• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home highlights

Angola faces hydrocarbon dilemma

4 years ago
in highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
47
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Angola faces hydrocarbon dilemma

Angola’s president wants to attract more investment into hydrocarbons, which will continue to play a significant role in the oil-dependent state as it works towards its energy transition.

With just 46% of its population having access to electricity and one-third of its gross domestic product generated by oil, Angola exemplifies the dilemma faced by many countries across sub-Saharan Africa in needing to improve living standards while meeting international climate obligations. 

Participating at the Financial Times’s Africa Summit in October, president João Lourenço made clear that Angola’s hydrocarbons sector will not disappear in the short term. “We are working to attract greater investment in oil production, [and] especially in the production of non-associated gas,” he said. “But at the same time, [we are] working on the transition that will take some time to happen from polluting energies … to environmentally friendly energies. The two projects have to go in parallel.”

Angola’s crude oil production has fallen since oil prices collapsed in 2015, and fDi Markets data shows that foreign investment in its fossil fuels sector has not recovered to pre-financial crisis levels. But the sector still attracts the lion’s share of foreign investment.

In November 2020, UK-based Gemcorp took a 90% stake in a $920m joint venture with state oil company Sonangol to build an oil refinery in the country’s northern Cabinda region. In April 2021, Italian energy major Eni, alongside its joint venture partners, pledged to invest $7bn in exploration, refining and production — plus solar power — over the next four years. 

One investor in the country’s energy sector told fDi that they see no slowdown in the government’s desire for investment in the oil sector. “As much as the world wants this drive towards green energy, unfortunately Africa can’t switch overnight, like you might see in Europe or elsewhere,” they said.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

A just transition

But going forward, gas will be a bigger focus than oil. Transport minister Ricardo Viegas D’Abreu has justified the government’s focus on ramping up investment in gas to increase electricity capacity from today’s circa 5 gigawatts (GW) to 9.9GW by 2025. This plan involves lifting gas’s share of the power mix from 11% to 19%.  

In 2019, the government instigated the New Gas Consortium, which sees Sonangol, Eni, Total, Chevron and BP working together on the country’s first gas-field development. To date, Angola has generated gas as a byproduct of oil production, but the Consortium, whose initial investment is $2bn, has been mandated to explore and produce Angola’s first non-associated gas. 

These strides to establish a gas industry come at a time when governments are under pressure to phase out fossil fuels. At the Africa Summit, Mr D’Abreu said increasing gas’s role is “something that we should be allowed to address given the need in terms of financial resources to boost economic growth” and improve transport.

“We believe most countries in the continent face the same challenge: an enormous potential of natural gas not being allowed to be deployed to contribute to their financial needs or this transition,” he added.

While Angola’s gas reserves are undeveloped by global standards, the African Energy Chamber (AEC) says it is among the five countries that account for 90% of the continent’s natural gas output. However, 90% of Africa’s recent gas discoveries are in other countries, prompting the AEC to predict a “new age for gas supply diversification in Africa”.

Gas’s potential in alleviating Africa’s chronic power shortages and generating export revenues requires, according to Mr D’Abreu, “African leaders [to take] leadership of that discussion.” 

Tags: African Energy Chamber (AEC)Angola faces hydrocarbon dilemmaEniSonangolTotal
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.