Luanda: The Angola Oil and Gas (AOG) Conference and Exhibition opened in Luanda on Wednesday with Angola looking toward its next phase of oil and gas development, underpinned by a Hydrocarbon Strategy through 2050, more than $70 billion in projected upstream investment, Sonangol's expanding operational footprint, and new downstream infrastructure.
According to African Press Organization, financing that next phase could receive a major boost as early as November. African Energy Chamber Executive Chairman NJ Ayuk announced during the AOG opening that he had been informed that Afreximbank and the African Petroleum Producers Organization (APPO) will launch the long-awaited Africa Energy Bank that month. This will allow companies to undertake substantial projects, Ayuk said, urging continued exploration and investment across the continent.
APPO Secretary General Farid Ghezali emphasized that mobilizing African capital will be crucial for countries like Angola to convert their resource wealth into broader economic development. He stated that institutions such as the African Energy Bank can assist in mobilizing capital, supporting strategic projects, and financing Africa's development.
The financing announcement comes as Angola advances its 2025-2050 Hydrocarbon Strategy, targeting more exploration, faster project development, and sustained production. Alcides Andrade, Executive Administrator of the National Oil, Gas and Biofuels Agency (ANPG), mentioned that the Hydrocarbon Strategy is currently under review as Angola competes for increasingly selective global capital. The ANPG projects an upstream investment pipeline of $70 billion over the coming five years, supported by opportunities spanning offshore acreage, underexplored onshore basins, and mature producing assets.
National oil company Sonangol is set to play an increasingly operational role in this next phase as the company celebrates its 50th anniversary in 2026. Sonangol Board Member Osvaldo Inacio said the company is now present in 42 oil concessions and operates 11, while expanding across gas, petrochemicals, and other industrial activities. According to Inacio, Sonangol invested $10.5 billion between 2021 and 2025, while its portfolio grew from $995 million in 2022 to $3.4 billion in 2025.
That expansion extends downstream, where Angola is seeking greater domestic refining, storage, and distribution capacity. Lus Fernandes, Director General of petroleum derivatives regulator Instituto Regulador dos Derivados do Petr³leo (IRDP), identified energy security, domestic value creation, competition, and product quality as central pillars for the sector. The recently completed Cabinda Refinery and ongoing Lobito Refinery development, scheduled to come online in 2027, form part of this strategy, while IRDP sees further investment opportunities in storage, pipelines, distribution, and lubricant manufacturing.
With Angola's long-term hydrocarbons strategy taking shape and new African financing mechanisms emerging, Angolan energy leaders used the opening of AOG 2026 to make a central message clear: the next phase of the country's oil and gas development will be built around investment, exploration, domestic capacity, and execution.
