Taking place on October 2-3 in Luanda, the Angola Oil & Gas (AOG) 2024 conference will delve into the latest opportunities for strategic partnerships, bilateral cooperation, and foreign investment from Portuguese and global investors in Angola’s oil and gas and associated industries. The event serves to promote global engagement and collaboration, attracting delegations from major energy consumers and producers, including Portugal, China, the UK, the US, and the UAE, among other countries. For Portugal, AOG 2024 offers a strategic platform to engage with Angola’s oil and gas industry – as well as other priority sectors – for enhanced energy security and diversified economic growth.

Angola’s Strategic Oil & Gas Potential

As Portugal seeks to diversify its energy supplies to meet rising demand, Angola represents a strategic avenue for investment and strengthened bilateral relations. With significant oil and gas reserves and sophisticated export infrastructure, Angola is well-positioned to meet Portugal’s energy needs and with a slate of upcoming oil and gas projects. These include Azule Energy’s Agogo Integrated West Hub Development and TotalEnergies’ Kaminho deepwater project and Begonia oil field development. Meanwhile, international oil companies including ExxonMobil, Equinor, and Chevron are intensifying exploration efforts in Angola’s Kwanza, Lower Congo, and Namibe basins, which could yield new discoveries and grow Angola’s reserves further.

Portuguese multinational energy corporation Galp Energia (Galp) has already been active in Angola’s oil and gas sector, holding minor stakes in offshore Blocks 32 and 14/14K before divesting in 2024. Block 32 houses TotalEnergies’ flagship Kaombo development, which is divided into Kaombo North and Kaombo South projects, with a combined production capacity of 230,000 barrels per day.

Portuguese service companies, including multinational industrial group Martifer, are also active in Angola’s oil and gas sector through the provision of engineering, procurement and construction services. Portuguese construction firm Soares da Costa has been engaged in energy infrastructure projects in Angola, including the LNG project in Soyo, as well as the maintenance area of the Sonangol Integrated Logistic Services base. These companies play a key role in supporting the operational efficiency and expansion of Angola’s oil and gas industry.

Portuguese Construction Ventures in Angola

Portuguese construction firms are also contributing to Angola’s infrastructure development. Companies such as Mota-Engil, Teixeira Duarte and Soares da Costa are engaged in major construction projects across Angola, contributing to the country’s infrastructure expansion and economic growth. Portugal’s largest builder, Mota-Engil, signed four contracts in January worth a total of €975 million ($1.06 billion) in Angola and Mexico. The company’s recent contracts with the Angolan Government include the Corimba waterfront construction, social housing in the capital Luanda and construction of a border post on Angola’s frontier with the Democratic Republic of the Congo (DRC).

Angola’s construction sector is forecast to grow by up to 6% between 2024 and 2027, driven by strong government will to upgrade and modernize existing infrastructure. Key opportunities for Portuguese companies include road and bridge construction, urban development projects and the expansion of port facilities. Notable planned projects include the construction of an Angola-Zambia oil pipeline, which is currently in its feasibility phase, and the expansion of the Lobito Corridor railway linking Angola’s Port of Lobito with the DRC and Zambia. 

Aviation Sector Boost – Porto-Luanda Direct Service

In the aviation sector, Portuguese airline TAP Air Portugal launched a direct service between Porto and Luanda in May 2023, driving both business and tourism activities. The route, operated twice weekly, facilitates access for Portuguese and European businesses to Angola, as well as boosts tourism and cultural exchanges between Portugal and Angola and improves connectivity between Porto and other European destinations via Luanda.

Last November, Angola inaugurated its Dr. Antonio Agostinho Neto International Airport, as part of efforts to upgrade the country’s transport sector. Designed to handle up to 15 million passengers annually, the airport replaces Quatro de Fevereiro International Airport as the country’s main international gateway and will serve as a new hub for TAAG Angola Airlines. The new hub will improve access for Portuguese businesses, streamline trade logistics and support increased tourism between the two countries.