President João Lourenço has been recognized as the ‘Energy Person of the Year’ by the African Energy Chamber (AEC), an acknowledgment of his significant efforts in driving governance reforms in Angola’s energy sector.
The prestigious award highlights Lourenço’s influence in positioning Angola as a leading oil and gas producer while laying the foundation for long-term energy investments.
Since assuming office in 2017, Lourenço has implemented sweeping reforms aimed at revitalizing Angola’s oil and gas industry, which had been facing production declines due to aging oilfields and reduced investment.
His administration introduced flexible investment structures, including risk service contracts and a permanent offer scheme, to attract investors back into the sector.
The privatisation of Sonangol, Angola’s state-run oil firm, alongside the establishment of new regulatory bodies and revised tax codes, has further enhanced transparency and efficiency.
Speaking on the recognition, NJ Ayuk, Executive Chairman of the AEC, praised Lourenço’s role in fostering development beyond Angola.
“President Lourenço has not only been instrumental in shaping Angola’s energy sector but has significantly contributed to the growth of Africa’s oil and gas industry by working closely with international investors and promoting strategic reforms,” Ayuk said.
Looking ahead, Angola has set ambitious targets under Lourenço’s leadership, aiming to maintain oil production above one million barrels per day beyond 2027 while expanding natural gas capacity and green energy initiatives.
The country is currently experiencing a wave of investments, including a five-year, $60 billion plan to support upstream and downstream developments.
Upcoming projects such as the Agogo Integrated West Hub Development and the Kaminho offshore initiative underscore Angola’s growing influence in the petroleum sector.
In a bid to sustain exploration momentum, Angola has launched a licensing round in 2025, offering new opportunities in the Kwanza and Benguela Basins while enabling direct negotiations for several marginal fields.
At the same time, efforts to boost domestic refining capacity are underway, with projects like the Cabinda oil refinery set to add 60,000 barrels per day to the market in its initial phase.
Beyond hydrocarbons, Lourenço has championed diversification efforts in Africa’s energy landscape, advocating for investments in renewable energy and green hydrogen development.
His administration’s commitment to regional stability and economic growth further cements his reputation as a forward-thinking leader.
JN/APA