At the Angola Oil & Gas 2026 conference in Luanda, officials presented a Hydrocarbon Strategy running to 2050 that projects more than $70 billion in upstream investment, with an investment pipeline of $70 billion over the next five years.

Alcides Andrade, Executive Administrator of the National Oil, Gas & Biofuels Agency, said the strategy is being reviewed to attract selective global capital and emphasized turning awarded blocks into investment, discovery and production.

State oil company Sonangol, marking its 50th anniversary in 2026, now participates in 42 concessions and operates 11, with its portfolio rising from $995 million in 2022 to $3.4 billion in 2025 and net volumes increasing by 200,000 bpd in recent years.

The petroleum derivatives regulator highlighted four pillars – energy security, domestic value creation, competition and product quality – and noted the recently completed Cabinda refinery and the Lobito refinery slated for 2027 as key to reducing import dependence.

Africa Energy Bank to provide financing boost

NJ Ayuk, Executive Chairman of the African Energy Chamber, announced that Afreximbank and the African Petroleum Producers’ Organization will launch the Africa Energy Bank in November, a platform intended to mobilise African capital for large‑scale projects.

APPO Secretary General Farid Ghezali stressed that institutions like the new bank are essential to turn resource wealth into broader economic development across the continent.

Regulatory steps to attract investors

The ANPG will keep the Permanent Offer Regime active while simplifying procedures, improving contractual models and shortening decision‑making timelines to encourage investment under the new strategy.