Angola Focuses on Mining Industry Transformation and Energy Transition to Boost Economy

Angola is setting out on a transformational path to reshape its mining industry and enable an energy transition, aiming to attract foreign investment, boost economic growth, and facilitate technology transfer. The country has made significant progress in recent months, including producing two offshore discoveries at Galp's Mopane complex in the Orange Basin, securing additional financing for the Hyphen Hydrogen Energy facility, advancing its draft National Upstream Petroleum Local Content Policy, and establishing a new joint development plan for the Kudu gas project.

As part of its efforts to attract investment, Angola is leveraging its communication satellite, Angosat 2, to open up opportunities in various sectors, including ICT, agriculture, mining, and climate monitoring. President Lourenço has authorized the commercialization of Angosat 2, setting the stage for collaborations and innovative investments in the ICT sector. Kenya, a key tech player in Africa, has shown interest in the Angolan market, and bilateral agreements have been signed to enhance relations between the two countries.

Angola's space industry has also invited public and private players across Africa to utilize Angosat's space technology for digital transformation and expanding broadband connectivity, particularly in remote areas. However, there are challenges in translating the capabilities of the satellite into tangible benefits for Angolans, with some critics noting a gradual decline in internet and mobile network quality.

Why this matters: Angola's focus on transforming its mining industry and enabling an energy transition has the potential to attract significant foreign investment, stimulate economic growth, and position the country as a key player in Africa's energy landscape. The successful implementation of these initiatives could serve as a model for other African nations seeking to diversify their economies and embrace sustainable development.

The upcoming Angola Oil & Gas (AOG) 2024 conference, scheduled for October 2-4 in Luanda, will serve as a platform for the country's oil and gas sector to sign deals and advance the industry. FAMAR PSC, a bunkering company, will participate as a Silver Sponsor and sponsor a downstream panel discussion at the event. With Angola planning to maintain crude oil production at 1.1 million barrels per day until 2027, FAMAR PSC's services, including expanding its ship fleet and modernizing port infrastructure, will support the development of upcoming projects and transit ships, as well as oil and gas trade.

AD Ports Group, an Abu Dhabi-based company, has secured a 20-year concession to operate and enhance the existing Luanda multipurpose port terminal in Angola. The company will invest up to $379 million to modernize the terminal, increasing the container handling capacity from 25,000 TEUs to 350,000 TEUs and Ro-Ro volumes to over 40,000 vehicles. The redevelopment is expected to be completed by Q3 2026 and aims to transform the Port of Luanda into a modern, multi-faceted facility that will enhance Angola's logistics capabilities and stimulate economic growth in the region.

During a recent visit to Luanda, USAID Administrator Samantha Power and Deputy Secretary of State Richard Verma met with government officials, civil society actors, medical researchers, and private sector representatives to discuss opportunities to further strengthen the U.S.-Angolan partnership. The key focus areas included the ongoing fight against corruption, the role of American financing and investment in driving inclusive economic growth, particularly in the agriculture sector and the development of the Lobito Corridor, a flagship economic corridor of

Key Takeaways

• Angola aims to transform its mining industry to attract foreign investment.
• Angola leverages its satellite Angosat 2 to expand ICT, agriculture, and climate sectors.
• Angola's energy transition initiatives could serve as a model for other African nations.
• AD Ports Group secures 20-year concession to modernize Luanda port, boosting logistics.
• USAID and US officials discuss strengthening US-Angola partnership, focusing on economic growth.