Angolan President João Lourenço has been awarded the prestigious ‘Energy Person of the Year’ accolade by the African Energy Chamber (AEC) in recognition of his transformative leadership in the oil and gas sector, his bold governance reforms, and his unwavering commitment to economic transparency and diversification.
NJ Ayuk, Executive Chairman of the AEC, lauded President Lourenço’s forward-thinking energy strategy.
“President Lourenço has not only been an instrumental leader in Angola but has played a major part in facilitating investment and development across the broader African oil and gas landscape.
“By committing to industry reform, working closely with international partners and implementing clear and actionable objectives, President Lourenço has shaped Angola’s oil and gas market into what it is today.”
NJ Ayuk, Executive Chairman of the AEC,
Previous recipients of the award include influential figures like Frank Fannon, Mohammed S. Barkindo, Meg O’Neill, and Dr. Benedict Oramah.
Since assuming office in 2017, President Lourenço has overseen sweeping changes that have revitalized Angola’s energy sector.
Faced with declining oil production from aging fields and waning investor confidence, he launched a comprehensive reform agenda that has reversed the downward trajectory of the industry.
These reforms include the introduction of risk service contracts, the creation of a permanent offer scheme for blocks, and incentives for marginal fields development.
Key policy shifts such as the privatization of state oil firm Sonangol, restructuring of regulatory agencies, and overhauled tax codes have made Angola a more attractive destination for global energy investors.
As a result, Angola’s upstream industry has seen a resurgence in interest. New exploration blocks, innovative contracts, and revised licensing procedures have driven a $60 billion five-year investment plan, with global energy players such as Azule Energy and TotalEnergies advancing major developments like the Agogo Integrated West Hub and Kaminho projects.
Expanding Natural Gas Capacity
Beyond crude oil, President Lourenço has identified natural gas as a crucial driver of industrial growth.
Angola is already an LNG producer, but the upcoming New Gas Consortium project—slated to begin production between late 2025 and early 2026—marks the nation’s first non-associated gas venture.
These efforts reflect a broader strategy to diversify Angola’s energy portfolio and reduce dependence on oil exports.
In the downstream sector, the government is addressing local fuel needs through ambitious refinery projects.
The Cabinda oil refinery is expected to add 60,000 barrels per day (bpd) upon starting operations in 2025, while the proposed Lobito (200,000 bpd) and Soyo (100,000 bpd) refineries will expand domestic refining capacity to over 400,000 bpd.
These initiatives are set to improve Angola’s fuel security and promote regional energy stability.
Embracing Green Energy
While reinforcing Angola’s position as a hydrocarbon powerhouse, President Lourenço has also been a vocal advocate for a balanced energy transition.
His administration is investing in renewable energy projects and exploring the potential of green hydrogen, positioning Angola to participate meaningfully in the global shift towards low-carbon energy systems.
His commitment to climate-conscious development, paired with ongoing efforts to enhance regional peace and cooperation, underscores a leadership vision rooted in inclusive and sustainable growth.
“President Lourenço’s achievements extend far beyond oil barrels.
“He is fostering a future in which Angola can balance its rich hydrocarbon resources with environmental stewardship and socio-economic development.”
NJ Ayuk, Executive Chairman of the AEC,
As Angola celebrates 50 years of independence in 2025, the nation stands at a pivotal moment. With production targets set at 1 million bpd beyond 2027, robust investments in infrastructure, and transparent policy reforms, Angola is poised to remain a regional energy hub for decades to come.
A new licensing round launching in 2025, featuring 10 blocks in the Kwanza and Benguela Basins along with five marginal fields, is expected to attract even more foreign direct investment, reflecting President Lourenço’s success in building a globally competitive energy sector.
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