The Angola Oil & Gas (AOG) conference – taking place September 3-4 in Luanda – will accelerate access to financing for Angolan projects. Uniting global investors, regional banks and development funders with oil and gas operators, the event seeks to unlock a new wave of development across the country through hydrocarbon investment.

Cabinda Refinery

The Cabinda Refinery is expected to start operations in April 2025, bringing 30,000 bpd to the market in its first phase. Developed by Gemcorp Holdings, the facility represents the second refinery in the country and aligns with national goals to reduce petroleum imports. Gemcorp holds a 90% stake in the refinery while Sonangol holds 10%, with the first phase expected to cost between $500 million and $550 million. A second phase will increase double capacity to 60,000 bpd. Gemcorp announced financial close in 2023, with a $335 million project financing facility. The financing facility is led by the Africa Financial Corporation, the African Export-Import Bank and a consortium of international and local lenders, including the Industrial Development Corporation of South Africa, the Arab Bank for the Economic Development in Africa and Banco de Fomento Angola. The $138 million balance was raised through equity. The project is an example of how blended finance models that combine equity investment and debt financing can advance Angolan infrastructure development. By incorporating a mix of private equity, development finance and commercial lending, the operator is able to both de-risk and fund its development.

New Gas Consortium

The New Gas Consortium – developer of Angola’s first non-associated gas project – signed all the requisite commercial agreements for the project in November 2024. The $2.4 billion project is on track for first production in early-2026, with the Quiluma and Maboqueiro offshore platforms having been completed in February 2025. Developed by a consortium led by Azule Energy alongside partners Sonangol, Chevron and TotalEnergies, the project uses a Risk Service Agreement (RSA) financing model combined with joint venture contributions. This model offers several benefits. The RSA offers greater cost recovery with reduced exploration risk, benefits from stable fiscal terms and ensure revenue predictability. Joint venture models allow companies to pool financial resources, technical expertise and operational capabilities, thereby enabling risk sharing and capital efficiency.

Agogo Integrated West Hub Development

The Agogo Integrated West Hub Development is eyeing a late-2025 startup for its Agogo FPSO, which will join the operational-Ngoma FPSO at Angola’s Block 15/06. The Agogo FPSO will increase production at the block by 120,000 bpd and was completed six months ahead of schedule. The project is led by Azule Energy as operator in partnership with Sonangol, Sinopec and Namcor. The project employs a hybrid financing model that combines project finance and vendor financing, allowing the project to balance risk and profitability. In 2024, Yinson Production closed a limited recourse term loan facility of $1.3 billion for the pre- and post-delivery financing of the Agogo FPSO. The financing was provided by a consortium of 13 lenders, including international banks and institutional investors. Additionally, Azule Energy awarded contracts totaling $7.8 billion to various international service providers for the project in 2023. This financing structure enables risk mitigation, capital efficiency and enhanced project viability.

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].