Amid growing investment across the Angolan oil and gas value chain, Governor of the National Bank of Angola Manuel Tiago Dias has joined the Angola Oil & Gas (AOG) conference – taking place on October 2-3 in Luanda – as a speaker. During the event, Dias is expected to outline current strategies in place to strengthen Angola’s business environment, as well as address challenges such as those regarding foreign exchange.

In recent years, Angola has prioritized the establishment of an enabling environment for foreign investors and the results are already showing. An investment pipeline of up to $60 billion is anticipated across the country’s upstream oil and gas industry in the next five years, with strengthened fiscals and competitive regulations supporting capital expenditure. At AOG 2024, Dias will share insight into these measures and the role of monetary policy, foreign exchange and financial stability in the Angolan energy sector’s growth and profitability. 

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; the National Oil, Gas and Biofuels Agency; the Petroleum Derivatives Regulatory Institute; national oil company Sonangol; and the African Energy Chamber; the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact [email protected].

Angola’s economic growth is projected to reach 3.7% in 2028, driven largely by new oil and gas projects, along with the growth of non-hydrocarbon sectors. Efforts to accelerate the pace of exploration and production are expected to see new project rollouts, stimulate national crude output and generate higher revenues for the country. Major projects include the Cabinda oil refinery and Sanha Lean Gas Connection project, both of which are set to start in 2024; the Agogo Integrated West Hub Development, commencing in 2026; and the Kaminho Deepwater Project, starting production in 2028. The country’s 2025 bid round – launching in Q1 and featuring nine blocks open for exploration – will amplify investment across the hydrocarbon sector, supporting long-term economic growth.

To entice investment across both upstream and downstream sectors, Angola has put in place a number of proactive policies that have improved the operating environment for energy companies. These include joining the Extractive Industries Transparency Initiative in 2022; implementing a privatization program to strengthen the competitiveness of state-owned enterprises, including national oil company Sonangol; and amending the tax regime and introducing more attractive fiscal terms. Additionally, the central bank introduced an electronic foreign exchange transaction platform to improve efficiency and transparency in the foreign exchange market. Foreign currency represents one of the biggest challenges impacting project development in Angola, and the new platform aims to strengthen procedural clarity and capital availability. 

During AOG 2024, Dias will discuss the impact of the central bank’s monetary policy on both Angola’s oil and gas market and broader economic spectrum. As the largest event of its kind in the country, AOG 2024 takes place under the theme, Driving Exploration and Production Towards Increased Production in Angola, integrating conversations around oil and gas market dynamics and associated economic opportunities. There is still time to join this year’s event. Visit www.angolaoilandgas.com for more information.