African Oil and Gas Players Eye New Market, Angola

As Angola works in attracting foreign investors from Europe, the Middle East, the Americas and Asia, its closest African neighbours are also invading the race to tap into huge investment opportunities in Africa’s second-largest oil producing market.

South Africa was chosen by President João Lourenço as his first state visit destination as President, which was followed in 2018 by a South African trade and investment mission to Luanda.

While Mozambique’s LNG mega projects are seen for many South African construction, supply and services companies as very appealing and closeby opportunities, a sizeable and growing market like Angola has also appeared on their radar in recent years.

Under the Integrated Resources Plan set to be adopted by the country this year, 8,100MW of additional gas-to-power capacity is to be added in South Africa by 2030.

South Africa also stays sub-Saharan Africa’s biggest refiner and is strategising more petrochemicals and refining units that will all need crude oil and natural gas supplies that do not exist domestically.

With its reformed business environment, Angola will be hosting a powerful delegation of South African companies during the upcoming Angola Oil & Gas Conference 2019 in Luanda from 4-6 June. The summit is organised by Africa Oil & Power and endorsed by the Ministry of Mineral Resources and Petroleum of Angola.

CEO of Africa Oil & Power, Guillaume Doane, said “The economic reforms passed by President Lourenço and the opening of wide swaths of oil and gas acreage constitute the single biggest exploration opportunity in the history of Angola.”

Amongst the new entrants, the Strategic Fuel Fund (SFF), a CEF group company, will be available there to overlook into the various licenses and blocks Angola has to offer.

The state-owned entity already recently became owner and operator of South Sudan’s Block B2 under an exploration & production sharing agreement (EPSA) signed in Juba in the month of May and is interested to continue securing additional assets and reserves across Africa’s key oil markets that can provide welfare to the South Africans.

“The Strategic Fuel Fund seeks to invest in and obtain key oil & gas assets across Africa that can be of significant interest to the host countries and South Africa” declared Godfrey Moagi, CEO of the SFF. “In our quest for lukrative assets with huge resource potential, we believe Angola offers the right kind of environment, mature fields and political leadership needed to perceive successful ventures.”