and experts to discuss the critical role women play in driving technological innovation and fostering inclusive growth. A sobering statistic revealed during the webinar was that on a global scale, 69% of men are using the Internet compared to just 63% of women as of 2022. This translates to 259 million more men than women using the Internet.

In her remarks, the outgoing UN Women Kenya Country Representative, Ms. Anna Mutavati, underscored the importance of amplifying women’s voices within the ICT sector. She recognized that platform like webinars provide invaluable opportunities for women leaders in technology to share their experiences and inspire future generations.

Other keynote speakers included Donna Rege, Senior Manager, IT Business and Governance Head, Women in Technology at Safaricom and Wanja Murekio, Regional Project Portfolio Manager, Old Mutual who served as the event’s Chief Guest.

Bridging the digital gender divide is vital for advancing an inclusive digital future. Collaboration among stakeholders and the sharing of knowledge are critical to driving meaningful change.

The webinar’s panel discussion, Why Inclusivity Must Be at the Heart of Innovation and Technology, featured insights from Mumbi Ndungu (Executive Director, Power Learn Project), Anie Akpe (Founder, African Women in Tech), Queenie Meria (Programme Associate, UN Women), Catherine Wangari (Senior Product Manager, Turaco), and AnnMaria Kerubo (AGCCI Graduate).

Barriers to Participation

Despite progress in technological development women and girls continue to face significant barriers to participation, such as limited access to education and exclusion from decision-making spaces. Addressing these challenges will ensure that women not only participate in the digital space but also take on leadership roles in shaping its future.

Initiatives and Programs Making Impact

UN Women is actively creating pathways for women and girls to access the technology world. In partnership with the African Union Commission, International Telecommunication Union, and Siemens, UN Women runs the AGCCI Initiative which targets girls in the age bracket of 17 to 25 years.

AGCCI takes a wholistic approach focusing on 3 key areas:

Skills Development – The program equips girls with digital literacy, coding, robotics, and other technical skills to prepare them for careers in technology.
Access to Equipment – Upon completing the AGCCI coding camp, each graduate receives a laptop and six months of internet access to kickstart their journey in innovation and technology.
Mentorship and Networking – The Siemens EmpowerHer Program provides six months of mentorship, offering both technical and life skills to help the girls thrive in the workforce.

In 2023 alone, the program has trained 112 girls from across Kenya’s 47 counties. Each participant received a laptop, internet access, and a six-month mentorship after graduation.

“The fulfillment of SDG 5, Gender Equality, requires commitment to mentorship, which creates a ripple effect that will last for generations,” said Catherine Wangari.

Betty Mwende, an alumnus of the African Girls Can Code Initiative (AGCCI), has made a significant impact by imparting basic digital literacy to fifth and sixth graders in Meru County, thanks to a $1,000 award from the Mastercard Foundation. ‘Watching these kids engage with computers for the very first time is nothing short of magical,’ she shared.”

Way Forward

“It will take a collaborative effort to create a conducive environment where both girls and boys can thrive in ICT,” said Donna Regge.

Anie Akpe reiterated that sustained consultations among stakeholders are essential for defining the pathway toward segmented investments and inclusive policies that empower women in ICT.

Anna Mutavati emphasized the need for fostering an environment that encourages participation and provides necessary resources, striving for a future where women not only participate in technology spaces, but lead from the front.

“By embracing persistence and the desire to change the status quo, you earn a seat at the table,” concluded Wanja Murekio.

Distributed by APO Group on behalf of UN Women – Africa.

As part of efforts to ensure sustainable access to clean electricity and other forms of sustainable ener-gy for the people of West Africa, ECOWAS, in partnership with the European Union, shared the achievements of the EU-ECOWAS Sustainable Energy Scholarship Programme with researchers from the Kwame Nkrumah University of Science and Technology, Kumasi, Ghana during an interactive as-sessment visit on 20 September 2024.

Through this partnership, ECOWAS offered fully funded Masters scholarships by the European Union in the sustainable energy sector to eligible candidates from ECOWAS Member States in 9 specialized institutions in West Africa countries, including Nigeria, Senegal, Cote D’Ivoire, Togo, Ghana, and Cape Verde. The programme aims to improve access to high-quality training in the sustainable energy sector in West Africa, enabling university graduates with a focus on young professionals (English, French and Portuguese speaking) in the ECOWAS member states, to acquire the profile required to meet the growing demand for specialists, at the highest level, in the field of sustainable energy and to promote good governance of the sector in the region.

During this visit Mr. Chikodi Onyemerela, Director of Programmes of British Council (Nigeria) stated that since the launch of the scholarship programme in November 2022, the programme has successfully supported 15 students from Cote D’Ivoire, Nigeria, Ghana, Sierra Leone, and Benin who completed their study in Institut National Polytechnique Félix Houphouët-Boigny, Côte D’Ivoire, and Kwame Nkrumah University of Science and Technology Ghana to advance the course of their careers in the energy sector. The scholarship programme has benefitted eligible students from 11 ECOWAS member states with relevant background in sustainable energy. The target is that 75 young researchers from the ECOWAS Region to benefit from advanced knowledge for the development of the Renewable Energy sector.

Mr. Bayaornibe DABIRE, Director of Energy and Mines of the ECOWAS Commission, thanked in his speech the European Union for its efforts in sustainable energy in West Africa through this program and recalled that the research work completed by these 15 programme scholars, this program will also facilitate access to quality research work that can help meet the challenges of the sustainable energy sector in West Africa. He also encouraged students to capitalize on their knowledge acquired through entrepreneurship and research in the renewable energy sector.

The EU-ECOWAS scholarship programme will continue to enhance human capital development in sustainable energy in West Africa by supporting eligible scholars in the ECOWAS member countries to contribute to the development of the sustainable energy sector in the subregion.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).