Sonangol board member Osvaldo Inácio stated that the company’s primary focus is to decarbonize its existing operations using more modern technology with lower emissions intensity. Speaking on the panel “Oil & Gas and the Future of Angola” at the Doing Business Angola 2025 conference held this Monday, June 2nd, Inácio emphasized that oil will continue to be a vital resource in the global energy matrix.
He underlined that Sonangol has no intention of ceasing oil production.
“Our first priority is to decarbonize existing operations, which involves, on one hand, adopting more modern technology with lower carbon and methane emissions, and on the other, carbon capture. In short, oil is essential today and will continue to be in the coming years,” he stated.
He added that the company is investing heavily in diversifying its portfolio. “We continue to evaluate how we can make smarter investments in critical sectors associated with our operations,” he explained.
Meanwhile, EY partner Manuel Mota noted that oil will continue to be produced and used in Angola and in many hydrocarbon-rich countries, both for domestic use and export.
“There’s a need to decarbonize the activities themselves, because the energy mix will still heavily rely on fossil fuels for the coming decades,” he said.
Also on the panel, Etu Energias Chairman Edson dos Santos advocated for greater investment in exploration and the creation of serious and robust partnerships to mitigate the decline in Angola’s oil production.
Additionally, according to him, “the country’s traditional players are now facing competition due to increasing discoveries elsewhere in the world, such as in Namibia and Guyana. These new basins are attracting potential investment from major companies that might otherwise be directed toward Angola. At the very least, they create competition.”
The executive stressed that Angola’s short- and medium-term success is clearly linked to the success of the oil industry, adding that Angola needs a modern, agile, efficient industry with genuine local content.
As the head of the largest private oil company in Angola, he noted that the energy transition is here to stay, but won’t happen as quickly as the world predicted five years ago, citing the reality of energy poverty.
“In today’s energy matrix, fossil fuels account for 80%. So by 2050, oil and gas will still be absolutely critical to Angola’s growth. There is no growth or development without energy,” said the Etu Energias chairman during the event organized by Forbes África Lusófona and Jornal Económico, both part of the Media N9ve group.
Source: Forbes África Lusófona
