Close to $40 billion worth of active oil & gas projects in Angola
Angola has one of the fastest-growing populations in Central African over the next 10 years. With close to $40 billion in new active oil, gas and chemical plants, these upcoming projects will create much-needed job opportunities.
Angola is the second-largest oil producer after Nigeria in Sub-Sahara Africa. Like many of the countries in the Gulf of Guinea, it is rich in offshore Hydrocarbon deposits in relatively shallow waters.
With a population growth rate of 36.5 percent, its population will increase from the current 33.9 million people to 44.8 million by 2030. With a GDP of $94.6 billion in 2019, or $2,800 per capita it has to focus on monetising its natural resources through value-added activities rather than the export of raw materials. This will create much-needed employment opportunities.
ABiQ currently track projects to the value of close to $40 billion in Angola. Historically, project execution has been poor with dismal performances when executing projects against budget and time. Prior to the COVID-19 pandemic, the forecast project spend would have peaked during September 2020 at more than $105 million during the month. Cash flow for the next 12 months until September 2021 will remain healthy over $60 million per month. From October 2021 to November 2023, the current forecast indicates cash flow will reduce to slightly more than $30 million per month.
For more information on oil and gas projects in Angola, please reach out to us.