Angola must prioritize value addition of its oil and gas resources and increase investments in downstream infrastructure to strengthen its position as sub-Saharan Africa’s energy hub, Elitsa Georgieva, Executive Director, consultancy firm CITAC Africa told Energy Capital & Power.
In an interview held during Angola Oil & Gas 2024 conference, held from 2 – 3 October in Luanda, Georgieva said sub-Saharan Africa’s energy demand is surging due to population and economic growth. With its abundant resources, Angola is strategically positioned to meet this growing demand, driving regional economic development and growth.
“Africa’s demand for refined petroleum products has doubled since the 2000s. Angola’s geographical location and hydrocarbon resources lend it a great potential to become a regional energy hub,” stated Georgieva.
She said ongoing downstream projects, including investments in new refineries and storage infrastructure, will enable the country to capitalize on inland petroleum trade opportunities with markets such as Mozambique, Zambia, Namibia and Zimbabwe. These countries are seeking to reduce reliance on expensive energy supplied from global markets, providing Angola with an opportunity to increase revenue generated from energy exports, according to Georgieva.
“From Mauritania to South Africa, everyone is investing in port infrastructure and storage to allow bigger cargoes to arrive. It is cheaper to buy petroleum in large quantities. Amid these developments and growing energy use, the next step now for Angola is to add as much value as possible to their resources and capitalize on regional energy trade to expand its economy,” reiterated Georgieva.
