Middle East / Africa

Angola flag
Summary | Profile

Country profile: Angola

Location: Southern Africa, bordering the South Atlantic Ocean, between Namibia and Democratic Republic of the Congo,0
Climate: semiarid in south and along coast to Luanda; north has cool, dry season (May to October) and hot, rainy season (November to April)
Terrain: narrow coastal plain rises abruptly to vast interior plateau
Size: 1246700 sq. km total (Land area: 1246700 sq. km )
Population: 12,531,357(July 2008 est.)
Languages: Portuguese (official), Bantu and other African languages
Government: republic; multiparty presidential regime
Capital city: Luanda
Legal system: based on Portuguese civil law system and customary law; modified to accommodate political pluralism and increased use of free markets; has not accepted compulsory ICJ jurisdiction
Currency: kwanza (AOA)
Licensing:

Country profile

Angola is the third largest oil producer in Africa behind Nigeria and Libya and is expected to have significant oil production increases in the short-term as new offshore projects come online. On January 1, 2007, Angola became the 12th member of the Organization of Petroleum Exporting Countries (OPEC) and in December of that year, received an oil production quota of 1.9 million barrels per day (bbl/d) effective January 1, 2008. Angola is still rebuilding infrastructure destroyed during the country’s 27-year civil war that came to an end in 2002. Although the country is beginning to see growth and stability, challenges persist—around 70% of the population still lives on less than US$1/day; the World Bank ranks Angola as one of the most difficult places in the world to do business as a result of cronyism and bureaucracy; and there are persistent allegations of corruption and lack of transparency in public finance. In recent years, China has agreed to provide multi-billion dollar oil-backed loans to fund infrastructure development. These loans are costly and repayment depends heavily on international oil prices. But at the same time, Chinese support has placed Angola in a position where it could break ties with the International Monetary Fund (IMF) over economic support programs that require, among other things, governance and transparency. Nonetheless, the country is experiencing high levels of foreign direct investment (FDI), particularly in the oil sector.

Energy production and consumption


Oil Gas
Production: 1 million bbl/day (2005 est.) 767 million cu m (2005 est.)
Consumption: 50,000 bbl/day (2005 est.) 767 million cu m (2005 est.)
Exports: 1 million bbl/day (2004)  (2005 est.)
Imports: 18,290 bbl/day (2004)  (2005)
Reserves: 25 billion bbl (2007 est.) 44 billion cu m (1 January 2006 est.)
Major fields:



Angola - recent news

14 Feb 24
Angola: Corcel announces update on the testing of the Tobias-14 well onshore Angola
Corcel has provided an update on the testing of the Tobias-14 ('TO-14') well in the onshore Block KON-11, in Angola. The Operator has now reported to the Company that testing of the TO-14 well has formally begun.
29 Jan 24
Angola: TMC selected by Yinson Production for supply of marine compressed air system to Agogo FPSO
Yinson Production has appointed TMC Compressors to supply a large marine compressed air system to its Agogo FPSO. The Agogo FPSO will be operated in the West Hub field of Block 15/06 offshore Angola.
24 Jan 24
Afentra provides operational and financial update for 2023
Afentra, the upstream oil and gas company focused on acquiring mature production and development assets in Africa, has provided an operational and financial update for 2023. Afentra currently holds non-operated working interests in Blocks 3/05 and 3/05A, offshore Angola.
23 Jan 24
Angola: Serinus Energy selected as preferred bidder on the KON-13 block in Angola's 2023 onshore bid round
Serinus Energy has been selected as a preferred bidder on the KON-13 block in the onshore Kwanza basin in the Republic of Angola.
22 Jan 24
Angola: Afentra selected as preferred bidder for two blocks in Angola's 2023 onshore bid round
Afentra submitted an application for two blocks in Angola's 2023 onshore bid round and has been informed that it has been selected as preferred bidder for both blocks. As part of the 2023 Public Tender process launched by ANPG, Afentra submitted bids for Blocks KON15 and KON19 located in the Kwanza onshore Basin as a non-operating partner.

Angola - more news

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