During the first half of Q3, 2022, a number of developments have taken place in Angola that promise a new era of exploration and production growth.

The Central African country made the move to implement its oil sector organization Model.

Widespread reforms by Angola’s President, H.E. João Lourenço, and an improved business environment are poised to attract more investment into the southern African country.

Recent reforms and an economic resurgence in Angola’s financial landscape have resulted in new opportunities for local banks and insurers to play a stronger role in financing the country’s strategic oil industry.

Angola’s Minister of Economy and Planning has indicated that the country foresees economic growth of 3.6% between 2023 and 2027, driven primarily by positive performance in the oil sector.

Under an agenda to accelerate on- and offshore hydrocarbon exploration and production, International Oil Companies and the Angolan government have awarded a number of lucrative service contracts in the past twelve months.

The Angola Oil & Gas conference and exhibition will return to Luanda for its fourth edition in 2023 under the auspices of the Ministry of Mineral Resources, Oil and Gas and in partnership with high-level organizations.

As Angola seeks to promote investment and participation into its energy industry, the productivity and economic success of the country’s state-owned companies will serve as the cornerstone of socioeconomic development and industrial procurement.

The future expansion and resilience of Angola’s economy over the next ten years will heavily depend on a boost in productivity of its state-owned enterprises.