The African Energy Chamber (AEC) has honoured João Lourenço, President of Angola, with the prestigious ‘Energy Person of the Year’ award.
This accolade recognises his commitment to promoting good governance, implementing reform initiatives, and combating corruption across the African continent.
NJ Ayuk, Executive Chairman of the AEC, praised President Lourenço’s leadership in driving investment and progress not only in Angola but across the broader African energy sector:
“The ‘Energy Person of the Year’ award recognises President Lourenço’s accomplishments, emphasising how his ambitious and inclusive development strategy has generated substantial opportunities for Angola and the wider region.”
Transforming Angola’s energy sector
President Lourenço’s leadership has been instrumental in positioning Angola as one of Africa’s leading oil and gas producers.
Though smaller in population, Angola is geographically larger than Nigeria and stands as the continent’s second-largest oil producer, after Nigeria.
Mr. Lourenço assumed office in 2017 and has since implemented significant reforms that are revitalising both Angola’s oil and gas sector and its economy.
Upon taking office, Lourenço stated his ambition to be remembered as the leader who brought an “economic miracle” to the country.
Angola has long struggled with high levels of debt, particularly to China—a concern that drew international attention during the U.S. President Joe Biden’s visit to the country in December 2024.
A former Minister of National Defence, Lourenço ended Dos Santos’ uninterrupted 38-year rule. He was the hand-picked successor of the former President.
Before his tenure, Angola’s oil production was in decline. However, within a few years of his presidency, the sector began to show signs of recovery.
Brazil state-owned oil giant Petrobras is returning to the country’s oil sector after leaving in 2014.
Ambitious national energy goals
Now 71, President Lourenço has set ambitious targets for Angola’s energy future, including:
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Sustaining oil production above 1 million barrels per day beyond 2027
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Expanding the natural gas sector
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Accelerating green energy development**
In 2019, Angola launched a six-year licensing round, spurring significant foreign investment.
The country aims to attract $60 billion in energy investments over the next five years and, in 2024, drew the second-highest offshore interest in Africa after Nigeria.
Major energy operators are actively exploring new opportunities both onshore and offshore. Key upcoming projects include:
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The Agogo Integrated West Hub by Azule Energy
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The Kaminho Development led by TotalEnergies
In the 2025 licensing round, Angola plans to offer:
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10 blocks in the Kwanza and Benguela Basins
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11 blocks for direct negotiation
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5 marginal fields for development
Strengthening domestic fuel capacity
Angola is also moving to bolster its LNG production capacity, with its first non-associated gas project, led by the New Gas Consortium, expected online by late 2025 or early 2026
To meet rising fuel demand, President Lourenço’s administration has set a target of exceeding 400,000 barrels per day in domestic refining capacity.
Three major refinery projects are underway:
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Cabinda refinery – 60,000 bpd
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Lobito refinery – 200,000 bpd
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Soyo refinery – 100,000 bpd
Under President Lourenço’s leadership, Angola has actively engaged investors to strengthen downstream infrastructure and enhance fuel security both within the country and throughout the region.
Past recipients of the AEC’s ‘Energy Person of the Year’ award include:
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Frank Fannon, former U.S. Assistant Secretary of State for Energy Resources
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Mohammed S. Barkindo, former OPEC Secretary General
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Hage Geingob, former President of Namibia
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Meg O’Neill, CEO and Managing Director of Woodside Energy
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Dr. Benedict Oramah, President of Afreximbank