NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC) (https://EnergyChamber.org) and bestselling author, will release a book on the story of Angola’s oil and gas industry. The book represents a masterclass on reform and the turnaround of the country, focusing on how political reform, new leadership and a commitment to change have shaped the market into what it is today. Delving into Angola’s evolution of power, the book highlights how understanding the country’s history provides a clearer view of its current struggles and what a thriving oil industry means for Angola today.

The book explores a wide range of topics, from the oil industry’s challenges in the 2010s to the transformation driven by political will, as well as future outlooks. Featuring insights from industry leaders including Diamantino Azevedo, Angola’s Minister of Mineral Resources, Oil & Gas; Sebastião Gaspar Martins, CEO of Angola’s national oil company Sonangol; and Paulino Jerónimo, President of upstream regulator the National Oil, Gas & Biofuels Agency (ANPG), the book presents a comprehensive analysis of the country’s leading commodity market.

Angola’s history is defined by resilience, with the oil and gas sector playing a major part in evolving the national economy. Since the start of oil production in 1955, the country has witnessed rapid growth in the industry, reaching 18,000 barrels per day at its Petrofina refinery by 1988. During this period, Angola underwent significant geopolitical changes, achieving independence in 1975 and enduring a civil war until 1991. Ayuk’s book examines this period, detailing how Angola’s natural resources have influenced politics, war and independence. It also explores life under the presidency of José Eduardo dos Santos, who governed from 1979 to 2017.

With the election of President João Manuel Gonçalves Lourenço and the appointment of a new energy minister, Diamantino Azevedo, Angola entered a new era of industry growth and economic reform in 2017. The introduction of strategic policies, a fresh approach to the oil and gas sector and revamped goals marked the beginning of this new phase. The book delves into how President Lourenço and Minister Azevedo’s leadership has impacted the country, aligning goals and driving key developments. 

One of the most significant changes during President Lourenço’s presidency was the launch of large-scale reforms. These included the creation of the National Development Plan 2018-2022; the establishment of the ANPG and downstream regulator the IRDP; the introduction of a 2019-2025 Concession Award Strategy; and the restructuring of Sonangol, among many others. These reforms laid the foundation for accelerated exploration and production in Angola. The administration also worked to improve the business environment by simplifying control systems, offering new fiscal incentives for marginal fields, introducing well abandonment and decommissioning regulations, and enacting Angola’s first natural gas law.

The effects of these reforms are evident, with numerous deals signed by international and regional firms. TotalEnergies is spearheading a multi-energy strategy in Angola, including the $850 million Begonia Field Development; Chevron secured contracts for ultra-deepwater blocks 49 and 50 in 2024 and is expanding capacity at the Angola LNG project, while ExxonMobil made the first discovery of Angola’s incremental production strategy in 2024. Local champions like etu energias continue to expand their upstream portfolio, while Equinor is advancing its commitment to human capital development. With this, Angola serves as a masterclass for oil and gas reforms, offering valuable lessons for other African nations.

Despite these achievements, Angola, like many countries, faced economic challenges following the onset of the COVID-19 pandemic and the resulting fluctuations in the oil market. Global booms and busts hindered Angola’s efforts to grow its oil industry. At the same time, there was increasing pressure for Angola to transition rapidly to low-carbon energy solutions, with growing concerns about the global energy transition and reduced hydrocarbon investments. For Angola, which relies on oil for 95% of exports, this triggered a recession, exacerbated by the pandemic. However, the country’s resilience has allowed it to recover, and today, Angola is one of Africa’s largest oil and gas producers, with projected economic growth of 2.9% in the 2025-2026 period.

“Angola has experienced periods of rapid growth, change and challenge. But despite these obstacles, the country has shown resilience and a commitment to development. My upcoming book will offer an analysis of how Angola’s past has informed its present and what the future looks like given large-scale reform and growth-centered policies. As one of Africa’s top oil producers, Angola is a testament to how reform can transform a market,” stated NJ Ayuk, Executive Chairman of the AEC.

Ayuk is the author of several Amazon and Wall Street Journal bestsellers, including Big Barrels: African Oil and Gas and the Quest for Prosperity; Billions at Play: The Future of African Energy and Doing Deals; and A Just Transition: Making Energy Poverty History with an Energy Mix.