1 The African Energy Chamber (AEC) is proud to announce that Angola‘s National Oil Company (NOC), Sonangol, will participate in the African Energy Week (AEW) conference and exhibition (www.AECWeek.com) in this year, which will take place from October 18 to 21, 2022 in Cape Town, as a platinum sponsor.
2 After a successful participation in the 2021 edition of Africa’s premier event for the oil and gas sector, where the NOC participated as a diamond sponsor and achieved the AEW NOC of the Year award, Sonangol’s return to AEW 2022 as a platinum sponsor will be crucial for highlighting the developments in the Angolan oil and gas sector, as well as the important role that the NOC plays in the growth of the market.
3 As the NOC of Angola, Sonangol is responsible for managing the exploration, production, transportation and marketing of oil and natural gas.
4 The company has been instrumental in improving the competitiveness of the southern African country’s hydrocarbon sector through a series of policy reforms and partnerships with regional, continental and international energy companies and investors.
5 As a result, Angola is currently Africa’s largest oil producer and is home to one of Africa’s largest gas projects: Chevron’s liquefied natural gas (LNG) project in Angola, comprising 1.1 billion cubic feet of natural gas per day in production for national, regional and international use.
7 While energy poverty in Africa continues to rise, with more than 600 million people living without access to electricity and 900 million without access to clean cooking, estimated reserves of 125.3 billion barrels of crude oil and 620 Trillion cubic feet (tcf) of gas from the continent provide an opportunity to improve energy security.
8 In this regard, Sonangol continues to advance with the firm by strengthening its focus on maximizing the exploration and exploitation of the country’s two billion barrels of proven oil and an estimated 13.5 tcf of natural gas reserves.
9 The NOC’s efforts to address downstream infrastructure deficits through a series of refinery upgrades and construction projects in Luanda, Lobito, Cabinda and Soyo are a big step in that direction and will help curb chronic power shortages.
10 and high prices.
11 However, with Angola’s oil and gas production expected to decline in the coming years due to declining legacy projects and inadequate investments in the upstream sector, Sonangol has put in place a number of mechanisms aimed at boosting investment.
12 in exploration and production.
13 In April 2022, the NOC selected a mix of national, regional and international companies including UK-based Afentra, the Namibian National Petroleum Corporation, Sequa Petroleum, Petrolog, Somoil and Sirius Petroleum in a block concession.
14 high potential.
15 Furthermore, as demand for African oil and gas continues to expand due to global energy market trends related to geopolitics, Sonangol is positioning Angola as a reliable energy partner.
16 NOC is currently partnering with the major global company Eni, accelerating the development of the Ndungu field in Block 15/06 off the coast of Angola.
18 Representing Africa’s largest oil producer and one of the main gas markets on the continent, Sonangol’s participation at AEW 2022 will help shape discussions on the role of the continent’s hydrocarbons in addressing energy security issues.
20 “The Chamber is proud to once again host one of Africa’s leading NOCs to discuss the vital role African companies play in driving the continent’s upstream, midstream and downstream activities for energy security.
21 Sonangol’s operations have not only positioned Angola’s hydrocarbon sector at higher levels, but continue to position Africa as a globally competitive energy investment destination,” said NJ Ayuk, CEO of AEC.
22 Under the theme “Exploring and Investing in Africa’s Energy Future While Driving an Enabling Environment”, AEW 2022 will host Sonangol in critical discussions on the energy transition and the future of Africa’s oil and gas industry.
23 A delegation from Sonangol will participate in high-level meetings and panel discussions, exploring the challenges and opportunities within the country’s energy sector and discussing the vital role regional cooperation plays in Africa’s energy future.