Tue. Jul 16th, 2024

Angola’s push towards economic diversification and privatization has opened up opportunities for foreign investors, and Brazil has emerged as a highly strategic partner owing to its expertise in the oil and gas industry. Brazil’s trade with Africa surged by 33.7% in 2022, reaching nearly $21.5 billion, up from $15.9 billion in 2021. This increase presents an opportunity for Angola to deepen its economic ties with Brazil as the country aims to increase oil production while diversifying its economy.

Last year, Angolan President Joao Lourenço and Brazilian counterpart Luiz Inácio Lula da Silva convened at the presidential Palace in Luanda. The meeting resulted in the signing of seven memoranda of understanding across various sectors, including tourism, health, and agriculture, showcasing a mutual dedication to strengthening bilateral collaboration. As the Angola Oil&Gas (AOG) 2024 conference draws near, the event presents an opportunity for both nations to expand their strategic partnership within the oil and gas sector.


AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. From October 2-4, AOG unites global capital and technology providers with Angolan government and companies towards a common goal of establishing Angola as the hub of the future. To sponsor or participate as a delegate, please contact [email protected]

Mutually-Beneficial Investment Opportunities

Angola boasts estimated proven reserves of 9 billion barrels of crude oil and 11 trillion cubic feet of natural gas. Currently producing approximately 1.18 million barrels per day (bpd), the petroleum industry plays a pivotal role in Angola’s economy, contributing nearly 75% of its revenues. Additionally, Angola yields an estimated 17.9 billion cubic feet of natural gas annually from associated oil production.

Meanwhile, Brazil, Latin America’s top oil producer, witnessed a surge in crude oil production in 2023, reaching 3.4 million bpd. Most notably, Brazil’s national oil company and the country’s largest oil and gas producer Petrobras, accounted for 87% of oil production and 91% of gas production in December 2023. Brazil also possesses the largest recoverable ultra-deep oil reserves globally, with 97.6% of its oil production occurring offshore, highlighting its expertise in offshore drilling. This expertise in upstream developments, technology, and industry practices highlights a strategic opportunity for Brazil to support Angola’s major upstream projects.  


As part of a six-year licensing round initiated in 2019, Angola concluded a 12-block tender in January 2024 and is now finalizing production sharing negotiations in preparation for its next oil and gas licensing round – set to launch in 2025. Meanwhile, Brazil’s recent oil and gas licensing rounds highlighted the Pelotas basin’s emergence as a new exploration frontier. Petrobras, in partnership with Shell and CNOOC, secured assets in the basin. As such, both nations are witnessing a surge in exploration activities and opportunities in mature and high-potential basins, signaling an opportunity for mutual partnerships.

As Angola seeks to leverage its resources for economic growth, the African Development Bank (AfDB) called for enhanced cooperation with Brazil through the multi-partner Lusophone Compact in November. Launched in December 2018, this initiative involves the AfDB Group, Portugal, and the six Portuguese-speaking Countries in Africa – Angola, Cabo Verde, Equatorial Guinea, Guinea Bissau, Mozambique, and Sao Tome e Prinipe. The Lusophone Compact presents an opportunity for Brazilian private investors to explore partnerships and contribute to the economic development of Angola and other Lusophone nations.

Transcending Oil and Gas Opportunities

Opportunities for bilateral collaboration transcend the oil and gas industry. In the aviation sector, TAAG Angola Airlines is enhancing connectivity between Luanda and São Paulo by increasing weekly flights from four to six. This move not only meets growing market demand but also strengthens ties between the two Portuguese-speaking nations. The codeshare agreement between TAAG Angola Airlines and GOL Airlines further facilitates smoother travel options for passengers, positioning Luanda and São Paulo as connection hubs between South America, Africa, and Europe.


In addition to Brazil’s strategic ventures in Angola, Angola is reciprocating with significant investments in Brazil’s telecommunications sector. Angola Cables has announced plans to construct a second data center in Fortaleza, Brazil, with an investment of up to $80 million. The expansion aims to establish Ceará as the company’s hub in the Americas, leveraging its expertise and infrastructure to enhance telecommunications and information technology markets in the region. The project is scheduled to commence in the second half of this year and conclude by 2025.

Brazil’s expanding trade relations with Africa and strategic investments in various industries present Brazilian investors, government, and companies with an opportunity to participate in collaborative ventures and contribute to the Angola’s economic development at AOG 2024. Scheduled to take place in Luanda from 2-4 October under the theme Driving Exploration and Development Towards Increased Production in Angola, AOG offers a platform for stakeholders to engage and explore potential partnerships in Angola’s oil and gas sector.

Distributed by APO Group on behalf of Energy Capital&Power.


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